Circle Teams Up with Mercado Pago to Debut USDC in Chile
- USDC issuer Circle has partnered with Mercado Pago, a part of the fintech firm Mercado Libre.
- The two will roll out support for the USDC stablecoin in the Latin American region, starting with Chile.
- Circle CEO Jeremy Allaire called Mercado Pago the Amazon of Latin America, as it has around 200 million users.
- The partnership will provide users with trusted, secure, and transparent digital dollars for near-instant transactions.
The firm behind the second-largest stablecoin by market capitalization, Circle, has announced its partnership with Mercado Pago, a payment platform that is a part of Mercado Libre, a fintech firm that has one of the largest user bases in Latin America. Interestingly, the partnership will witness the introduction of the USD Coin (USDC) to the region.
According to the CEO of Circle, Jeremy Allaire, the firm is “rolling out support for USDC in key markets, starting with Chile.” The executive allied Marcado Pago with LATAM because it has around 200 million registered users on the platform. The stablecoin issuer has partnered with the fintech firm to address the “demand for trusted digital dollars to power transactions in Chile, enabling millions of users access to USDC.”
As reported earlier by BitcoinWisdom, Alliare recently pointed out that the United States dollar is under threat, and therefore, the need for stablecoin regulation to boost the adoption of the USD is a must. He has repeatedly urged US lawmakers to regulate the US stablecoin industry to increase USD’s use cases.
“The US dollar is one of the most stable currencies in the world and a simple vehicle to ensure wealth preservation amidst general uncertainty. With the launch of this stablecoin, we seek to diversify access to cryptocurrencies and offer the more than two million Mercado Pago users an alternative that matches the value of the dollar,” said Matías Spagui, Senior Director of Mercado Pago.
It is crucial to note that, as per the announcement, the integration of the USDC stablecoin into the Mercado Pago platform will allow users in Chile to “leverage the benefits of a trusted, secure, and transparent digital dollar for near-instant transactions, unlocking a new host of financial opportunities.”
Rachel Mayer, VP of Product at Circle, noted that “Latin America is emerging into an epicenter for the digital economy with flourishing innovation and enthusiasm about digital dollars,” while adding:
“Working with Mercado Pago to offer USDC to Chile users is a pivotal step in providing more accessible digital financial solutions to enable global participation in this new era of finance.”
A crypto journalist with over 3 years of experience in DeFi, NFT, metaverse, etc. Parth has worked with major media outlets in the crypto and finance world and has gained experience and expertise in crypto culture after surviving bear and bull markets over the years.
