Usdt, the largest dollar-pegged stablecoin on the market, was created by Tether, a company. Tether recently announced that more than 24,000 ATMs in Brazil will accept its stablecoin. This was made possible by the integration of the technology stacks of the Brazilian ATM provider Tecban and the cryptocurrency systems provider Smartpay.
Tether and Smartpay to Bring USDT to the Masses in Brazil
Due to their particular economic circumstances, some Latam countries have placed a significant emphasis on stablecoins. The largest stablecoin issuer, Tether, is now making USDT, its dollar-pegged stablecoin, available to the general public in Brazil. The company revealed that because of the integration that Smartpay, a third-party crypto tech company, has developed with ATM provider Tecban, its token will be accessible at more than 24,000 ATMs nationwide. Customers of these ATMs will be served in 1,000 Brazilian cities.
Now that USDT can 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 using the system. In the past, the business 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 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, nearly 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 seen in a financial system that isn’t fully inclusive.
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 most volume in the nation (RFB). According to the institution, 79,836 operations 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 with the aim of encouraging the use of USDT on a national scale.