Tether will support USDT in more than 24,000 ATMs in Brazil
The digital currency will seek to expand its presence in the South American country through a partnership with crypto service provider SmartPay.
Tether is the world's largest stablecoin by market capitalizationUSDTissuer of, more than 24,000 ATMs in Brazil will support its token.
The digital currency, in partnership with crypto service provider SmartPay, aims to expand its presence in the South American country.
In a statement, the company announced that USDT will be available on devices starting in November.
According to CoinDesk, the integration will facilitate conversions between the stablecoin and Brazil’s official currency, the real, at all ATMs under the Banco24Horas brand.
The move comes as a result of SmartPay's agreement with TecBan, the local ATM provider that manages the company's equipment.
Tether USDT at ATMs in Brazil
SmartPay CEO Rocelo Lopes says customers can sendUSDTimage description
Tether will support USDT at more than 24,000 ATMs in Brazil
In 2023, starting in February, the company will expand the feature so that users can deposit Brazilian reals (Brazilian legal currency) at ATMs and receive USDT in their wallets.
Tether Chief Technology Officer Paolo Ardoino said the integration would help drive financial inclusion in a country where 34 million people are unbanked.
He explained that easily accessible stablecoins would provide Brazilian residents with an alternative amidst the difficulties and constraints posed by inflation.
“Adding Tether tokens to ATMs across Brazil provides more opportunities for people to integrate into the financial system.”
Ardoino expects that this process will bring significant changes to the payment industry and the entire economic ecosystem.
More varieties of stablecoins from Tether Corporation
USDT maintains parity with the US dollar, yesOne of the most sought-after assets in Brazil today。
USDT is one of the most popular assets in Brazil today.
The token is one of the most used, with more than $1.4 billion in stablecoins last August, according to a release from the company.
In the South American country, more than 12,000 companies will invest in cryptocurrencies in 2022, according to its central bank.
Tether is the second-largest app after Bitcoin and seeks to strengthen its presence in Latin America.
In May of this year, the company launchedMXNT(a stable currency tied to the country's peso) is a bet on the Mexican market.
Tether also has other such assets that are pegged to the euro, such as EURT; CNHT, which is pegged to the Chinese yuan;Original link。
