Circle partnered with BIND Group on Tuesday to provide Argentine institutions access to USDC liquidity through the BEN platform. The alliance enables corporate treasury management and digital asset transfers via BIND's virtual asset service provider infrastructure. Argentina has emerged as a key market for Circle, with USDC capturing 46% of the country's stablecoin transaction volume according to data from Oobit.
Circle and BIND Group Launch USDC Access Platform
Circle, the company behind USDC with a market capitalization of over $70 billion, announced a strategic alliance with BIND Group, an Argentine financial services conglomerate with over $2 billion in total assets. BIND Banco Industrial, the banking entity at the core of the conglomerate, focuses on service portfolios for institutions and companies.
The partnership allows customers to access USDC liquidity through BIND's infrastructure using BEN, its virtual asset service provider (VASP). BEN will operate in compliance with national requirements to support payments, treasury management and digital asset transfer use cases.
Andrés Meta, Vice President at BIND, stated: "Through BEN, we seek to provide businesses with transparent, secure, and efficient access to the digital dollar infrastructure." The alliance positions BIND Group at the forefront of digital assets infrastructure development in Argentina, opening "a new chapter in the path we have been building to connect the traditional financial system with new technologies," according to a press release.
Argentina Captures 46% USDC Market Share
Argentina represents one of the few markets in Latin America where USDC reaches adoption levels rivaling USDT. Tether-backed Oobit revealed that Argentine users leveraged USDC to transact 46% of all stablecoin volumes, while USDT dominated other markets.
Circle CEO Jeremy Allaire commented on Argentina's strategic importance during a trip to the country, telling La Nacion that the nation had become "a much more attractive destination for foreign investment." Allaire added: "Two years ago, that wasn't the case."
Central Bank Studies Crypto Service Regulations
Reports indicate that the Central Bank of Argentina is studying whether to lift the ban on financial institutions offering crypto-based financial services. This regulatory development could expand BIND's crypto services from its current VASP operations to traditional banking channels.
The partnership positions BIND Group to respond to potential regulatory changes in Argentina's digital asset sector.
FAQ
What did Circle announce on Tuesday regarding Argentina?
Circle announced a strategic alliance with BIND Group on Tuesday to provide Argentine institutions access to USDC liquidity through the BEN platform. The partnership enables corporate treasury management and digital asset transfers via BIND's virtual asset service provider infrastructure.
How much of Argentina's stablecoin volume does USDC capture?
USDC captures 46% of Argentina's stablecoin transaction volume according to data from Oobit. This makes Argentina one of the few Latin American markets where USDC adoption rivals USDT, which dominates other regional markets.
