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Canadian fintech company Nuvei has unveiled a new blockchain solution targeting merchants across Latin America.
In an announcement on Dec. 4, Nuvei revealed it would be partnering with several companies to bring this solution to the region. The partners include Rain, a Coinbase Ventures and Circle Ventures-backed vertically integrated issuing partner, BitGo, a crypto custody and wallet provider, and global payments giant Visa.
Nuvei leverages the various solutions available via these platforms to make it easy for businesses to use stablecoins as a payment option. The supported stablecoins include USDC (USDC).
Via its collaboration, the Canada-based firm allows merchants across the Latin America region to benefit from blockchain payments. LATAM merchants can utilize Visa-supported physical or virtual cards for payments with stablecoins across the globe.
“By integrating stablecoin technology into our payment platform for B2B settlement we’re ensuring our merchants continually receive unparalleled flexibility, security, and global reach,” Nuvei Chair and chief executive officer Philip Fayer, said in a statement.
In September 2023, Visa announced it was testing a USDC settlement payment initiative on the Solana blockchain. The project looked to tap into the stablecoin via Nuvei and the other merchant bank, Worldpay.
As the adoption of stablecoin payments and settlements grows, various providers and industry players have looked to innovative ways to bring traditional financial rails on board. LATAM is one of the regions seeing this increased traction, with top stablecoin issuers Tether and Circle leading support programs.
Both companies have key partnerships in the region, with Mexico, Colombia, and Brazil being key destinations.
In June 2024, blockchain firm Kaiko released a report that showed USDT is considerably more popular in LATAM than Bitcoin, the flagship digital asset that has recently seen its value rise to near $100,000.