Stellar announced that another cryptocurrency exchange has started to integrate the Stellar USDC stablecoin: Bitso. This cryptocurrency exchange serves many users in Mexico, Argentina, and Brazil and is one of the biggest payment processors for cross-border payments between the US and these Latin American countries. Supporting Stellar USDC adds another stablecoin option for users on this platform to be able to send and receive money or save the value of their holdings.
More Options for Cross-Border Payments in America
Cross-border payments between the US and Latin American countries calculate to huge numbers. There are many immigrants working and living in the US that have relatives in Latin American countries, especially Mexico. Big countries like Argentina and Brazil are sources of many immigrants in the US, too. Besides, many tourists travel to and from these countries that need cross-border payments to transfer their money. Cryptocurrencies, and especially Stablecoins, are great solutions for these needs. Stellar USDC is one of the most popular ones that can help many people in this region.
Bitso is a cryptocurrency exchange with a great focus on the Latin American region. It serves residents in Mexico, Argentina, and Brazil. According to the latest announcement by Stellar, the payments between these countries and the US have created the largest remittance corridor in the world. It processed $1.2 billion in cross-border payments only between Mexico and the US in 2020. Stellar believes that integrating Stellar USDC in Bitso helps millions of users have access to easy payments. According to the announcement:
“This new partnership will ultimately enable Bitso to use Stellar USDC as a bridge asset and the preferred on/off ramp asset between Mexico and the US, lowering costs, accelerating transactions, and allowing its more than 2 million users to benefit from a cheaper USD <> MXN payment rail.”
Bitso has chosen Stellar USDC as a new stablecoin alternative to solve many challenges in terms of payments and transactions. One of the biggest reasons is to solve the transaction fee issue by using the Stellar blockchain. Bitso will switch from Bitcoin to Stellar USDC that will surely help its business customers have access to faster, cheaper, and simpler transactions.
The new partnership will surely help Stellar find more users and customers in Latin America. Stellar anchors and partner applications will now be able to offer more services to regular users in the Latin American countries and the United States using the new USD-to-local-currency rail.