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Circle, issuer of the USDC stablecoin, announced its official entry into the Brazilian market in partnership with BTG Pactual, the largest investment bank in Latin America. The collaboration aims to expand access to USDC in Brazil, which stands out for its innovation and adoption of fintechs. In addition to BTG, Circle is also collaborating with other regional financial institutions, including Nubank.

The partnership between Circle and BTG represents a significant milestone in the Latin American financial market. Since 2017, BTG Pactual has been a pioneer in financial innovations, especially in the cryptocurrency space. André Portilho, responsible for the bank’s digital assets, highlighted that this partnership reinforces BTG’s belief in blockchain technology as the new infrastructure for the financial sector.

Jeremy Allaire, co-founder and CEO of Circle, emphasized the company’s commitment to making a positive impact on the Brazilian market.

“We are committed to partnering with key stakeholders to enable companies to participate in the global economy with greater ease and efficiency,” said Allaire.

Although the recent announcement marks the official launch of Circle in Brazil, the company had already established a partnership with Nubank last year. Nubank, today with more than 85 million customers in Brazil, already allows its customers to trade with USDC through Nubank Cripto.

This collaboration aims to provide Brazilian users with greater access and usability to USDC, integrating the stablecoin into consumers’ daily financial lives. Furthermore, expanding usage is part of Circle’s strategy to expand its presence in emerging and innovative markets.

Circle lands at a time of regulatory structuring

The partnership announcement comes at a crucial time for the cryptocurrency market in Brazil. The Central Bank last week revealed plans to implement a regulatory framework for digital assets by the end of this year. This initiative aims to provide much-needed clarity for token creators and virtual asset service providers (VASPs).

According to the BC, the development of the regulatory structure will have several phases. This includes, for example, a public consultation on the rules for commercial activities of digital asset providers and the creation of a complementary framework to regulate the operations of VASPs. Additionally, the central bank plans to develop specific regulations for stablecoins.

The introduction of a regulatory framework for cryptocurrencies in Brazil is seen as an important step towards ensuring security and transparency in the market. Otavio Damaso, Director of Regulation at BC, states that the new regulations will provide a safer and more predictable environment for market participants.

However, despite the BC’s efforts, the implementation of crypto regulations may take longer than expected. Initially, the regulations were expected to be finalized by June this year. However, the phased development process may delay full implementation.

Furthermore, the partnership between Circle and BTG, along with a robust regulatory framework, positions Brazil as a leader in the adoption and regulation of cryptocurrencies in Latin America.

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