We advised Circle on the transaction

Davis Polk advised Circle Internet Financial, LLC on its agreement to partner with Nu Crypto Ltda., a wholly owned subsidiary of Nu Holdings Ltd. (Nubank), to extend USDC access to Brazilian Nubank customers. Circle’s USDC is the leading regulated U.S. dollar stablecoin, a form of digital dollar that operates over the internet. The partnership will provide Nubank’s customers in Brazil with access to buying and holding digital dollars, and make USDC the exclusive U.S. dollar stablecoin available on Nubank’s platform.

Founded in 2013, Circle is a global financial technology firm that uses blockchain technology to provide billions of people around the world with access to digital dollars for payments and liquidity using its stablecoin network. Nubank is one of the world’s largest digital financial services platforms, serving approximately 90 million customers across Brazil, Mexico and Colombia.

The Davis Polk corporate team included partners Joseph A. Hall and Dan Gibbons and counsel Chris Van Buren. Partners Gabe Rosenberg and Zachary J. Zweihorn provided regulatory advice. Partner Gregory S. Rowland provided 1940 Act advice. Partner Pritesh P. Shah provided intellectual property advice. Members of the Davis Polk team are based in the New York and Washington DC offices.

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