Circle has expanded its stablecoin operations in Latin America to include Brazil and Mexico.
In a company statement, stablecoin operator Circle revealed that its (USDC) token can now be used to settle payments in Brazil and Mexico. The feature supports USDC conversion into Brazilian reais and Mexican pesos, and vice versa.
Brazilian and Mexican users no longer need to convert their fiat currencies to U.S. dollars before exchanging them for stablecoins.
Circle said businesses can acquire USDC from licensed financial providers for institutional use. The Sept. 17 announcement added that companies can also offer USDC, the second-largest stablecoin, to retail investors.
Circle now supports local bank transfers via PIX and SPEI, the national real-time payment systems in Brazil and Mexico. Eliminating international wires can drastically reduce the time it takes to access USDC – from days to just minutes, releasing capital trapped in the lengthy settlement processes.
Company statement on USDC support in Brazil and Mexico
Circle moves to New York City
USDC’s issuer revealed its move to Brazil and Mexico days after relocating its global headquarters from Ireland to New York City. The company’s new office is located in the iconic One World Trade Center, solidifying its presence among Wall Street giants.
Shifting its headquarters to New York may be one of the final steps in pursuing an initial public offering. The company is reportedly planning to go public and could become the first stablecoin operator to list shares on U.S. stock exchanges.
