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Businesses in Brazil and Mexico will have the ability to access the USDC stablecoin directly through local financial institutions thanks to its integration with national payment systems. This initiative is aimed at making international USDC transfers more straightforward and efficient.
Circle has revealed the integration of the USDC stablecoin with two national payment systems: PIX in Brazil and SPEI in Mexico. This initiative is intended to considerably decrease the time required to access funds and facilitate the conversion of local fiat currencies into U.S. dollars.
Companies in Brazil and Mexico can now swiftly and easily convert reais (BRL) or pesos (MXN) into USDC directly through local financial institutions. This process removes the necessity of converting local fiat currencies to USDC for purchasing the stablecoin. This method will enhance financial transactions, as transferring funds to a foreign bank for conversion generally takes about a day.
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The integration of USDC into the payment systems of Mexico and Brazil aims to boost the countries’ involvement in cross-border transactions. According to the Office of the U.S. Trade Representative, remittances from the U.S. to Mexico reached $63 billion in 2023, accounting for 4% of Mexico’s GDP. Additionally, Brazil and the U.S. conduct $120 billion in direct trade each year. Brazilian companies convert the national currency into U.S. dollars annually, totaling approximately $608 billion for trade activities outside the country.
Circle is preparing for an IPO in the U.S., has obtained a license to operate in the EU under MiCA, and is actively working to enhance the availability of USDC across various blockchains. For instance, the upcoming launch of the stablecoin on the Sui L1 blockchain has been announced to extend USDC support to 15 networks.
Moreover, a recent study suggests that in 2024, the use of stablecoins will extend beyond the crypto market — they are increasingly utilized for international transfers, trade, and settlements in developing nations. Concurrently, the stablecoin market cap is also on the rise, reaching $164 billion in July 2024.
Сообщение USDC Integrated with National Payment Systems in Brazil and Mexico появились сначала на CoinsPaid Media.
