The payment service of the Bahamas, Island Pay, with the support of Circle, intends to offer users from Latin America and the Caribbean a CiNKO wallet, which will use USDC stablecoins as the main currency.

Representatives of Island Pay and Circle cite data according to which, over the past two years, the volume of money transfers in the region has grown by almost 40%, reaching $145 billion last year. However, senders of funds constantly face technical problems and high transaction costs associated with traditional money transfers. The situation is complicated by the fact that most senders and recipients of funds do not have bank accounts and do not use banking services.

Island Pay promised that the new money transfer technology will allow users to reduce the cost of cross-border money transfers by up to 80%.