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Circle joins forces with LATAM fintech powerhouse Mercado Pago to introduce USDC to Chilean consumers.
Circle, the issuer of USDC, is teaming up with Mercado Libre, often referred to as “LATAM’s Amazon” due to its vast user base of 200 million. Users of Mercado Libre’s fintech service, Mercado Pago, are on the verge of gaining access to USDC for transactions, beginning with the Chilean market. Circle enables Mercado Libre’s Mercado Pago users to access USDC for Chilean transactions.
1/ The largest fintech in LATAM, @mercadopago, part of Mercado Libre, the Amazon of LATAM with 200M users, is rolling out support for USDC in key markets, starting with Chile. Momentum for USDC and digital dollars building around the world! https://t.co/3mNQxXvNUC
— Jeremy Allaire (@jerallaire) August 29, 2023
Chile already boasts over two million Mercado Pago users, as highlighted by Matías Spagui, Director of Mercado Pago. This partnership is designed to grant Chileans access to the advantages of a digital dollar, ensuring secure, transparent, and speedy financial dealings.
Visa made headlines earlier this year by becoming the first payment network to settle USDC transactions on the Ethereum blockchain. Data from Defillama indicates that Ethereum secures approximately 84% of the total USDC in circulation. Ethereum securely holds a substantial $21.3 billion worth of USDC, with Arbitrum closely trailing behind, holding over $700 million, constituting 2.81% of the total USDC supply. Solana captures a 2.5% share, while Polygon and Avalanche each hold 2.4%.
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Matías Spagui, Senior Director of Mercado Pago, remarked, “With the introduction of this stablecoin, our goal is to diversify access to cryptocurrencies and provide more than two million Mercado Pago users with an alternative that mirrors the value of the US dollar.”
Rachel Mayer, VP of Product at Circle, also expressed, “Latin America is emerging as a hub for the digital economy, with a thriving spirit of innovation and growing interest in digital currencies.”
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