Circle has partnered with Mercado Pago to introduce the USDC stablecoin to Chilean customers. This move is significant due to Chile's economic challenges and rising inflation. The USDC stablecoin is seen as a reliable means to preserve wealth and offers a digital asset equivalent to the US dollar's value. Circle is using its $1 billion in cash reserves to navigate the changing market dynamics. However, the supply of Circle’s USDC stablecoin has declined this year, from a market capitalization of $42 billion in January to its current $25.9 billion.