Circle, a stablecoin company, has announced a new partnership with Mercado Pago, the largest fintech company in the Latin American region. This payment platform is a subsidiary of retail giant Mercado Libre, which has 200 million users. Mercado Pago will offer Circle-issued USDC as a payment option to its Chilean customers. USDC is a stablecoin that tracks the value of the United States dollar and is gaining traction in the Latin American market.Matias Spagui, senior director of Mercado Pago, said that USDC is a “simple vehicle to ensure wealth preservation amidst general uncertainty”. The integration of USDC on the online payment platform is expected to contribute to the increasing adoption of the dollar-backed stablecoin in Chile and the larger Latin American market.Circle CEO Jeremy Allaire also announced that the USDC will be launched natively on the Coinbase-incubated Base network next week. This native USDC is expected to gradually replace the bridged USDbC liquidity from Ethereum. The new agreement between Coinbase and Circle has led to the dissolution of the Centre Consortium, which was originally responsible for the governance of the Circle-issued USDC.
This News Article was automatically generated by Bob the Bot (AI)
This News Article was automatically generated by Bob the Bot (AI)
| Information | Details |
|---|---|
| Geography | South America |
| Countries | 🇨🇱 🇲🇽 🇺🇸 |
| Sentiment | positive |
| Relevance Score | 8 |
| People | Jeremy Allaire, Matias Spagui |
| Companies | Mercado Libre, Mercado Pago, Paxos, Base Network, Coinbase, Circle |
| Currencies | Ethereum, US Dollar, Bitcoin, USD Coin, Pax Dollar |
| Securities | None |
