Today stablecoin issuer Circle announced its official launch in Brazil, including a partnership with Latin America’s largest investment bank, BTG Pactual. It already has a relationship with Nubank, the neobank with around 100 million users.
BTG Pactual will become USDC’s direct distribution partner in Brazil, providing access to retail and institutional clients. This means that USDC has a local banking rail.
The investment bank already has its own US dollar stablecoin, BTGUSD, one of the first to be launched by a bank globally. However, the stablecoin issued on the Polygon blockchain is very tightly controlled, although it plans to expand access to the cryptocurrency exchange Crypto.com. The blockchain shows just two wallet addresses and only mints and burns, implying that all stablecoin transactions happen directly via the bank’s Mynt app. The current balance is $4.2 million.
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