Tether soon available at 24,000 ATMs in Brazil
The stablecoin Tether will soon be available at 24,000 ATMs in Brazil. What is a major milestone for the company should actually help the residents. Financially disadvantaged people in particular should be given better access.
Tether (USDT) available at ATMs
Tether (USDT) is already the largest stablecoin on the market and has long been a systemically important part of the crypto market, especially as a security and trading currency. The 2022 bear market was not kind to the token , which is represented on over 40 blockchains .
As confidence in digital currencies plummeted in the spring, USDT saw a massive churn. Many users switched to main competitor USDC , but also to smaller projects like DAI.
Now Tether can announce an enormous milestone . From November 3rd, the digital representation of the US dollar will be available at over 24,000 ATMs in Brazil. Users can then send the token to an ATM to exchange the money there for the local currency, the real.
Tether: Cooperation with Banco24Horas makes novelty possible
The idea of sending cryptocurrencies to an ATM to be exchanged for fiat money is a first in the industry . Tether succeeds in innovating through several partnerships.
The US dollar stablecoin is integrated into the Brazilian payment system SmartPay. The company in turn entered into a partnership with TecBan. The company operates the approximately 24,000 ATMs under the name Banco24Horas (24-hour bank).
Banco24Horas is the largest provider of its kind in Brazil and has a market share of 38 percent. The new offer should also give people the opportunity to withdraw cash that they did not have before.
34 million adults in Brazil are still unbanked. The offer should be particularly attractive for these people.
The difficulties and limitations created by inflation and a less than inclusive financial system have excluded many Brazilian citizens from participating in the country’s growing economy.
Explains Paolo Ardoino, technical director of Tether.
The introduction of Tether tokens at ATMs across Brazil offers an opportunity to bring more people into the financial system. This will entail major changes not only for payment transactions, but for the entire Brazilian financial ecosystem.
he continues confidently.
USDT is one of the most popular cryptos in Brazil
Tether notes that its own stablecoin is already seeing massive use in Brazil. The USDT is one of the most popular cryptocurrencies in the largest South American country when it comes to sending money.
According to Tether, $1.4 billion in the form of the token was sent in Brazil in August alone. The company counted 79,836 transactions with an average volume of 18,000 US dollars.
Already knew? Tether is also driving crypto work in Switzerland. In cooperation with Lugano, the PlanB initiative was founded, to which the company intends to invest 100 million Swiss francs.
Lugano is to become the European crypto center . The USDT is already an accepted means of payment in the city. PlanB is currently working on its increasing acceptance by retailers.
The PlanB Forum will take place in Lugano on October 28th and 29th. This is a conference on crypto topics. Some well-known personalities of the scene are represented.