Brazilian neobank, Nubank, has announced that it will provide its customers access with the USDC stablecoin, issued by Circle.
The support for USDC will be rolled under Nubank’s crypto division, Nubank Cripto, enabling Brazilian customers to buy and hold the digital dollar stablecoin.
Circle’s USDC is fully reserved and holds cash equivalent assets as it is 1:1 redeemed with the US dollar, providing a stable and regulated digital currency that can be protected from inflation rates and support a wide range of digital financial services.
Thomaz Fortes, General Manager of Nubank Cripto, commented: “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.”
Future integrations of USDC on Nubank will look to broaden its digital banking platforms for customers to benefit from blockchain-based financial services that the digital currency is eligible for.
The partnership also 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.
Brazil’s appetite for crypto has surged over the last several years, with the country’s central bank (Banco Central do Brasil) Governor, Roberto de Oliveira Campos Neto, acknowledging this recently.
In Campos Neto’s speech to the Finance of Taxation Commission last September, he revealed that imports of crypto assets rose by 44.2% from last year, with a total funds totalling to $7.4bn.
“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 of 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.”
