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Circle introduces USDC stablecoin on Mercado Pago in Chile.

On August 29, fintech company Circle unveiled its collaboration with Mercado Libre,

establishing a partnership to introduce the USD Coin stablecoin to Mercado Pago.

This initiative expands the payment options available on Mercado Pago,

providing users in Chile with access to the USD Coin stablecoin.

Jeremy Allaire, the CEO of Circle, referred to Mercado Libre as “the Amazon of LATAM with 200M users.” In a thread posted on X (formerly Twitter),

he announced the introduction of USD Coin (USDC) on Mercado Pago, the online payment platform of the retail giant.

USDC is a stablecoin that is pegged to the U.S. dollar. Its availability on the Mercado Pago platform in Chile expands the utility of both cryptocurrency and the U.S. dollar within the country.

It is worth noting that travel and consumer awareness websites often mention that the acceptance of the U.S. dollar for payment is not as widespread in Chile as in many other Latin American countries,

making the launch of USDC on Mercado Pago a significant development.

“The US dollar is one of the most stable currencies in the world and a simple vehicle to ensure wealth preservation amidst general uncertainty. With the launch of this stablecoin we seek to diversify access to cryptocurrencies and offer the more than two million Mercado Pago users an alternative that matches the value of the dollar.”

Matias Spagui, senior director of Mercado Pago

In 2021, Mercado Libre expressed its intention to accept cryptocurrencies as a form of payment.

Since then, the company has been making progress towards that goal,

including the recent integration of USDC for users in Chile.

This follows their earlier partnership with Paxos to incorporate the Pax Dollar (USDP) stablecoin for users in Mexico.

Circle, on the other hand, has been making waves with its recent announcement that Coinbase would acquire an equity share in Circle following the dissolution of the Centre governance body.

This collaboration grants Circle additional responsibilities as USDC expands its presence across multiple blockchain platforms in the future.

Recognizing the potential intrusion of traditional finance and Big Tech giants into the cryptocurrency and stablecoin realms, Circle had previously taken steps to gather resources in preparation for such developments.

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