Nubank Cripto adds support for USDC, broadening access to the stablecoin in Brazil

Circle, the issuer of the USDC -0.029% stablecoin, announced it has partnered with leading Latin American fintech Nubank in an effort to broaden access to its dollar-backed digital asset.

"USDC support will initially be rolled out as part of Nubank Cripto, providing its Brazilian users with access to buying and holding digital dollars," the company said in a post. Nubank has 90 million customers in Latin America with more than 85 million in Brazil. 

Circle's statement coincides with Nubank also announcing this week it has partnered with Talos in order to reduce the cost of crypto trading. 

Brazil "has emerged as a driving force for digital currency use and adoption,” Circle CEO and co-founder Jeremy Allaire said in the statement. “Our partnership with Nubank marks a significant moment in expanding the global reach of USDC."

Brazil a hotbed of crypto initiatives

Interest in spurring consumer adoption of digital assets within South America's largest nation continues to gather momentum. Brazil, a nation of more than 200 million people, is developing its own digital currency while top crypto firms like Coinbase and payments firm Ramp attempt to grow their presence there. More than 70% of Brazilians already use a peer-to-peer digital payment app called Pix.

"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," Thomaz Fortes, general manager of Nubank's crypto arm, said in the statement.