Circle, a global FinTech firm, has partnered with Mercado Pago, Latin America’s top FinTech firm, to increase the efficiency and accessibility of digital currencies in Chile.
This cooperation will simplify transactions and open up new opportunities in the digital economy by giving millions of Chileans access to USD Coin (USDC), a stablecoin pegged to the US dollar, the companies said in a news release on Tuesday (Aug. 29).
According to Matas Spagui, senior director of Mercado Pago, the US dollar’s stability makes it an excellent asset for wealth preservation during tough times.
Rachel Mayer, Circle’s vice president of product, added that Latin America is a new hub for the digital economy, with the region experiencing innovation and rising interest in digital dollars. Offering USDC to Chilean Mercado Pago clients is a step toward making digital financial solutions more accessible and enabling global participation in this new financial era.
The integration of USDC into the Mercado Pago platform would enable “Chilean users to leverage the benefits of a trusted, secure, and transparent digital dollar for near-instant transactions,” according to the release. It will also improve people’s financial chances by providing them more control over their accounts and expanding their access to digital technology.