Tether and Smartpay Will Provide USDT at More Than 24K ATMs in Brazil

Tether and Smartpay Will Provide USDT at More Than 24K ATMs in Brazil

The company behind the USDT, Tether, and the biggest dollar-pegged stablecoin in the cryptocurrency market, has announced its stablecoin will be available at more than 24,000 ATMs in Brazil. Smartpay, a cryptocurrency systems provider, has integrated its technology with Tecban, an ATM service provider in Brazil, to make the service possible.

Tether and Smartpay to Offer USDT to the Masses in Brazil

Due to their unique economic circumstances, stablecoins have been of vital importance to countries in Latin America. The biggest stablecoin issuer, Tether, will now offer its dollar-pegged stablecoin, USDT, to the masses in Brazil. The company announced that its tokens will be available at more than 24,000 ATMs across the nation. Smartpay, a third-party crypto tech company, has integrated with Tecban, an ATM service provider in 1,000 cities in Brazil, to offer the service to users.

The users of Smartpay services will be able to send and receive USDT using the ATM network, and will also be able to trade their USDT for the Brazilian real. Earlier, the company had also integrated Pix, a Brazilian payment system, with USDT, allowing people to pay with USDT wherever PIX payments are available.

USDT As Financial Inclusion Instrument for Brazilians

This expansion is an important initiative to include more Brazilians in the alternative financial system of cryptocurrency, according to Paolo Ardoino, CTO of Tether. A recent study by Instituto Locomotiva in January 2022 revealed that almost 34 million Brazilians had no access to a bank account. This would further add to the difficulties of the people living in an inflation-driven economy and more so in a less-than-inclusive financial system, as per Ardoino’s statements.

Ardoino declared:

"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 latest data from the Brazilian Tax Authority (RFB), USDT is the token that moves the most in the country. The institution reported that more than USD 1.4 billion was moved using USDT across 79,836 operations, with an average amount of almost USD 18,000 per transaction in August.

Smartpay hopes to have the system in place by November 3, to incentivize the nationwide usage of USDT as declared by Rocelo Lopes, CEO of Smartpay.