New York, Wednesday, September 25, 2024 – Circle, the issuer of the USDC stablecoin, has announced the integration of USDC into the national payment systems of Brazil and Mexico.
The company now supports local bank transfers via Brazil’s PIX and Mexico’s SPEI, enabling faster access to USDC without the need for international wire transfers.
This new offering allows users to convert Brazilian Reais (BRL) and Mexican Pesos (MXN) directly into USDC at competitive rates. By bypassing the need to convert local currencies into U.S. dollars, businesses can reduce costs and benefit from quicker transactions.
Circle highlights that this integration will boost remittances and business operations across Latin America, where cross-border dollar-denominated flows are significant.
Mexico’s U.S.-to-Mexico remittance corridor alone handled $63 billion in 2023, accounting for 4% of Mexico’s GDP.
Circle said in the long term it plans to expand USDC’s integration with other national banking systems, though no specific countries have been named.
