Tether USDT Will be Available in 24000 ATMs in Brazil
- Tether is one of the most widely used cryptocurrencies in Brazil.
- As of August, Brazilian users had reportedly moved over $1.4 billion worth of Tether.
- Tether tokens will be available in 24,000 ATMs in Brazil beginning November 3.
Brazil has witnessed remarkable growth in cryptocurrency-related activities, which is set to go a notch higher following Tether’s recent announcement. The stablecoin issuer will make its famous stablecoin, USDT, available in about 24,000 ATMs in Brazil starting November 3rd.
Tether said it had struck a partnership with local Brazilian crypto platform, SmartPay, which is integrated with TecBan, a company that owns 24,000 ATMs in Brazil. So, the partnership will enable the conversion of USDT to Brazilian reals.
Reacting to the partnership with Tether, Rocelo Lopes, CEO of SmartPay, said,
After we integrated tether tokens with the Brazilian Payment System called PiX, we integrated with TecBan, which is the largest ATM company provider in Brazil. Before, we used to say where you can pay with PiX, you can pay with tether tokens – now, where you see Banco24Horas you can convert tether tokens into Reais.
According to a survey by the Instituto Locomotiva conducted in January 2021, there are still 34 million people in Brazil who do not have a bank account or do not use one frequently. Tether claims that integrating USDT into Smartpay’s products will give millions of people access to the world of digital currencies and the impending financial transformation.
Paolo Ardoino, CTO of Tether, remarked that “adding tether tokens to ATMs across Brazil provides the opportunity to include more people in the financial system. This will bring major changes to the payments industry and the entire Brazilian financial ecosystem.”
Ardoino also thinks that a large number of Brazilian citizens are no longer participating in the country’s emerging economy due to rising inflation. USDT has become one of the most valuable cryptocurrencies in Brazil. According to reports, Brazilians moved more than $1.4 billion in USDT.
Brazil joins other countries, such as South Korea, the UAE, and France, to increase their use of crypto assets.