Circle and Nubank team to boost Digital Dollar Access in Brazil
By Gloria Mathias
Circle and Nubank, one of the digital financial platforms across Brazil, Mexico, and Colombia, have announced a partnership to extend USDC access to Brazilian Nubank customers.
Circle’s USDC is the regulated dollar stablecoin, a form of digital dollar that operates over the internet. USDC support will initially be rolled out as part of Nubank Cripto, providing its Brazilian users with access to buying and holding digital dollars.
Future opportunities for integration with Nubank’s broader digital banking platforms offer the potential for Nubank’s customers to gain the benefit of blockchain-based financial services powered by USDC.
USDC is fully reserved with cash and cash equivalent assets and is always redeemable 1:1 for US dollars, providing a stable, regulated store of value that protects against inflation and supports a wide array of digital financial use cases.
“We continue to see strong demand across Latin America for access to dollars, specifically in Brazil, which has emerged as a driving force for digital currency use and adoption in the region,” said Jeremy Allaire, CEO and Co-Founder, at Circle. “Our partnership with Nubank marks a significant moment in expanding the global reach of USDC, and an important step towards building the new internet financial system.”
The partnership includes mutual contributions to educational campaigns aimed at spreading knowledge about USDC in the Brazilian market, establishing it as a secure, cost-efficient, and transparent method for accessing and transacting in digital dollars. Nubank Cripto’s robust platform incorporates educational content about digital currencies to empower users to make informed financial decisions.
“The integration of USDC opens up great opportunities not only for customers interested in having this digital dollar in their portfolio. Through this offering and the characteristics of Circle’s USDC, we are considering future possibilities to integrate Nubank Cripto with other financial services available in our app,” says Thomaz Fortes, General Manager of Nubank Cripto.
IBSi Daily News Analysis
February 28, 2024
FinTech penetration in Southeast Asia will double by 2027, research revealsRead More
IBSi FinTech Journal
- Most trusted FinTech journal since 1991
- Digital monthly issue
- 60+ pages of research, analysis, interviews, opinions, and rankings
- Global coverage