The second-largest stablecoin issuer, Circle, has announced a strategic collaboration with Mercado Pago — Latin America’s leading payment platform — to introduce USDC to users in Chile. Simultaneously, Circle revealed plans to launch native USDC on the Base blockchain in the coming week, marking the first phase of its #StableSeptember initiative. This dual advancement underscores Circle’s commitment to expanding digital dollar accessibility across emerging markets and major blockchain ecosystems.
Expanding Financial Access in Chile Through USDC
Circle’s official blog highlights that the partnership with Mercado Pago will bring enhanced financial service options to Chilean consumers. With over 2 million users on Mercado Pago in Chile alone, this integration aims to empower individuals with greater control over their finances through secure, transparent, and fast cryptocurrency transactions.
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The move comes amid ongoing economic uncertainty and elevated inflation pressures in several South American countries, including Chile. According to The Block, rising demand for stable value storage mechanisms has fueled interest in dollar-denominated digital assets like USDC. With the Chilean peso facing volatility, the U.S. dollar remains a preferred hedge against inflation — making USDC an ideal solution for preserving purchasing power.
Matías Spagui, Senior Executive at Mercado Pago, emphasized that integrating USDC aligns with the company’s mission to offer innovative financial tools. “By offering USDC, we’re giving our users a reliable way to store value and transact digitally with confidence,” he said.
Rachel Mayer, Vice President of Product at Circle, added:
“Latin America is becoming a hub for digital economy innovation, driven by strong developer communities, growing demand for digital dollars, and widespread support for financial technology. Bringing USDC to Chile via Mercado Pago is just the beginning of our efforts to deliver simple, accessible digital financial solutions.”
This partnership not only enhances Mercado Pago’s product suite but also accelerates mainstream adoption of blockchain-based payments in one of Latin America’s most tech-savvy economies.
Native USDC Now Live on Base Blockchain
In a major technical milestone, Circle CEO Jeremy Allaire confirmed via social media that native USDC on Base will go live the following week as part of the broader #StableSeptember campaign — an initiative aimed at deploying USDC natively across multiple Layer 1 and Layer 2 networks.
“Native $USDC on @BuildOnBase. Coming next week. #StableSeptember. Let's go!”
— Jeremy Allaire (@jerallaire), August 29, 2023
Previously, users could only bring USDC onto the Base network through cross-chain bridges, receiving bridged versions such as USDbC (Bridged USDC). While functional, these versions introduce additional complexity and counterparty risk. The deployment of native USDC eliminates reliance on intermediaries, enabling seamless transfers, lower fees, and improved capital efficiency.
Circle’s blog confirms that the USDC smart contract has already been deployed on Base, ensuring a smooth transition for developers and users alike. The existing bridge infrastructure will remain operational during the transition period, supporting backward compatibility.
This development is particularly significant given Base’s rapid growth since its launch. As a Coinbase-backed Ethereum Layer 2 solution, Base is designed to provide low-cost, high-speed transactions while maintaining security and decentralization. With native USDC now available, developers can build robust DeFi applications, payment systems, and on-chain economies without friction.
👉 Explore how developers are leveraging native USDC on new blockchains.
Driving Global Adoption Amid Competitive Pressure
Despite being a pioneer in the regulated stablecoin space, USDC has faced market share challenges in 2023. Data from DefiLlama shows that USDC’s market capitalization dropped from $44.1 billion at the start of the year to approximately $25.8 billion mid-year, with its share of the total stablecoin market declining from 30% to 20.6%.
However, Circle continues to aggressively expand its global footprint through strategic partnerships and multi-chain deployments. Recent initiatives include enterprise payment integrations with platforms like Airtm and equity backing from Coinbase — all aimed at boosting liquidity, utility, and trust in USDC.
The #StableSeptember initiative reflects this broader strategy: by launching native USDC on high-potential chains like Base, zkSync, Sui, and others, Circle strengthens its position as a foundational infrastructure provider in the open internet economy.
Moreover, integrating with mass-market fintech platforms such as Mercado Pago enables real-world usage beyond speculative trading — paving the way for everyday payments, remittances, savings, and cross-border commerce.
Core Keywords:
- USDC
- Mercado Pago
- Base blockchain
- Stablecoin adoption
- Digital dollar
- Financial inclusion
- Circle
- Native USDC
Frequently Asked Questions (FAQ)
Q: What is native USDC on Base?
A: Native USDC refers to USDC issued directly on the Base blockchain by Circle, rather than being bridged from another chain like Ethereum. It offers faster transactions, lower fees, and reduced dependency on third-party bridges.
Q: Why is USDC partnering with Mercado Pago in Chile?
A: Due to economic instability and inflation in Chile, many users seek stable stores of value. By integrating USDC into Mercado Pago’s platform, millions of users gain access to a secure digital dollar option for saving and spending.
Q: How does native USDC benefit developers on Base?
A: Developers can build decentralized finance (DeFi), gaming, and payment applications using fully integrated USDC without relying on wrapped or bridged tokens — improving security, scalability, and user experience.
Q: Is USDC losing ground to competitors like USDT or PYUSD?
A: While USDC’s market share has declined temporarily due to macroeconomic factors and regulatory scrutiny earlier in 2023, Circle is actively countering this through global expansion, new chain integrations, and real-world use cases.
Q: Can I use USDC on Base today?
A: Yes — native USDC is now deployed and available for use. Wallets and exchanges are gradually adding support. Users should verify compatibility with their service provider.
Q: Does this mean USDbC will be phased out?
A: Not immediately. Bridged USDC (USDbC) will coexist during the transition period. Over time, native USDC is expected to become the standard due to its superior efficiency and lower risk profile.
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Conclusion
Circle’s dual push into Latin America via Mercado Pago and its technical rollout of native USDC on Base represent pivotal steps toward a more inclusive and interoperable digital economy. By combining real-world financial solutions with cutting-edge blockchain infrastructure, Circle is reinforcing USDC’s role as a cornerstone asset in both decentralized finance and mainstream finance.
As economic volatility persists in key regions and user demand for digital dollars grows, initiatives like #StableSeptember position USDC not just as a trading token — but as a global tool for financial empowerment. With continued innovation and ecosystem expansion, the future of digital dollar adoption looks increasingly decentralized, accessible, and resilient.