USDC, the USD-pegged stablecoin issued by Circle, is now available in Brazil and Mexico.
The move allows the direct conversion of Brazilian Reas and Mexican Pesos into USDC, omitting the need to convert the fiat currencies into USD. Businesses may obtain USDC from local financial institutions for their own purposes or offer the stablecoin to retail customers, Circle wrote in a release published Tuesdsay.
"Circle now supports local bank transfers via PIX and SPEI, the national real-time payment systems in Brazil and Mexico, respectively," the company wrote in the statement. "Eliminating international wires can drastically reduce the time it takes to access USDC – from days to just minutes, releasing capital trapped in the lengthy settlement processes."
Start your day with the most influential events and analysis
happening across the digital asset ecosystem.
At nearly 28%, USDC holds the second-largest market share of USD-pegged Ethereum stablecoins as of September 16, according to The Block's Data Dashboard. The stablecoin is the sixth largest cryptocurrency with a $35.5 billion market capitalization.
Disclaimer: The Block is an independent media outlet that delivers news, research, and data. As of November 2023, Foresight Ventures is a majority investor of The Block. Foresight Ventures invests in other companies in the crypto space. Crypto exchange Bitget is an anchor LP for Foresight Ventures. The Block continues to operate independently to deliver objective, impactful, and timely information about the crypto industry. Here are our current financial disclosures.
© 2024 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
