Circle Officially Launches in Brazil, Partners With Latam Giants, BTG Pactual and Nubank

Circle, the company behind USDC, the second-largest stablecoin in the cryptocurrency market, has announced its official launch in Brazil. The company inked an alliance with BTG Pactual, the largest investment bank in Latam, to provide onboarding and distribution services for Brazilian companies. Circle also partnered with Nubank, a leading digital neobank.
Circle Partners With BTG Pactual and Nubank to Provide Access to USDC in Brazil

Stablecoin issuers are getting closer to Latin America. Circle, the company that issues USDC, a dollar-pegged stablecoin with over $32 billion in market capitalization, has announced its official launch in Brazil. During the Circle Forum Sao Paulo, the company announced a partnership with BTG Pactual, the largest investment bank in Latam, to serve as an official distributor of USDC in the country. Institutions and individuals can now be onboarded to USDC directly through the bank’s services.

Jeremy Allaire, CEO of Circle, discussed the company’s goals for the Brazilian market, stating that they planned to “empower businesses to participate in the global economy with greater ease and efficiency.” Allaire declared:

There are many powerful opportunities on the horizon when Brazil’s fintech-forward ecosystem converges with the world’s most accessible dollar platform.

Talking to Valor Economico, Allaire assessed that stablecoins had already passed its first phase of adoption, which facilitated the conversion of value stored in decentralized finance to U.S. dollars. Allaire stressed that stablecoins are poised to be adopted by institutions and banks, which will provide services to hold them as a store of value and use them as tools for cross-border international payments.

BTG Pactual, which already provides access to BTG Dol, its dollar-backed stablecoin, remarked on its compromise with Brazil’s blockchain and cryptocurrency industry. Andre Portilho, Head of Digital Assets at BTG Pactual, stated this alliance constituted a “testament to our belief that blockchain technology will form the new infrastructure of the financial industry.”

Before, Circle had partnered with Nubank, a leading Latam digital neobank, to ease Brazilians’ access to its USDC stablecoin.