Tether has partnered with a Brazilian company that will enable the exchange service at ATMs.
Promoters will distribute the ATMs in more than 15 thousand commercial establishments in Brazil.
USDT is one of the most widely used cryptocurrencies in Brazil.
The arrival of USDT at Brazilian ATMs also aims at integrating more than 34 million unbanked adults. The arrival of USDT at Brazilian ATMs also aims at integrating more than 34 million unbanked adults. Starting November 3, Brazilians can exchange tethers (USDT) for reais at least 24,000 ATMs after the stable cryptocurrency developer announced another step in its foray into the South American giant's market.
Tether announced its partnership with the Brazilian cryptocurrency broker SmartPay, which will make the bridge with Banco24Horas ATMs, developed by TecBan and distributed in more than 15,000 commercial establishments.
These devices will convert USDT into reais, Brazil's local currency. This operation will be possible thanks to the Swapix solution, also developed by TecBan, and will enable the purchase and sale of USDT and payments in stores with this cryptocurrency.
Tether's move to Brazil comes in the knowledge that this cryptocurrency is one of the most widely used in the South American country. According to the company, an estimated USD 1.4 billion moved in USDT in almost 80 thousand transactions registered last August.
The arrival of USDT in Brazilian ATMs also aims at integrating more than 34 million unbanked adults, according to Tether. They estimate that the union with SmartPay "will provide millions of people with the opportunity and access to the digital currencies ecosystem and the new financial revolution."
According to Paolo Ardoino, Tether's chief technology officer, having USDT in ATMs will bring "important changes" not only to the payments industry in Brazil but to the entire financial ecosystem of the South American giant.
Cryptocurrency wallet on the way
In statements to local media, the developer specified that through this tool, it would be possible to make transactions without having to pay fees with other crypto assets, as is usually the case with TRON or Ethereum services.
Lopes stressed that the wallet would be launched for mobile devices in the first two months of next year, with Android being the first beneficiary and iOS the second. Tether's announcement comes after it became known that this cryptocurrency (in addition to bitcoin) is within the reserves of more than 12,000 Brazilian companies, confirming the growing adoption of this asset in the land of Carnival.
The Federal Revenue Secretariat of that country said that, in August alone, $2 billion in crypto assets were inside companies' treasuries.