Tether, the company behind the USDT stablecoin, revealed that USDT would be available at more than 24,000 ATMs in Brazil. This was made possible by integrating the technological stacks of the Brazilian ATM supplier Tecban and the bitcoin systems provider Smartpay.
Due to their particular economic situations, various Latam countries have placed a significant emphasis on stablecoins. The largest stablecoin issuer, Tether, is officially making its dollar-pegged stablecoin, available to the general public in Brazil. The company revealed that because of the interface that Smartpay, a third-party crypto tech company, has made with ATM operator Tecban, its coin would be accessible at more than 24,000 ATMs nationwide. Customers of these ATMs will be served in 1,000 Brazilian cities.
Now that USDT may be sent and received using these widely accessible ATMs as well as exchanged for reals, Smartpay users will be able to save and spend money utilizing the system. Previously, the business has also connected the Brazilian payment system Pix with USDT, enabling customers to use USDT to make purchases anywhere that accepts PIX payments.
USDT as a tool for financial inclusion for Brazilians
This growth is critical, according to Paolo Ardoino, CTO of Tether, to bringing more Brazilians into the cryptocurrency alternative financial system. According to a recent Instituto Locomotiva study, about 34 million Brazilians did not have access to a bank account as of January 2022. According to Ardoino, this would be the result of the challenges and inflation witnessed in a financial system that isn’t fully inclusive.
Ardoino pronounced:
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.
According to the most recent data from the Brazilian Tax Authority, USDT is the token that transacts the largest volume in the nation (RFB). According to the organization, 79,836 activities totaling more than $1.4 billion were conducted in August, with an average transaction value of almost $18,000.
According to Rocelo Lopes, CEO of Smartpay, the company plans to have this system operational by November 3 to encourage the use of USDT nationwide.
