Circle, a fintech company, has announced a partnership with Mercado Libre to bring the USDC stablecoin to Mercado Pago on Aug. 29. Jeremy Allaire, Circle’s CEO, posted a thread on X announcing the launch of USDC on the retail giant’s online payment platform. USDC is a stablecoin, meaning it is pegged to the U.S. dollar. This launch in Chile provides further utility for both cryptocurrency and the U.S. dollar in Chile.
Travel and consumer awareness sites often mention that the U.S. dollar isn’t accepted for payment as often in Chile as it is in many other Latin American countries. Mattias Spagui, senior director of Mercado Pago, said that the US dollar is one of the most stable currencies in the world and a simple vehicle to ensure wealth preservation amidst general uncertainty. With the launch of this stablecoin, Mercado Pago seeks to diversify access to cryptocurrencies and offer its two million users an alternative that matches the value of the dollar.
Mercado Libre announced its intent to accept cryptocurrencies as payments back in 2021. Since then, it has made strides towards doing so with the integration of USDC for users in Chile and earlier this year, the company partnered with Paxos to integrate the USDP stablecoin for users in Mexico as well.
Circle has also made headlines recently with the announcement that Coinbase would take an equity share in Circle upon the dissolution of the Centre governance body. Circle is preparing for the eventual intrusion of traditional finance and big tech giants into the cryptocurrency and stablecoin spaces by gathering resources.
This News Article was automatically generated by Bob the Bot(AI)
| Information | Details |
|---|---|
| Geography | South America |
| Countries | 🇨🇱 🇲🇽 🇺🇸 |
| Sentiment | positive |
| Relevance Score | 8 |
| People | Mattias Spagui, Jeremy Allaire |
| Companies | Paxos, Coinbase, USDC, Circle, Mercado Libre |
| Currencies | Ethereum, US Dollar, US Dollar Coin, Bitcoin |
| Securities | None |
