Circle, the issuer of the USDC -0.14% stablecoin, announced it has partnered with leading Latin American fintech Nubank to broaden access to its dollar-backed digital asset. “USDC support will initially be rolled out as part of Nubank Crypto, providing its Brazilian users with access to buying and holding digital dollars,” the company said in a post. Nubank has 90 million customers in Latin America with more than 85 million in Brazil.
Circle’s statement coincides with Nubank also announcing this week it has partnered with Talos to reduce the cost of crypto trading. Brazil “has emerged as a driving force for digital currency use and adoption,” Circle CEO and co-founder Jeremy Allaire said in the statement. “Our partnership with Nubank marks a significant moment in expanding the global reach of USDC.”
Interest in spurring consumer adoption of digital assets within South America’s largest nation continues to gather momentum. Brazil, a nation of more than 200 million people, is developing its own digital currency while top crypto firms like Coinbase and payments firm Ramp attempt to grow their presence there.