ircle has connected USD Coin (USDC) to Brazil’s PIX national payment system and Mexico’s SPEI payment system. This enables the users to purchase USDC using BRL and MXN at reasonable market price thereby enhancing the efficiency of the conversion.
Advantages for Latin American Companies
The integration can also do away with international wire transfers and US dollar conversions, which can be time consuming and costly for businesses. This shortens transaction time from days to minutes, thus making the stablecoin USDC more suitable for firms based in Latin America.
Economic Significance
Mexico and Brazil are the leading economies of Latin America with the GDP of $2.3 Trillion dollars and $2 trillion dollars as of 2024. The two nations are projected to be the world’s biggest spenders in 2024. They both have high acceptance of real time electronic payment systems and fall in the list of top fifteen nations for crypto assets acceptance.
USDC Expands in Latin America
Circle’s USDC link to the Brazilian and Mexican payment systems show the next level in enhancing the use of cryptocurrency in Latin America. Circle in its pursuit to attain this goal seeks to make it easier to obtain USDC, and hence enhance the efficiency of cross border transactions in the dollar denominated trade environment of the region.
