Bitso, a Latin American crypto-powered financial services platform and crypto exchange, has announced a partnership with Stellar to facilitate international payments. The collaboration will allow companies from across the world to make USDC payments across Latin America, starting with Mexico, Colombia, and Argentina.
Bitso will use Stellar’s Anchor Network to enable these transactions, which are from US dollars through Circle’s USDC stablecoin, via the crypto exchange’s direct connection with local banks. This alliance means companies worldwide will be able to make international payments to the region without needing an intermediary, which greatly improves the speed and cost of cross-border payments and remittances, according to Bitso SVP of Institutional Product Santiago Alvarado.
Stellar’s partnership with Bitso is its latest move to increase adoption of its technology in international remittances. Earlier this month, Stellar announced it had partnered with crypto ATM provider Coinme to enable users to send and receive USDC on the network. On July 17, the company revealed another collaboration for USDC, this time partnering with cross-border remittance app HoneyComb to allow people in Kenya, Uganda, Tanzania, Nigeria, Ghana, and the UK to withdraw cash with USDC balances.
XLM, the native Stellar token, saw a 13% increase in the past 24 hours to $0.14 following the news, while Ripple’s XRP pumped by 8% to above $0.80.
