Circle, the company known for developing and managing the stablecoin USDC, has announced a strategic alliance with Nubank, the largest neobank in Brazil. This collaboration aims primarily to boost the adoption of USDC in Brazil, a country already distinguished in Latin America for its rapid growth in cryptocurrencies, particularly stablecoins.
This alliance between Circle and Nubank will facilitate Brazilian users’ access to the purchase and sale of USDC through the Nubank platform and include a series of “mutual contributions” in educational and outreach campaigns about the use and benefits of USDC in the Brazilian market. One of the main tools for this strategy will be the Nubank Crypto platform, which will incorporate unique content provided by Circle.
The choice of Brazil as the focus of this expansion is different. According to data from the Brazilian Federal Revenue Secretariat (Receita Federal), the country has seen a significant boom in the use of stablecoins since 2021. In fact, in the last year, the volume of transactions made with Tether (USDT), another popular stablecoin, represented almost 80% of all cryptocurrency transfers in Brazil.
Jeremy Allaire, CEO and co-founder of Circle, commented on the partnership with Nubank, emphasizing the growing demand throughout Latin America and Brazil for access to dollars, which has been a driving force for using and adopting digital currencies in the region.
It is noteworthy that the market capitalization of USDC exceeds USD $24 billion, making it the second-largest stablecoin in the world, according to data from CoinMarketCap. Additionally, USDC has been one of the most used stablecoins in Brazil. In 2022, Tribal, a fintech that expanded into Brazil, promoted the use of USDC for payments among small and medium-sized enterprises (SMEs), thus encouraging the adoption of these digital currencies in the business sector.
The integration of USDC into the Nubank platform not only opens the door to more local customers but, according to Thomaz Fortes, general director of Nubank Cripto, also offers opportunities to integrate Nubank Cripto with other available financial services, representing a significant advantage for customers, who will be able to have access to this “digital dollar” in their portfolio, thus expanding their financial possibilities.
