Circle and Nubank Partner to Increase Digital Dollar Access in Brazil
Availability of USDC on Nubank’s crypto platform is phase one of extending USDC access across Nubank’s products to more than 85M Brazilian customers
BOSTON–(BUSINESS WIRE)–Circle and Nubank, one of the world’s largest digital financial platforms serving 90 million customers across Brazil, Mexico, and Colombia, announced today a partnership to extend USDC access to Brazilian Nubank customers. Circle’s USDC is the leading regulated dollar stablecoin, a form of digital dollar that operates over the internet.
USDC support will initially be rolled out as part of Nubank Cripto, providing its Brazilian users with access to buying and holding digital dollars. Future integration with Nubank’s broader digital banking platforms offers the potential for Nubank’s customers to gain the benefit of blockchain-based financial services powered by USDC. USDC is fully reserved with cash and cash equivalent assets and is always redeemable 1:1 for US dollars, providing a stable, regulated store of value that protects against inflation and supports a wide array of digital financial use cases.
“We continue to see strong demand across Latin America for access to dollars, specifically in Brazil, which has emerged as a driving force for digital currency use and adoption in the region,” said Jeremy Allaire, CEO and Co-Founder, at Circle. “Our partnership with Nubank marks a significant moment in expanding the global reach of USDC, and an important step towards building the new internet financial system.”
True to the spirit of both companies’ missions, the partnership includes mutual contributions to educational campaigns aimed at spreading knowledge about USDC in the Brazilian market, establishing it as a secure, cost-efficient and transparent method for accessing and transacting in digital dollars. Nubank Cripto’s robust platform incorporates educational content about digital currencies to empower users to make informed financial decisions.
“The integration of USDC opens up great opportunities not only for customers interested in having this digital dollar in their portfolio. Through this offering and the characteristics of Circle’s USDC, we are considering future possibilities to integrate Nubank Cripto with other financial services available in our app,” says Thomaz Fortes, General Manager of Nubank Cripto.
About Circle
Circle is a global financial technology firm that enables businesses of all sizes to harness the power of digital currencies and public blockchains for payments, commerce and financial applications worldwide. Circle is the issuer of USDC and EURC – highly liquid, interoperable, and trusted money protocols on the internet. Circle’s open and programmable platform and APIs make it easy for organizations to run their internet-scale business, whether it is making international payments, building globally-accessible Web3 apps or managing their internal treasury. Learn more at https://circle.com.
About Nu
Nu is one of the world’s largest digital financial services platforms, serving around 90 million customers across Brazil, Mexico and Colombia. As one of the leading technology companies in the world, Nu leverages proprietary technologies and innovative business practices to create new financial solutions and experiences for individuals and SMEs that are simple, intuitive, convenient, low-cost, empowering and human. Guided by a mission to fight complexity and empower people, Nu is fostering the access to financial services across Latin America, connecting profit and purpose to create value for its stakeholders and have a positive impact on the communities it serves. For more information, please visit www.nubank.com.br.
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