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USDC integrates with Chilean payment giant Mercado Pago, will issue USDC on the Base chain.

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USDC integrates with Chilean payment giant Mercado Pago, will issue USDC on the Base chain.

The second largest stablecoin issuer, Circle, announced through a blog post a partnership with Latin America's largest payment platform Mercado Pago. It also revealed plans to launch its native stablecoin, USDC, on Base next week as the first step of its #StableSeptember initiative.

Circle Introduces USDC to Chilean Payment Industry

Circle revealed in their Blog that their collaboration with Mercado Pago will continue to provide diverse financial service options for the Chilean market, opening up a range of financial opportunities and enabling users to effectively manage their finances.

The Block speculates that this move is due to the economic uncertainty in South American countries, as well as the persistent high inflation pressure as indicated by Fitch Ratings and monthly inflation rate data in Chile.

Matías Spagui, Senior Executive at Mercado Pago, mentioned that the introduction of the US dollar as a more stable and value-preserving wealth storage method will provide over 2 million users of Mercado Pago with a safer, transparent, and faster choice for cryptocurrency transactions.

Rachel Mayer, Product Vice President at Circle, stated:

With a strong developer base, broad support for financial innovation, and the growing demand for digital dollars as a store of value, Latin America is becoming a hub for the digital economy.

She added that offering USDC to the people of Chile through Mercado Pago is the first step in providing them with more user-friendly digital financial solutions and aims to enable global participation in this new era of finance.

Jeremy Allaire: USDC Deployed on Base Network

Circle CEO Jeremy Allaire tweeted that the native USDC on the Base network will be launched next week as part of their #StableSeptember initiative to achieve their goal of multi-chain issuance of their native stablecoin.

When Base was initially launched, the network did not support the native version of USDC, only allowing USDC to be transferred to Base through cross-chain bridges to obtain USDbC as an alternative.

Although the official Blog did not disclose a specific date for the launch, it claimed that the USDC contract has been deployed on Base to assist users in a seamless transition, while cross-chain bridges will continue to operate normally.

Despite the declining market value and market share of stablecoins such as USDC in the first half of this year, dropping from $441.4 billion at the beginning of the year to $258.4 billion, and the market share decreasing from 30% to the current 20.6%; efforts are being made to expand into overseas markets, seek industry collaborations, and drive increased adoption of USDC.

Explore more about the stablecoin market: Stablecoin Wars: How Will PayPal's PYUSD Impact USDT and USDC?