Tether Stablecoin Will Be Available at ATMs in Brazil

Stablecoin from Tether is one of the leaders in the stablecoin market. To date, according to CoinMarketCap, USDT has a market capitalization of $69 billion and a trading volume of $68 billion per day.

In its blog, the company announced that Tether, together with SmartPay, plans to provide more than 24,000 ATMs throughout Brazil with access to USDT by November 3.

The company believes this is an important step for the Brazilian economy. In its press release, the Tether team referred to a study by Instituto Locomotiva, according to which, in January 2021, there were 34 million adults in Brazil who did not have access to banking services. Therefore, Tether considered introducing USDT into the Brazilian economy as a step towards a possible financial revolution because people will now be integrated into the cryptocurrency ecosystem.

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

According to Rocelo Lopes, CEO of SmartPay, USDT was first integrated into Brazil's PIX payment system. Then, it was integrated with the largest ATM provider in Brazil — TecBan. Eventually, the conversion of stablecoin from Tether into Reais will be possible at all Banco24Horas ATMs.

"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 Rocelo Lopes.

In fact, Tether's stablecoin has been distributed to ATMs in different countries for a long time. For example, back in 2019, the conversion of USDT became possible thanks to Instacoin ATMs, which at that time provided access to seven stablecoins.

Tether is actively developing and integrating into payment systems worldwide. We recently wrote about the Swiss city of Lugano, where you can now pay for your favourite burger at McDonald's with USDT or BTC. Thus, Tether strives to ensure that users can not only easily convert USDT into their country's currency but also use the stablecoin as a means of payment.