Circle announced today that its stablecoin, USD Coin (USDC), is now available in Brazil and Mexico through the national real-time payment systems, PIX and SPEI, respectively. This integration allows direct access to USDC using local currency, reals in Brazil and pesos in Mexico, without the need to first convert to US dollars.
According to the informed by Circle on its website, users in both countries can now transact with USDC directly from their local bank accounts. This move eliminates the need for international transfers, which could traditionally take days, reducing the process to minutes.
“Eliminating international transfers can dramatically reduce the time it takes to access USDC, from days to just minutes, freeing up capital trapped in lengthy settlement processes,” Circle says.
This means businesses can now access Circle’s stablecoin, “the world’s largest regulated digital dollar,” according to the company, directly from local financial institutions “in two G20 economies without the need to transfer funds to a bank abroad.”
“Faster and faster local availability and integration into central bank payment systems make USDC even more attractive to businesses with operations in Latin America, where cross-border flows are heavily denominated in dollars,” Circle notes.
According to Circle, this integration will give way to new unions in the future, “with local banks and payment systems around the world as more people and businesses understand and adopt the benefits of online settlement.”
Brazil and Mexico are countries where the adoption of cryptocurrencies and stablecoins is growing. This move by Circle aligns with the regional trend, further facilitating the use of digital assets in daily transactions.
An example of this is that Mexico was chosen as a new destination for Mercado Libre’s stablecoin, Meli Dólar, as CriptoNoticias reported earlier, reflecting the growing interest in these financial technologies in the region.
The introduction of USDC through PIX and SPEI in Brazil and Mexico not only marks a step forward in the accessibility of stablecoins, but also promises a new way in which companies manage their cross-border finances.
This article was created using artificial intelligence and edited by a human on the editorial staff.