According to an announcement from Tether operations Limited, the company behind USDT, the stablecoin will soon be available at more than 24,000 ATMs in Brazil, marking a significant development in the country’s financial landscape.
FinTech company SmartPay will oversee the integration so that Brazilians may use the service without any hitches, the announcement noted. The initiative’s objective is to increase the number of Brazilians who have access to cryptocurrency as a financial transaction.
As a result of this integration, Brazilians may now choose USDT along with other cryptocurrencies as their preferred asset throughout the 24k+ ATMs. They will be able to transfer USDT to anyone, anywhere in the world. Users can deposit Brazilian reais, then withdraw Tether when they need to. The integration is scheduled for release on November 3.
Paulo Ardoino, Chief Technology Officer at Tether, commented on the development, stating:
“Adding tether tokens to ATMs across Brazil provides the opportunity to include more people in the financial system. This will bring major changes not only to the payments industry but to the entire Brazilian financial ecosystem.”
Banking the unbanked with Crypto
USDT is the biggest stablecoin in terms of market value, with a market capitalization of $68.5 billion. Over 34 million people in Brazil do not have access to traditional banking services. With this integration, these individuals will be able to participate in the new financial revolution, that is, digital currency.
According to the data, the total value of USDT transactions in August surpassed $1.4 billion, making it one of the most traded cryptocurrencies. This SmartPay integration is anticipated to increase public interest in USDT in the Brazilian cryptocurrency landscape.
Meanwhile, cryptocurrencies are becoming quite popular in Brazil. On Wednesday, the Brazilian financial institution Nubank said it would launch its own cryptocurrency as part of a new loyalty program. In a statement, Nubank said the debut of its digital currency Nucoin is scheduled for the first half of 2023.
