Hassan Maishera
TL;DR
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Nubank adds support for USDC following its partnership with Circle.
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The partnership is designed to make the USDC stablecoin available to millions of crypto users in Brazil.
Nubank Adds Support for Circle's USDC
Circle, the issuer of the USDC stablecoin, has entered into a strategic partnership with Nubank, a leading Latin American fintech company. The partnership is designed to broaden access to Circle’s dollar-backed stablecoin.
Thanks to this latest development, Nubank has added support for the USDC stablecoin on its platform. The company said,
"USDC support will initially be rolled out as part of Nubank Cripto, providing its Brazilian users with access to buying and holding digital dollars.”
Nubank currently has 90 million users in Latin America, with more than 85 million of them in Brazil.
The partnership comes a few days after Nubank entered into another partnership with Talos that allows it to reduce the cost of cryptocurrency trading.
Brazil has become a leading country in terms of cryptocurrency usage and adoption. Circle’s CEO Jeremy Allaire said,
“Our partnership with Nubank marks a significant moment in expanding the global reach of USDC."
Thomaz Fortes, general manager of Nubank's crypto arm, added that,
"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."
Brazil has recorded an increase in crypto adoption in recent years. With a population of more than 200 million people, companies like Coinbase and Ramp have been increasing their presence in Brazil.
