On the 20th of October, Tether announced that it has plans to make USDT cryptocurrency, the world’s best stablecoin by market capitalization, available at over 24,000 ATMs across Brazil. Paolo Ardoino, the chief executive officer of Tether, said in a statement that the difficulties imposed by inflation and a less-than-inclusive financial system had excluded many Brazilians from being able to participate in Brazil’s growing economy.
Paolo believes that adding Tether tokens to ATMs across Brazil would provide opportunities for more Brazilians in the financial system. If this project goes successful, Brazil’s ATM users will be able to convert Brazilian reals into USDT and vice versa. ATM users would also end their USDT anywhere in the world.
Paolo believes that this step will change the Brazilian financial ecosystem, as he said that this would bring major changes not only to the payments industry but to the entire Brazilian financial ecosystem.
Tether also partnered with Brazilian payments companies to expand USDT’s presence in Brazil, the largest economy in South America. Tether partnered with SmartPay, the largest ATM provider in Brazil, which helped integrate Tether USDT with the Brazilian payment system TecBan and PiX. It is expected that Tether will launch its new program in Brazil on the 3rd of November.
In recent years, cryptocurrencies like stablecoins have amassed particular popularity in Latin American markets, and Tether led this category. As the Tether USDT is typically tied to the value of the US dollar, it has gained traction as a financial product, and it also applies to all the other stablecoins in the market.
According to data from CoinGecko, Tether’s USDT is the world’s most-traded cryptocurrency, and it currently holds a market capitalization of over $68 billion. Brazil is one of the popular countries that are interested in crypto or digital assets. According to the tax authority of Brazil, Receita Federal, the country’s reliance on stablecoins more than tripled.
