Circle activates USDC in Brazil and Mexico

Circle has expanded its stablecoin operations in Latin America to include Brazil and Mexico.

In a company statement, stablecoin operator Circle announced that its (USDC) token can now be used to settle payments in Brazil and Mexico. The feature supports the conversion of USDC into Brazilian reals and Mexican pesos and vice versa.

Brazilian and Mexican users will no longer need to convert their fiat currency to US dollars to exchange them for stablecoins.

Circle said businesses will be able to purchase USDC from licensed financial providers for institutional use. The September 17 announcement added that businesses will also be able to offer USDC, the second-largest stablecoin, to retail investors.

Circle now supports local bank transfers through PIX and SPEI, national real-time payment systems in Brazil and Mexico. Eliminating international transfers could significantly reduce the time to access USDC – from days to minutes, freeing up capital trapped in lengthy settlement processes.

Company statement on USDC support in Brazil and Mexico

Circle moves to New York

The USDC issuer has announced that it will be moving to Brazil and Mexico 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 and solidifies its presence among Wall Street giants.

Moving its headquarters to New York could be one of the final steps in its pursuit of an initial public offering. The company is reportedly planning to go public and could become the first stablecoin operator to list shares on a U.S. exchange.