Beginning in February 2023, users can convert Brazilian reals into USDTs at these ATMs.
On October 20, Thursday, Tether announced that it would make its USDT cryptocurrency—one of the leading stablecoins in the world by market capitalization—available at more than 24,000 ATMs throughout Brazil.
In a statement, Paolo Ardoino, the CTO at Tether, stated that “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.”
Brazilian ATM customers will soon have the ability to instantly convert Brazilian reals into USDT and vice versa, as well as send their USDT anywhere in the world. For this service, Tether is partnering with the Brazilian crypto services provider SmartPay. Notably, the latter is allied with TecBan, which is a local business owning 24,000 ATMs under their brand name ‘Banco24Horas’.
Brazilian users will reportedly get to send USDT from crypto exchange-based wallets or any wallet in general to an ATM starting February 2023.