USDC now available in Brazil, Mexico through local financial systems

Circle, the company behind the USDC stablecoin, has made it easier for businesses in Brazil and Mexico to manage cross-border payments by integrating its digital dollar with local financial systems.

This move allows businesses to convert their local currencies—Brazilian Reais (BRL) and Mexican Pesos (MXN)—into USDC, significantly cutting the time and costs associated with international transfers.

The new integration links USDC with Brazil’s PIX and Mexico’s SPEI, real-time payment networks that enable faster, more efficient transactions. 

Instead of waiting days for funds to clear through traditional banking systems, companies can now receive USDC within minutes, improving cash flow and reducing delays in settlement times. 

With this development, Circle aims to support the growing demand for stablecoins in Latin America, where many businesses conduct international trade in U.S. dollars. 

Mexico, for example, engages in over $800 billion of annual trade, while Brazil handles 95% of its foreign trade in U.S. dollars, including significant transactions with the U.S.

The new system is particularly appealing for companies that rely on cross-border transactions, such as those involved in remittances. 

Mexico’s remittance industry, the largest in the world, handled $63 billion in transfers in 2023, a major contributor to the country’s GDP. By using USDC instead of traditional remittance services—which often charge high fees—businesses can save significantly on transaction costs.

This expansion marks another step in Circle’s broader strategy to grow USDC’s global presence. 

The company is also set to introduce its stablecoin on more blockchain networks, including the Sui Network, further increasing the reach and flexibility of USDC in the digital payments landscape.

As of now, USDC is the second-largest stablecoin by market valuation, with a capitalization of $35.5 billion and a daily trading volume of $6.51 billion, according to CoinGecko. Circle’s continued efforts to expand in regions like Latin America signal its commitment to making digital dollars more accessible for businesses worldwide.