Tether (USDT) will be added to more than 24,000 ATMs in Brazil

Photo by Mariia Shalabaieva on Unsplash

The Tether token, the largest stablecoin by market capitalization with the ticker USDT, will be made available at thousands of ATMs in the world's seventh most populous country, Brazil. This comes as the adoption and use of Tether (USDT) for transactional purposes has surged in the largest country in South America and Latin America.

According to Thursday's announcement, this massive action to add Tether (USDT) to 24,000 ATMs will be implemented on November 3rd. Accordingly, Brazilians will be able to access USDT stablecoin and other cryptocurrencies through ATMs to conduct transactions.

It is worth noting that the launch of the Tether token (USDT) at more than 24,000 automated teller machines (ATMs) in Brazil is courtesy of Smart Pay, a leading crypto payment service provider. It should be mentioned that Smart Pay has previously integrated tether tokens (USDT) with the Brazilian payment system PiX as well as TecBan, the largest ATM provider in Brazil.

Tether (USD₮) Available at ATMs throughout Brazil.
Tether (USDT) is among the most widespread and widespread cryptocurrencies in the crypto-friendly country when it comes to moving value. In August alone, over $1.4 billion was transferred using the largest stablecoin USD₮ in 79,836 transactions, as revealed by Tether Operations Limited.

As a large number of Brazilians are unbanked (no bank accounts), SmartPay and Tether Operations Limited, the company behind the uncapped stablecoin Tether (USDT), have collaborated to introduce USDT to the aforementioned number of ATMs in Brazil.

Thanks to this, more Brazilians will be involved in the crypto-ecosystem and also have seamless access to the new revolution, digital finance. In particular, the development will allow Brazilians to send and receive USDT anywhere in the world whenever they choose Reais in Brazil, according to the announcement.

In response to SmartPay's progressive and dynamic efforts, Paolo Ardoino, Chief Technology Officer (CTO) of Tether Operations Limited stated;

Difficulties and constraints caused by inflation and a less inclusive financial system have excluded many Brazilian citizens from participating in the country's growing economy. The addition of tether tokens to ATMs across Brazil provides an opportunity to engage more people in the financial system. Big changes can come in, not only the payments industry, but the whole entire Brazilian financial ecosystem.

Cryptocurrency adoption on the rise
Although the percentage of people and nations that have adopted the new financial technology remains low, it is interesting to see how the adoption of cryptocurrency is growing every day.

Recently, Konami, a Japanese video game conglomerate, announced its intention to build an NFT market as well as introduce in-game non-fungible tokens (NFTs).

It is believed that with more strategic use cases for cryptocurrencies like SmartPay and other companies, more users would enter the world of digital finance, positively impacting the global financial system.

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