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Tether's Stablecoin Will Be Available at ATMs in Brazil

On November 3, Tether together with SmartPay, will make USDT coins available at more than 24,000 ATMs in Brazil.

Tether logo on the background of Banco24Horas ATMs

On November 3, Tether together with SmartPay, will make USDT coins available at more than 24,000 ATMs in Brazil.

Stablecoin from Tether is rightfully considered as one of the leaders in the stablecoin market. To date, according to CoinMarketCap, USDT has a market capitalization of $69,116,221,700 USD, and the trading volume per day will be $68,370,443,337 USD.

In its blog, the company announced that Tether, together with SmartPay, plans to provide more than 24,000 ATMs throughout Brazil with access to USDT by November 3.

The company believes that this is an important step for the Brazilian economy. In its press release, Tether team referred to a study by Instituto Locomotiva, according to which, in January 2021, there were 34 million adults in Brazil who did not have access to banking services. Therefore, Tether considered the introduction of USDT into the Brazilian economy as a step towards a possible financial revolution, because now people will be integrated into the cryptocurrency ecosystem.

“The difficulties and limitations imposed by inflation and a less-than-inclusive financial system has excluded many of Brazil’s citizens from being able to participate in the country's growing economy. 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.” - said Paolo Ardoino, technical director of Tether.

In which ATMs will it be possible to convert USDT into Reals?

According to Rocelo Lopes, CEO of SmartPay, USDT was first integrated into Brazil's PIX payment system. Then there was integration with the largest ATM provider in Brazil - TecBan. Eventually, the conversion of stablecoin from Tether into Reais will be possible at all Banco24Horas ATMs.

Before we used to say where you can pay with PiX, you can pay with tether tokens - now where you see Banco24Horas you can convert tether tokens into Reais,” - said Rocelo Lopes.

In fact, Tether's stablecoin has been distributed to ATMs in different countries for a long time, for example, back in 2019, the conversion of USDT became possible thanks to Instacoin ATMs, which at that time provided access to a total of seven stable coins.

Tether is trying to actively develop and integrate into payment systems around the world, you may remember that we recently wrote about the Swiss city of Lugano, where you can now pay for your favourite burger in McDonald's with USDT or BTC. Thus, Tether strives to ensure that users around the world can easily not only convert USDT into the currency of their country, but also use the stablecoin as a means of payment.