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 Integration with Local Payment Systems
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.
Benefits for Businesses
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.
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. 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.
Cryptocurrency and stablecoin adoption is on the rise in Latin America. Circle’s initiative simplifies the use of digital assets in daily transactions, potentially revolutionizing how businesses manage their financial operations in the region.
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