Benzinga - Circle (CRYPTO: USDC) unveiled a new partnership with Mercado Pago, a leading payment platform in Latin America and the fintech arm of MercadoLibre Inc (NASDAQ: MELI), to bring the USDC stablecoin to Chilean customers.
This move is particularly significant given Chile's current economic hurdles and rising inflation.
Matías Spagui, a top executive at Mercado Pago, emphasized the U.S. dollar's role as a dependable wealth preservation tool during economic instability.
In a blog post, he mentioned the U.S. dollar acts as a "reliable means to preserve wealth" in the face of ongoing economic challenges.
With the introduction of the USDC stablecoin, Mercado Pago's goal is to offer its vast clientele, numbering over two million, a digital asset equivalent to the US dollar's value.
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This will grant users access to a digital currency that is secure, transparent and reliable, closely tied to the U.S. dollar's value.
The inherent stability of USDC is set to enable swift transactions, enhancing the digital payment experience for users.
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Circle CEO Jeremy Allaire shed light on the firm's strategic decisions, revealing that Circle is utilizing its impressive $1 billion in cash reserves to adeptly maneuver through the changing market dynamics.
This move highlighted Circle's agility and robustness amidst market fluctuations.
Furthermore, data from The Block has shown a decline in the supply of Circle’s USDC stablecoin this year.
From a market capitalization of $42 billion in January, it has dwindled to its present $25.9 billion.
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