Stablecoin Issuer Tether's USDT Will Soon Be Available In Over 24K ATMs In This LatAm Nation

Zinger Key Points
  • A local crypto service provider will manage the conversion of tether to Brazilian reals and vice versa.
  • "Adding tether tokens to ATMs across Brazil provides the opportunity to include more people in the financial system."

Stablecoin issuer Tether announced that local crypto services provider SmartPay will launch USDT tokens in over 24,000 ATMs across Brazil starting Nov. 3.

Brazil still has 34 million unbanked individuals, or those who do not have a bank account or do not use it often, according to a survey by the Instituto Locomotiva conducted in January 2021.

Tether stated that the inclusion of USDT in Smartpay's offerings will provide millions of individuals access to the ecosystem of digital currencies and the coming financial revolution.

See Also: Tether Enters Latin America With Stablecoin Pegged To Peso

“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,” said SmartPay CEO Rocelo Lopes.

One of the most popular cryptocurrencies in the area right now is Tether tokens, the company claimed. According to recent research, the UDST was one of the tokens that were most often transferred in the nation.

Also Read: How To Buy Tether (USDT)

In August, 79,836 activities totaling more than $1.4 billion with an average value of about $18,000 per were conducted utilizing USDT.

“The difficulties and limitations imposed by inflation and a less-than-inclusive financial system have excluded many of Brazil’s citizens from being able to participate in the country's growing economy,” said Paolo Ardoino, CTO of Tether.

“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.”

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