Nuvei Corporation, a Canadian fintech company, has introduced a blockchain-based payment solution for merchants across Latin America (LATAM). The solution leverages stablecoins to streamline global transactions. The new solution allows businesses to use a Visa-supported physical or virtual card to make payments using stablecoins. Nuvei Taps Visa and BitGo to Bring Stablecoin Payments to LATAM Merchants In a December 4 announcement , Nuvei revealed partnerships with Rain, a Coinbase Ventures and Circle Ventures-backed issuing platform, crypto custody provider BitGo, and the global payments giant Visa. More payments innovation in LATAM! Businesses can now use stablecoins to make faster cross-border B2B payments and settlements through Nuvei’s partnership with Rain, BitGo, and Visa. Read the full announcement here: https://t.co/OigzUJFlr0 pic.twitter.com/FLqZ3ALZuz — Nuvei (@Nuvei) December 4, 2024 The new solution allows LATAM merchants to make payments using stablecoins through a Visa-supported physical or virtual card. These payments can be made from a digital asset wallet anywhere Visa is accepted. The system benefits from Visa’s global acceptance and offers simplified corporate treasury management, secure digital asset custody, faster cross-border transactions, reduced currency complexity, and improved business liquidity. “By integrating stablecoin technology into our payment platform for B2B settlement, we’re ensuring our merchants continually receive unparalleled flexibility, security, and global reach,” Nuvei Chair and CEO Philip Fayer stated. The launch aligns with a growing trend in LATAM toward stablecoin adoption. The region has seen increased traction for blockchain-based financial solutions, with Tether and Circle leading programs in key markets like Mexico, Colombia, and Brazil. The company has recently achieved several milestones, including becoming the first global payments service provider to offer direct local acquiring in Colombia, launching local acquiring services in Mexico, and securing a Payment Institution license in Brazil. Visa’s USDC on Solana: A Game-Changer for LATAM Crypto Payments? In September 2023, Visa announced it was testing USDC settlements on the Solana blockchain, with payment processors Nuvei and Worldpay joining the initiative. This move reflects the growing industry focus on integrating stablecoins into traditional financial systems. Stablecoins are increasingly popular in Latin America (LATAM), offering a more stable alternative to volatile cryptocurrencies like Bitcoin. A June 2024 report by blockchain analytics firm Kaiko revealed that USDT is more widely used than Bitcoin in the region, highlighting the preference for stable digital assets in daily transactions. According to Chainalysis, LATAM received 9.1% of the global cryptocurrency value between July 2023 and June 2024. The region received nearly $415 billion in cryptocurrency during this period, ranking just above Eastern Asia. Centralized exchanges (CEXs) dominate the crypto landscape in LATAM, and 68.7% of participants use them—slightly trailing North America. Most of the transaction value in LATAM is driven by institutional and professional investors, entities transacting over $10,000. The region has emerged as the second fastest-growing crypto market, with a year-over-year growth rate of approximately 42.5%. Argentina leads LATAM in cryptocurrency value received, estimated at $91.1 billion, followed closely by Brazil at $90.3 billion. Diverse markets in countries like Venezuela, Argentina, and Brazil have greatly contributed to the region’s rapid adoption and growth. The post Nuvei Unveils Blockchain Payment Solution in LATAM with Stablecoin Support appeared first on Cryptonews .
