RedotPay and Circle’s USDC Streamline Crypto Payments for Brazil’s Cross-Border Market

Hong Kong-based crypto payment platform RedotPay has partnered with Circle’s payment network (CPN) to enable seamless cross-border transactions in Brazil. This collaboration allows RedotPay’s four million users to send cryptocurrency directly to Brazilian bank accounts, with automatic conversion to Brazilian Real (BRL).

Circle, the issuer of USDC, launched CPN in April to tap into the growing cross-border payments market. Stablecoins like USDC are increasingly favored for international remittances due to their speed and cost efficiency compared to traditional methods.

RedotPay, which recently raised $40 million in funding, aims to make global payments more accessible by reducing transaction costs and eliminating the typical one-to-five-day settlement period. "The process has been slow and costly, with high foreign exchange rates and inconsistent success rates," said Michael Gao, CEO of RedotPay.