Starting on November 3, 24,000 ATMs in Brazil will accept USDT, allowing for the purchase and sale of both US dollars and Brazilian reals.
On Thursday, Tether, the company behind the biggest stablecoin by market capitalization revealed that USDT will be accessible at 24,000 ATMs throughout Brazil beginning on November 3, 2022.
In the near future, SmartPay, a local crypto service provider will release USDT through ATMs. SmartPay’s goal in supporting USDT is to provide millions more individuals access to the benefits of the new financial revolution and the digital currency ecosystem.
“Adding tether tokens to ATMs throughout Brazil gives the chance to integrate more individuals in the financial system,” According to Paolo Ardoino, Tether’s chief technology officer. This will have far-reaching effects on Brazil’s whole financial system, not just the payments sector.
The ability to convert bitcoin into fiat cash is made possible by crypto ATMs. When it comes to Brazil, locals may utilise the ATMs to exchange their US dollars for reals or vice versa.
In addition, Brazilians will have 24/7 access to sending and receiving Tether tokens anywhere in the globe and to withdrawing Brazilian Reais at any time.
Stablecoin use is on the rise. In terms of market capitalization, USDT ranks third behind Bitcoin and Ethereum. The total market capitalization for the top three stablecoins is above $134 billion.
As stablecoins provide easier cross-border payment than conventional finance, they are often used to send transfer. More than $1.4 billion was transferred in August over 79,836 transactions in Brazil utilising USDT, with an average transaction value of about $18,000. An estimated 40% growth in crypto usage may be attributed to remittance payments in Latin America.
The majority of the community applauds the change, seeing it as a major step forward for widespread cryptocurrency use. They anticipate receiving requests of a similar kind from other nations.
Disclaimer: The information provided in this article is for informational purposes only and should not be construed as financial or investment advice. Cryptocurrency investments are subject to market risks, and individuals should seek professional advice before making any investment decisions.