In the words of Jeremy Allaire, the CEO of Circle, “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.”
Stablecoin issuer Circle has teamed up with fintech firm Nubank to make USD Coin (USDC) more accessible to Brazilian clients.
According to the press release, the joint venture between Circle and the São Paulo-based bank will involve adding support for USDC trading on the Nubank Cripto platform. The firms will also launch educational campaigns in Brazil to inform users about the benefits of a USD-pegged stablecoin like USDC.
Nubank has doubled down on crypto services in recent months. In an earlier announcement, the banking giant revealed that starting Q1 2024, it will allow clients to transfer crypto tokens between their Nubank accounts and crypto wallets. Similarly, Nubank has partnered with Talos, a provider of institution-grade trading technology, to reduce trading costs for Brazilian users by providing access to multiple liquidity providers.