Key Points:

• Circle now supports PIX (Brazil) and SPEI (Mexico), eliminating international wire transfers for faster USDC ($1.00) access.
• Users can bypass converting local currency to USD, simplifying the process and saving on fees.
• This integration accelerates USDC adoption in Latin America, making crypto transactions more efficient and accessible.

Circle announced its latest move in integrating local bank transfers in the form of PIX and SPEI, the national real-time payment systems for Brazil and Mexico, respectively.

Circle Introduces PIX and SPEI for Local Transfers

This replaces an earlier requirement that meant every user needed to perform an international wire transfer to gain access, substantially reducing time and costs by a significant margin.

The development will also provide a seamless experience for both Brazilian and Mexican users in their interaction with USDC. Thanks to PIX and SPEI, Circle users in the respective countries are now able to send funds in their local currency directly to USDC, without the need to pre-convert such funds to USD. In so doing, this removes one of the main barriers for many of those people and businesses reliant on cross-border transactions but until now have had to put up with exorbitant fees and long waiting times until currencies finally convert.

Read more: Circle Moves Headquarters to NYC’s 1 World Trade Center, Boosting U.S. Leadership!

Enhancing Crypto Adoption in Latin America

All of these payment integrations are pretty key to Latin America, where digital assets and USDC are of growing importance for both financial inclusions and borderless commerce. Onboarding PIX and SPEI simply shows the commitment by Circle to the provision of faster, more efficient, and cost-effective services for its users.

By removing the need for international wires, users on Circle will be able to have instant transfers and much easier access to, and transacting with, USDC. This might just be what will foster greater adoption of USDC in Brazil and Mexico by pulling out much of the complexity from converting local fiat into a widely adopted stablecoin.