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Circle partners with Brazilian digital bank Nubank to increase adoption of USDC in Latin America.

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Circle partners with Brazilian digital bank Nubank to increase adoption of USDC in Latin America.

Circle has announced through Twitter that it has partnered with the Brazilian digital bank Nubank to introduce $USDC to its cryptocurrency trading platform Nubank Cripto, aiming to promote $USDC to the Latin American market and establish it as a secure and transparent way to store digital assets.

Circle and Nubank Partnership

The Brazilian digital bank Nubank, with over 90 million users in Latin America, has announced a partnership with the USD Coin (USDC) issuer Circle to offer $USDC to its customers in Brazil. This collaboration allows users to purchase and hold digital dollars on the Nubank Cripto platform in response to user demand.

A press release from Circle states that the goal of this partnership is to provide stable and regulated value storage options to Latin American users. It emphasizes that digital dollars serve as a hedge against inflation and support a wide range of digital financial products.

In addition, Circle and Nubank Cripto have agreed to contribute to cryptocurrency education activities, including promoting knowledge about $USDC, enabling users to make informed investment decisions.

Thomaz Fortes, General Manager of Nubank Cripto, stated:

"By integrating $USDC into the platform, we are providing users with the opportunity to incorporate digital dollars into their investment portfolios. We also plan to explore the possibility of integrating it with other financial services in the future."

Meanwhile, Nubank Cripto has also announced the integration of trading technology company Talos' trading system to simplify access to liquidity providers for cryptocurrency users, optimizing order execution efficiency and reducing transaction costs.

Currently, the platform offers 16 cryptocurrency trading options, including its own platform token Nucoin issued last year on Polygon for user loyalty reward programs.

Brazilian digital bank Nubank partners with Polygon, plans to airdrop and issue platform token Nucoin next year

Circle: Latin America is Ready for the Digital Financial Era

Circle CEO Jeremy Allaire also commented on the partnership:

"Our collaboration with Nubank represents a significant moment in the global expansion of $USDC and a crucial step toward building a new digital financial system."

He added, "We see strong demand for digital dollars across Latin America, particularly in Brazil, which has become a key driver of cryptocurrency adoption and usage in the region."

Circle's previous report also highlighted that people in Latin America received $562 billion worth of cryptocurrency from mid-2021 to mid-2022. Additionally, data from Mastercard shows that 51% of consumers in the region use cryptocurrency for shopping, with one-third using stablecoins for daily purchases.

The report indicates that the widespread market demand, policy support, and extensive use of digital dollars symbolize Latin America's rapid maturity in the adoption and development of digital finance.