- USDC integration eliminates need for international transfers, reducing transaction times from days to just minutes.
- Businesses in Brazil and Mexico can now utilize USDC directly from local banks, enhancing financial operations.
Circle has expanded its services to Brazil and Mexico by integrating with local real-time payment systems, PIX and SPEI, respectively. This development enables users in these countries to access USDC using their local currencies—reais in Brazil and pesos in Mexico—without the necessity of first converting to U.S. dollars.
#USDC is now available in Brazil and Mexico via local bank transfers and the local real-time payment systems in Brazil and Mexico – PIX and SPEI respectively.
Read more about the new possibilities USDC unlocks for businesses in the region.https://t.co/KSzxLwA1Vo
— Circle (@circle) September 17, 2024
The integration of USDC with Brazil’s PIX and Mexico’s SPEI payment systems allows users to transact directly from their local bank accounts. This eliminates the need for international transfers, which typically take days to process, reducing transaction times to mere minutes.
According to Circle, this change drastically cuts down the time required to access USDC, thus freeing up capital that would otherwise remain tied up in lengthy settlement processes.
Businesses in Brazil and Mexico can now leverage USDC for quicker and more cost-effective transactions. By transacting directly through local financial institutions, companies avoid the complexities and delays of international banking.
Circle describes USDC as “the world’s largest regulated digital dollar,” suggesting its utility and acceptance in major financial transactions, especially in a region where cross-border flows are predominantly denominated in U.S. dollars.
Expansion and Future Prospects Circle’s move to make USDC more accessible in Latin America is part of a broader strategy to integrate with local banking systems and payment networks globally.
“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.
The company anticipates that this integration will lead to further collaborations with local banks and payment systems worldwide as more entities recognize and adopt the benefits of internet-based settlement solutions.
Growing Cryptocurrency Adoption in the Region
The adoption of cryptocurrencies and stablecoins is on the rise in Latin America. Circle’s initiative aligns with this trend, simplifying the use of digital assets in daily transactions.
Furthermore, this move comes at a time when other major players, like MercadoLibre with its Meli Dólar stablecoin, are also targeting Mexico, highlighting the region’s increasing interest in financial technologies.
The introduction of USDC through PIX and SPEI in Brazil and Mexico not only enhances the accessibility of stablecoins but also promises to revolutionize how businesses manage their cross-border finances.
