USDT will be available from November 3 at 24,000 ATMs in Brazil to enable conversion from USDT to Brazilian Real and vice versa.
Tether, the firm behind the largest stablecoin by market cap, announced on Thursday that USDT will be available at 24,000 ATMs in Brazil starting November 3, 2022.
Local crypto service provider SmartPay will launch USDT in ATMs. The purpose of SmartPay behind integrating USDT is to give millions of people the opportunity and access to the digital currency ecosystem and the new financial revolution.
Tether CTO Paolo Ardoino said:, “Adding Tether tokens to ATMs in Brazil provides an opportunity for more people to be involved in the financial system. It will make a big difference not only to the payments industry, but to the entire Brazilian financial ecosystem.”
What facility will Tether ATM provide?
A crypto ATM is a facility that allows people to convert their cryptocurrency into fiat currency. In the case of Brazil, citizens will be able to use the ATM to convert their USDT to Brazilian Real and vice versa.
Citizens will be able to send and receive Tether tokens whenever they want, anywhere in the world and withdraw to Reis in Brazil.
Adoption of Tether and other stablecoins
The adoption of stablecoins is growing rapidly. USDT is the third largest cryptocurrency by market cap. USDT, USDC and BUSD, the top three stablecoins combined, have a market capitalization of over $134 billion.
The widespread use of stablecoins is to provide remittances as they are more convenient for cross-border payments than traditional finance. In Brazil, over $1.4 billion was transacted using USDT in 79,836 operations in August, with an average amount of about $18,000 per transaction. Remittance payments are the major factor driving the 40% increase in crypto adoption in Latin America.
The community mainly celebrates the move and believes that it is a big deal To adopt crypto. they Hope To see similar applications in other countries as well.
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