<p>San Francisco-based startup Tribal Credit is working with Latin American exchange Bitso and the Stellar Development Foundation to launch a new cross-border payment system for businesses in Mexico and the U.S.</p> <p>The tool is aimed at making it cheaper and faster for small and medium-sized enterprises (SMBs) in Latin America to send payments to other countries including the U.S. Bitso is facilitating the conversion of Mexican pesos to the dollar-pegged USDC stablecoin. </p> <p><span style="font-weight: 400;">"If a customer is holding onto 100,000 USDC in a certain entity in Mexico, then we will allow them to spend up to $100,000 in the Tribal platform to pay whoever they want to pay," Arvind Nimbalker, Global Head of Product of Tribal Credit told The Block in an interview. "So,</span><span style="font-weight: 400;"> it's enabling them to make payments in the real world by having access to these kinds of crypto assets." </span></p> <p>Tribal announced it had completed a $34.3 million raise in April largely focused on Mexico, which is its largest market. It also provides services like corporate credit cards to smaller businesses and a platform for managing expenses.</p> <p>The company has also expanded in Colombia, Peru and Chile, and looking at growing into Argentina and Brazil, Tribal's Chief Strategy Officer Mohamed Elkasstawi told The Block. </p>