Circle expands USDC stablecoin access to Sony’s blockchain, Brazil, Mexico

As stablecoins march towards greater mainstream adoption, USDC issuer Circle made two announcements this week on that front. Through a partnership with Sony Block Solutions Lab, a bridged version of USDC will be available on Sony’s new blockchain, Soneium. The Japanese giant has global mainstream ambitions for its blockchain. Additionally, people in Brazil and Mexico can now buy USDC using local payment rails. That’s instead of needing to convert local currency to dollars before buying the stablecoin. Circle referenced the trade payments use case.

The Sony deal involves locking USDC in the Ethereum blockchain and bridging it onto Soneium, a layer 2 chain. Sony has big plans for the blockchain and significant intellectual property it can deploy including from Sony Music, Sony Pictures (formerly Columbia Pictures) and Sony PlayStation. The company says it wants to “evoke emotion, empower creativity, and meet diverse needs to go mainstream.”

Stablecoin access in Brazil, Mexico
Regarding the Brazilian and Mexican initiatives, Circle has integrated with local banks to make the local currency conversion possible. In May it inked a deal with BTG Pactual, which it described as its “direct distribution partner” in Brazil. It also said BTG would provide local banking rail capabilities, including access to Pix, the instant payment network.

In late 2023 Circle partnered with another Brazilian partner, Nubank, which also has a presence in Mexico where it has applied for a banking license. It’s unclear whether Nubank is providing the connectivity to SPEI, Mexico’s faster payment system.

As part of the announcement, Circle described $800 billion in trade between Mexico and the United States and that 95% of Brazil’s cross border trade is denominated in dollars.

A recent stablecoin report from Brevan Howard Digital and Castle Island Ventures featured multiple examples of Latin American crypto exchanges and mobile apps where stablecoins were used for cross border remittances or as a hedge against volatile exchange rates.

Source >> https://www.ledgerinsights.com/six-eyes-crypto-trading-in-europe-report/ 

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