Digital Assets: Nubank Partners With Circle For Brazilians’ Access To USDC, The Digital Dollar

December 6, 2023 | Digital Assets, News

USDC, by Circle, is the leading regulated dollar stablecoin, fully reserved with cash and cash equivalent assets, and is always redeemable 1:1 for US dollars.

Circle and Nubank have joined forces to broaden access to the digital dollar in Brazil. This collaboration aims to introduce USDC, Circle’s regulated dollar stablecoin, to Nubank’s extensive customer base of over 85 million in Brazil.

The initial phase involves integrating USDC support into Nubank Cripto, enabling users to buy and hold digital dollars. The partnership signifies a move towards incorporating blockchain-based financial services powered by USDC across Nubank’s broader digital banking platforms.

According to Jeremy Allaire, CEO and Co-Founder of Circle, demand for access to dollars was rising in Latin America, particularly in Brazil, which has spearheaded the adoption of digital currency in the region. The collaboration also includes educational initiatives to promote awareness about USDC in the Brazilian market, emphasizing its secure, cost-efficient, and transparent nature for digital transactions.

Nubank Cripto’s platform, known for its educational content on digital currencies, also aligns with this mission to empower users to make informed financial decisions.

There was now potential for future integrations with other financial services available in the app, said Thomaz Fortes, General Manager of Nubank Cripto.

This move represents a significant step in expanding the global reach of USDC and advancing towards a new internet financial system.

Related Story:  JPMorgan’s JPM Coin Now Processes $1B In Daily Transaction Volume

Photo by Mariia Shalabaieva on Unsplash

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