Tether and Smartpay Offer USDT at Over 24,000 ATMs in Brazil

Tether, the company behind the issuance of USDT, the largest dollar-pegged stablecoin in the cryptocurrency market, has announced that its stablecoin will be available at over 24,000 ATMs in Brazil. His cryptocurrency system provider, Smartpay, has integrated its tech stack with his ATM provider in Brazil, Tecban, to make this possible.

Tether and Smartpay Bring USDT to the Brazilian Masses

Stablecoins are very important to some countries in Latin America due to their unique economic situation. The largest stablecoin issuer, Tether, is now offering USDT, a dollar-pegged stablecoin, to the Brazilian masses. The company says its tokens will be available at more than 24,000 of his ATMs on a national level, thanks to an integration that his third-party cryptocurrency company, Smartpay, has developed with his ATM provider, his Tecban. announced that it will be These ATMs serve customers in his 1,000 cities in Brazil.

Now users of the Smartpay service can use these widely available ATMs to send and receive USDT, and even exchange USDT for Brazilian Reals, allowing users to save money using the system. and use it. Previously, the company integrated Brazilian payment system Pix with USDT, allowing him to pay in USDT wherever PIX payments are accepted.

USDT as a financial inclusion vehicle for Brazilians

For Tether CTO Paolo Ardoino, the expansion is important to bring more Brazilians into the cryptocurrency alternative financial system. According to a recent study by Instituto Locomotiva, as of January 2022, about 34 million Brazilians still do not have access to a bank account. This, according to Arduino’s statement, is a result of the difficulties and inflation seen in a less inclusive financial system.

Arduino declared:

Adding Tether tokens to ATMs across Brazil provides an opportunity to bring more people into the financial system. This will bring significant changes not only to the payments industry, but also to the entire Brazilian financial ecosystem.

According to the latest figures from the Brazilian Tax Authority (RFB), USDT is the most traded token in the country. In August, the agency reported that more than $1.4 billion was moved in 79,836 operations using USDT, averaging nearly $18,000 per transaction.

Smartpay aims to have the system active by November 3, with the aim of encouraging the use of USDT at the national level, as declared by Smartpay CEO Rocelo Lopes.

What do you think about the inclusion of USDT service in Brazil’s 24,000 ATMs? Let us know in the comments section below.

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