As a seasoned crypto investor with a keen eye for promising trends and a knack for spotting opportunities, I find Circle’s recent expansion into Brazil and Mexico particularly intriguing. Having witnessed the rise and fall of numerous cryptocurrencies over the years, I’ve learned to appreciate the value of stablecoins like USDC in this volatile market.
Circle has integrated its USDC stablecoin with local payment systems in Brazil and Mexico, allowing corporate customers to seamlessly access digital dollars through partnerships with leading banks in both countries.
As per the statement released on Tuesday, this action connects USDC with the real-time payment networks of Mexico’s SPEI and Brazil’s PIX. This enables businesses to convert local currencies like Brazilian Reais (BRL) and Mexican Pesos (MXN) into USDC without the need for international wire transfers.
These integrations significantly decrease the time and expense involved in obtaining USDC, making it more streamlined for businesses in G20 economies to handle cross-border transactions and financial management. By circumventing international intermediaries, companies can receive USDC instantly rather than waiting days, enhancing liquidity and expediting settlement times.
The growth of the Circle platform is being fueled by its expansion into Brazil and Mexico, driven by increasing interest in stablecoins tied to the US dollar in Latin America. These two nations, which carry out a significant portion of their international transactions in USD, play a major role in this trend.
Mexico, who accounts for the highest volume of trade with the United States, transacts approximately $800 billion worth of goods and services yearly. On the other hand, Brazil, responsible for around 95% of its $640 billion international commerce, predominantly deals in US dollars, with a direct trade value of about $120 billion with the U.S.
In 2023, the world’s biggest remittance channel between the U.S. and Mexico moved an impressive $63 billion, equating to about 4% of Mexico’s total GDP. Notably, digital assets like USDC present a more affordable choice compared to conventional remittances that usually levy fees amounting to approximately 6.35%. This cost-effectiveness makes them a more attractive choice for cross-border transactions.
Circle intends to broaden the scope of USDC by onboarding additional bank collaborators and global payment networks. This decision comes after Circle’s recent moves to extend its stablecoin across new blockchain platforms, such as the forthcoming integration with the Sui Network.
According to information from CoinGecko, Circle’s USDC, which is the second most widely used stablecoin after Tether’s USDT, has a total market value of approximately $35.50 billion and a 24-hour trading volume of around $6.51 billion.
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2024-09-17 22:44