TLDR:
- Trace Finance has joined the Borderless.xyz network, integrating its FX liquidity and payment rails in Brazil
- The partnership aims to reduce stablecoin-based FX transaction costs while offering faster settlements
- Brazil is considered a key market for stablecoin adoption due to high remittance volume
- Trace Finance processes hundreds of millions in USD monthly and has handled over $4 billion in total volume
- The integration will provide Borderless partners with seamless BRL on/off ramps with stablecoins at rates close to mid-market
Trace Finance, a leading provider of digital asset infrastructure in Brazil, has joined the Borderless.xyz network.
This partnership integrates Trace Finance’s FX liquidity and local payment rails into Borderless.xyz’s stablecoin orchestration platform. The collaboration aims to make cross-border transactions more efficient and cost-effective.
Borderless.xyz is a global payments infrastructure company that enables transactions using stablecoins and real-world assets (RWAs). The company operates in more than 50 countries and supports 23 currencies. Their goal is to simplify money movement across borders.
Trace Finance brings valuable expertise to the network. They already process hundreds of millions of USD every month. In total, they have handled over $4 billion in transaction volume. Their strong presence in Brazil will benefit the Borderless.xyz ecosystem.
Brazil’s Growing Stablecoin Market
Brazil represents an important market for stablecoin adoption. The country has high remittance volumes and a need for faster, cheaper settlement options. This makes it an ideal location for expanding digital asset infrastructure.
The partnership will give Borderless.xyz’s current partners access to seamless Brazilian Real (BRL) on/off ramps with stablecoins. Users will also get named accounts and third-party payment capabilities. These services will be available at rates close to mid-market.
Kevin Lehtiniitty, CEO of Borderless.xyz, emphasized the importance of the Brazilian market. He stated that their goal has always been to make cross-border transactions simpler and more efficient. Lehtiniitty believes Trace Finance’s capabilities align perfectly with Borderless.xyz’s mission.
Benefits for Users and Businesses
The integration promises several advantages for users of both platforms. Transaction costs for stablecoin-based FX operations are expected to decrease. Settlement times should become faster, with many transfers happening instantly.
Bernardo Brites, CEO of Trace Finance, expressed enthusiasm about joining the network. He highlighted that the partnership would enhance their payment capabilities. It will also unlock new corridors for money movement.
Trace Finance will continue to offer regulatory clarity for users. This is an important factor in the cryptocurrency space, where regulations can vary widely between countries. Their compliance framework helps businesses navigate these complexities.
Expanding the Borderless Ecosystem
This partnership represents another step in Borderless.xyz’s efforts to unify stablecoin platforms and local payment providers. Their goal is to create one consolidated infrastructure for global money movement.
Borderless.xyz is backed by several investors. These include Amity Ventures and executives from leading companies. Michael Shaulov of Fireblocks, Johnny Ayres of Socure, and Anton Katz of Talos are among their backers.
Trace Finance has its own strong backing. Their investors include HOF Capital, Circle Ventures, Stellar Foundation, and Mantis VC, which is associated with The Chainsmokers.
The collaboration continues the trend of traditional finance integrating with blockchain technology. Stablecoins provide a bridge between these two worlds. They offer the speed and transparency of blockchain with the stability of traditional currencies.
Users of the combined network will benefit from increased options for moving money internationally. The process should become more transparent and efficient. Businesses can expect improved liquidity for their cross-border operations.
