Circle and Mercado Libre Partner to Launch USDC Stablecoin on Mercado Pago, Expanding Cryptocurrency Utility in Chile
Summary:
Fintech company Circle partners with Mercado Libre to bring USDC stablecoin to Mercado Pago online payment platform in Chile, expanding utility for cryptocurrency and the U.S. dollar. This collaboration further strengthens the adoption of digital dollars worldwide.
Circle, a fintech company, has partnered with Mercado Libre to introduce the USDC stablecoin to Mercado Pago. Mercado Pago, a part of Mercado Libre and the largest fintech in LATAM with 200 million users, will now support USDC in key markets, starting with Chile. This collaboration brings further momentum to the adoption of USDC and digital dollars globally. The CEO of Circle, Jeremy Allaire, announced this launch on social media, referring to Mercado Libre as the "Amazon of LATAM" due to its massive user base. USDC is a stablecoin that is pegged to the value of the U.S. dollar, and its availability on the Mercado Pago online payment platform in Chile adds more utility to both cryptocurrency and the U.S. dollar in the country. This move is significant in Chile, as the U.S. dollar is not as widely accepted for payment as it is in other Latin American countries. According to Mattias Spagui, the senior director of Mercado Pago, launching this stablecoin provides users with an alternative that preserves the value of the dollar and helps diversify access to cryptocurrencies. Mercado Libre had previously expressed its intention to accept cryptocurrencies as payments, with the integration of USDC being a step towards realizing this goal. Earlier this year, the company partnered with Paxos to integrate the USDP stablecoin for users in Mexico. Circle has also been in the news recently for its partnership with Coinbase and its preparedness for the potential entry of traditional finance and big tech giants into the cryptocurrency and stablecoin space.
Published At
8/29/2023 8:15:00 PM
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