USDC arrives in Brazil and Mexico through local bank transfers

Circle announced that its stablecoin is now available through the national real-time payment systems of both countries.

The PIX and SPEI systems now allow direct access to USDC with reais and pesos.

Circle assures that this integration will give way to new unions in the future.Circle announced today that its stablecoin, USD Coin (USDC), is now available in Brazil and Mexico through the national real-time payment systems, PIX and SPEI, respectively. This integration allows direct access to USDC using local currency, reais in Brazil and pesos in Mexico, without the need to previously convert to US dollars.

As reported by Circle on its website, users in both countries can now transact with USDC directly from their local bank accounts. This move eliminates the need for international wire transfers, which could traditionally take days, reducing the process to minutes. “Eliminating international wire transfers can dramatically reduce the time it takes to access USDC, from days to just minutes, freeing up capital trapped in lengthy settlement processes,” Circle says.

This means businesses can now access Circle’s stablecoin, “the world’s largest regulated digital dollar,” according to the company, directly from local financial institutions “in two G20 economies without needing to transfer funds to a bank overseas.” “Faster and cheaper local availability and onboarding to central bank payment systems make USDC even more attractive to businesses with operations in Latin America, where cross-border flows are heavily denominated in dollars,” Circle notes.

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