- SmartPay launches on 3 November (Tether’s partnership with a Brazilian payments company).
- Tether USDT to be available in Brazil across 24,000 ATMs.
- ATM users will be able to convert Brazilian reals into USDT instantly in future.
On 3 November, SmartPay will be launched in partnership with a Brazilian payments company.
Tether (USD₮) estará disponível em mais de 24.000 caixas eletrônicos em todo o Brasil a partir de 03 de novembro.🇧🇷 pic.twitter.com/d98WbYhntK— Tether (@Tether_to) October 20, 2022
On Thursday, Tether made an announcement about its plan to make its USDT cryptocurrency available at over 24,000 ATMs across Brazil.
Tether’s CTO, Paolo Ardoino states that there are several limitations and difficulties imposed by inflation, and a non-inclusive financial system has excluded many citizens in Brazil from participating in Brazil’s growing economy. He further claims that adding tether tokens to ATMs will give the opportunity to include more users in the system.
ATM users will soon be able to convert Brazilian reals into USDT instantly and vice versa. They would further be able to send their USDT in any part of the world.
Ardoino states that this will bring changes to the entire Brazilian financial ecosystem, and not only to the payments industry alone.
Tether partnered with SmartPay, a Brazilian payments company, which led to the integration of USDT with Brazilian payment system PiX and TecBan, the biggest ATM service provider there. SmartPay will be launched on November 3.
In recent years, Stablecoins like USDT have mass popularity in Latin American markets. Consumers are drawn to their utility and accessibility as well as stores.
Stablecoins like USDT are tied to the value of the US dollar, and that’s why they’ve gained traction as financial products offer the autonomy and stability of a crypto asset and reliable fiat money, respectively.
To reduce exposure to commercial paper, Tether has also announced it has removed use of commercial paper from its reserve and switched to US Treasury Bills instead.