{"id":93668,"date":"2024-09-17T20:14:48","date_gmt":"2024-09-18T00:14:48","guid":{"rendered":"https:\/\/coinscreed.com\/staging\/?p=93668"},"modified":"2024-09-17T20:22:05","modified_gmt":"2024-09-18T00:22:05","slug":"circle-links-usdc-with-payment-systems","status":"publish","type":"post","link":"https:\/\/coinscreed.com\/staging\/circle-links-usdc-with-payment-systems\/","title":{"rendered":"Circle Links USDC with National\u00a0Payment Systems in Brazil, Mexico"},"content":{"rendered":"\n

USDC is now available in Brazil and Mexico's banking systems, allowing businesses to use the USD-pegged stablecoin<\/a> directly through local financial institutions.<\/p>\n\n\n\n

\"Circle<\/figure>\n\n\n\n

Circle has integrated its USD-pegged stablecoin, USD Coin (USDC), with Brazil and Mexico's national real-time payment systems.<\/p>\n\n\n\n

In a Sept. 17 announcement\r\n \r\n \r\n \r\n <\/g>\r\n \r\n \r\n \r\n <\/clipPath>\r\n <\/defs><\/svg><\/span><\/a>, Circle revealed that USDC is now accessible within the banking systems of both countries.<\/p>\n\n\n\n

According to Circle, this integration enables businesses to directly obtain USDC through local financial institutions without international wire transfers. <\/p>\n\n\n\n

Companies can utilize the stablecoin for corporate purposes and offer it to retail customers.<\/p>\n\n\n\n

\u201cEliminating international wires can drastically reduce the time it takes to access USDC \u2013 from days to just minutes, releasing capital trapped in the lengthy settlement processes,\u201d the company stated.<\/p>\n\n\n\n

The integration allows USDC access in local fiat currencies, such as the Brazilian Real (BRL) and Mexican Peso (MXN). It also means a digital dollar is now integrated into Brazil\u2019s PIX and Mexico\u2019s SPEI payment systems.<\/p>\n\n\n\n

Brazil\u2019s central bank introduced PIX in 2020, facilitating real-time transactions 24\/7 for individuals, businesses, and government entities using a phone number. As of August 2024, over 168 million people in Brazil were using PIX.<\/p>\n\n\n\n

Similarly, Mexico\u2019s SPEI system allows real-time money transfers between banks via mobile apps or online banking. The system, in operation for 20 years, processed nearly 3.3 million transactions in 2023.<\/p>\n\n\n\n

\"Circle
Market capitalization for stablecoins has reached $170 billion. Source: <\/em>DefiLlama.<\/use><\/svg><\/span><\/a><\/figcaption><\/figure>\n\n\n\n

Circle\u2019s expansion into Latin America aims to increase involvement in cross-border transactions, a key use case for stablecoins. <\/p>\n\n\n\n

The company noted that remittances from the U.S. to Mexico reached $63 billion in 2023, up 7% from 2022, making up about 4% of Mexico's economy.<\/p>\n\n\n\n

Mexico is one of the U.S.\u2019s largest trading partners, with over $800 billion in goods and services traded annually. <\/p>\n\n\n\n

In Brazil, around 95% of its $640 billion in annual foreign trade is conducted in dollars, including $120 billion in direct trade with the U.S.<\/p>\n\n\n\n

According to DefiLlama data, USDC has a market capitalization of $35 billion, trailing behind Tether, which has a market cap of $118 billion at the time of writing.<\/p>\n\n\n\n

<\/p>\n","protected":false},"excerpt":{"rendered":"

USDC is now available in Brazil and Mexico’s banking systems, allowing businesses to use the USD-pegged stablecoin directly through local financial institutions. Circle has integrated its USD-pegged stablecoin, USD Coin (USDC), with Brazil and Mexico’s national real-time payment systems. In a Sept. 17 announcement , Circle revealed that USDC is now accessible within the banking […]<\/p>\n","protected":false},"author":56,"featured_media":93670,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21],"tags":[1461,710,1658,914,1531],"class_list":["post-93668","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-brazil","tag-business","tag-circle","tag-mexico","tag-stablecoin"],"jetpack_featured_media_url":"https:\/\/coinscreed.com\/staging\/wp-content\/uploads\/2024\/09\/Circle-Links-USDC-with-National-Payment-Systems-in-Brazil-Mexico.webp","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/93668","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/users\/56"}],"replies":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/comments?post=93668"}],"version-history":[{"count":0,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/93668\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media\/93670"}],"wp:attachment":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media?parent=93668"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/categories?post=93668"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/tags?post=93668"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}