Tether’s USDT Will Be Available At 24,000 ATMs In Brazil Next Month

Because of a partnership with Brazilian payment solution company SmartPay, Tether stablecoins (USDT) will be available at more than 24,000 ATMs across Brazil beginning November 3.

According to a Tether release, residents and tourists in Brazil will be able to change USDT into Brazilian reais by visiting their nearest Banco24Horas ATM. ATMs from Banco24Horas may be found in high-traffic places such as malls, grocery stores, and petrol stations throughout Brazil.

Tether’s Chief Technology Officer Paolo Ardoino said in a statement:

“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.”

TecBan operates the Banco24Horas ATMs, which run on their own network.

Tether determined that crypto users in Brazil transacted more than $1.4 billion in USDT in August. That month, Brazil had approximately 80,000 USDT transactions, with average transaction values of nearly $18,000.

The latest Global Crypto Adoption Index from blockchain analytics firm Chainalysis put Brazil eighth. Brazil received roughly $142.7 billion in cryptocurrencies between July 2021 and June 2022, according to the business, more than any other country in the area.

SmartPay has already established a link between USDT and Pix, the country’s most frequently utilized quick payment system, which is used to pay friends and family, companies, and even bills.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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