Circle expands stablecoin reach into Brazil and Mexico
That move aims to streamline cross-border transactions, reducing associated time and costs.
Stablecoin operator Circle has expanded its services into Latin America, allowing users in Brazil and Mexico to settle payments using its USDC token. The new feature enables the direct conversion between USDC and the Brazilian real or Mexican peso, removing the need for users to first convert their local currencies into US dollars before acquiring the stablecoin. Circle aims to streamline cross-border transactions for businesses and individuals, reducing both time and cost.
The company is now integrated with Brazil’s PIX and Mexico’s SPEI, the respective real-time payment systems, allowing local bank transfers to convert into USDC within minutes, rather than the typical days required for international wire transfers. That development is expected to free up capital and make stablecoin use more efficient in these growing markets.
Circle’s expansion into Brazil and Mexico follows its decision to relocate its global headquarters from Ireland to New York City. Now based in One World Trade Center, the company is positioning itself closer to Wall Street, and there are reports it may be preparing for an initial public offering (IPO), potentially becoming the first stablecoin operator to go public.
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