Brazilian fintech Matera is partnering with leading stablecoin issuer Circle Internet Group Inc. to allow traditional banks in Brazil to support multi-currency operations.
The partnership will leverage Matera’s real-time ledger, Digital Twin, to allow banks to hold stablecoin balances directly within their platforms. This will enable Brazilian reais, US dollars and stablecoin USDC to coexist in a single environment, facilitating payments and eliminating the need for a correspondent banking system, which often brings settlement delays and added costs from intermediaries.
Read the full article on Bloomberg here.