Circle Introduces Instant USDC Bank Transfers in Two Countries
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Circle has announced that it will now support local bank transfers for USDC in Mexico and Brazil, using the countries' real-time payment systems PIX and SPEI.
This move eliminates the need for slow international wire transfers, significantly speeding up access to USDC—from days to just minutes.
The company allows direct conversions from Brazilian Reais (BRL) and Mexican Pesos (MXN) to USDC at competitive rates, bypassing the usual step of converting to USD first. Circle claims this will help businesses save on costs and enhance the efficiency of using digital dollars.
Circle believes this addition will boost business operations and remittances in Latin America.
With the US-to-Mexico corridor being the largest remittance route globally, amounting to $63 billion in 2023, stablecoins offer a more cost-effective alternative to traditional remittances, which typically come with higher fees.
Looking ahead, Circle plans to extend USDC support to other national banking systems, though specific countries were not disclosed.
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