Circle Collaborates With Nubank To Encourage USDC Stablecoin Adoption In Brazil

Stablecoin USDC circle. (Photo; Doc. Coinculture)

JAKARTA - Two digital financial giants, Nubank and Circle, announced a strategic partnership to expand the use of USDC stablecoins in Brazil. USDC is a digital currency whose value is always equivalent to one US dollar, thus providing stability and security for its users.

Nubank is a leading digital financial platform that serves 90 million customers in Latin America, including 40 million in Brazil. Nubank offers a variety of financial services, such as credit cards, savings accounts, loans and investments. Nubank also has the Nubank Crypto feature, which allows customers to buy and store crypto assets, such as Bitcoin and Ethereum, directly from the Nubank app.

Circle is USDC issuer, the world's second-largest stablecoin with a total supply of more than $40 billion. USDC is backed by US dollar reserves that are audited regularly and can be exchanged easily through various crypto platforms. USDC can also be used for various purposes, such as payments, remittances, trades, and defi (decentralized finance).

The partnership between Nubank and Circle aims to provide Nubank customers in Brazil with wider access to USDC. The initial phase of this partnership will involve USDC integration into Nubank Crypto, so customers can buy and store USDC as an alternative to owning US dollars. The next phase will integrate USDC into other financial services offered by Nubank, such as savings and investment accounts.

According to Jeremy Allaire, CEO of Circle, the partnership reflects a crucial moment in USDC's global expansion. Allaire said that USDC could help drive financial inclusion and innovation in Brazil, where demand for access to the US dollar is very high. Allaire also added that USDC can be a safe, efficient, and transparent way to access and transact in digital dollars.

Meanwhile, Thomaz Fortes, General Manager of Nubank Crypto, expressed optimism regarding USDC integration. Fortes said that USDC could provide great opportunities for interested Nubank customers to have digital dollars in their portfolio. Fortes also said that Nubank and Circle will work together on educational campaigns to increase USDC understanding and adoption in the Brazilian market.

This partnership is the latest step from Nubank and Circle in developing a crypto ecosystem in the world. Previously, Nubank had added two new cryptocurrencies, Polygon (MATIC) and Uniswap (UNI), to Nubank Crypto. Meanwhile, Circle has collaborated with SBI Holding, a Ripple partner in Japan, to promote USDC use in Japan.