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Circle has announced an innovative cooperation with renowned e-commerce platform Mercado Libre in a strategic deal to transform the digital payments sector. Meanwhile, the collaboration will introduce the well-known stablecoin, USD Coin (USDC), to users of Mercado Libre’s subsidiary Mercado Pago.
⚡️@Circle Teams Up with Mercado Pago to Introduce $USDC to Million of Customers In Chile https://t.co/w4wEbIEKDn
— Wheatstones (@wheatstones_) August 30, 2023
Ensuring digital finance accessibility & efficiency
Latin America establishes itself as a hub for monetary innovation with a robust developer base, increasing need for digital dollars, and massive backing for financial advancements. Circle’s collaboration with Mercado Pago will address the surging demand for digital dollars and promise smooth transactions in Chile as millions access USDC.
Circle CEO Jeremy Allaire expressed enthusiasm about the alliance, calling Mercado Libre the “Amazon of LATAM,” highlighting the e-commerce giant’s 200 million users. Introducing USDC on Mercado Pago represents a substantial move in enhancing stablecoin utility and ensuring accessibility of the USD and crypto in Chile.
USD Coin is among the most adopted stablecoin, and its introduction to the Chilean market is significant for crypto adoption and US dollar usage within the region. Chile doesn’t use the USD as a payment option like other LATAM nations. And that makes the USDC launch a noteworthy development.
Expanding USDC accessibility
Mercado Libre has shown interest in adopting crypto payments since 2021. Introducing USD Coin into Mercado Pago represents an impressive stride towards this goal. The platform collaborated with Paxos in 2023 to integrate the stablecoin Pax Dollar (USDP) for its arm in Mexico.
Paxos' USDP Stablecoin Goes Live on Mercado Libre's Platform in Mexico
— Amit Laddha (@Sylvester_APT) July 14, 2023
Also, Circle revealed plans to introduce their USDC in Japan after the country introduced new stabelcoin regulations.
Circle has been gathering information and strategies as it strengthens its position in the ever-evolving digital finance landscape. Meanwhile, collaborating with Mercado Libre welcomes another era of digital transactions in Latin America.
Mercado Pago users will enjoy an accessible & stable avenue to interact within the crypto sector. Besides satisfying the evolving trends within digital finance, Circle’s move shows the continued efforts of top firms as they connect traditional finance (TradiFi) to emerging technologies.
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