SAO PAULO - In a significant move to expand the reach of digital currencies in Latin America, Circle, the company behind the USDC stablecoin, has forged a strategic partnership with Brazilian neobank Nubank. This collaboration aims to enhance the adoption and understanding of USDC through Nubank's dedicated cryptocurrency platform, Nubank Crypto.
The partnership comes at a time when Brazil is witnessing a remarkable increase in stablecoin usage, with data from the Brazilian Federal Revenue Secretariat revealing that Tether accounted for nearly 80% of all crypto transactions in the country last year.
As part of their alliance, Circle will provide exclusive educational content on the benefits and applications of USDC via Nubank's platform. This initiative is expected to drive further awareness and utilization of USDC among Nubank's customer base.
Circle CEO Jeremy Allaire has recognized Latin America's burgeoning demand for digital dollar access, which is driving the integration of digital currencies like USDC in the region. The collaboration is set to build on previous efforts by fintech company Tribal, which focused on promoting USDC to small and medium-sized enterprises in Brazil throughout 2022.
Thomaz Fortes from Nubank expressed optimism about the partnership's potential to open up new financial opportunities and service integrations for customers through Nubank Cripto.
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