Circle taps BTG Pactual and Nubank for Launch in Brazil

Circle, a global financial technology firm and issuer of the USDC stablecoin, has officially launched its operations in Brazil. Announced at Circle Forum São Paulo, this move aims to provide USD-backed digital dollars and digital asset infrastructure to a rapidly evolving fintech market. 

Circle has partnered with leading regional businesses, including BTG Pactual, Latin America’s largest investment bank, and Nubank, a major digital banking platform, to offer near-instant, low-cost, 24/7 access to USDC.

Brazil’s fintech adoption has surged, driven by pro-innovation policies and initiatives like the instant payment platform Pix, which boasts over 160 million users. Stablecoins account for about 90% of the value of crypto transactions in Brazil, reflecting the strong market interest. Circle’s entry seeks to enhance the Brazilian financial landscape by making digital dollars widely available through USDC.

BTG Pactual will serve as Circle’s direct USDC distribution partner in Brazil. This collaboration will enable retail and institutional clients to access USDC and facilitate businesses in minting and redeeming digital dollars with local banking capabilities. André Portilho, Head of Digital Assets at BTG Pactual, emphasised the partnership’s role in advancing blockchain technology as a core financial infrastructure.

Nubank, which serves over 100 million customers across Brazil, Mexico, and Colombia, has already integrated USDC into its Nubank Cripto platform. Thomaz Fortes, General Manager of Nubank Cripto, highlighted the benefits of USDC for customers seeking to protect against inflation and diversify their savings.

Circle’s CEO, Jeremy Allaire, underscored the company’s commitment to positively impacting the Brazilian market and enabling businesses to participate more efficiently in the global economy. Circle’s expansion into Brazil aligns with its strategy to meet the growing global demand for digital products and services.