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On Thursday, Tether announced that it would make its USDT cryptocurrency—the leading stablecoin in the world by market capitalization—available at more than 24,000 ATMs throughout Brazil.
In a statement, Paolo Ardoino, CTO of Tether, stated that “the challenges and constraints imposed by inflation and a less-than-inclusive banking system have barred many of Brazil’s inhabitants from being able to participate in the country’s booming economy.” “Increasing the number of people who have access to the financial system is made possible by adding tether tokens to ATMs across Brazil.”
Brazilian ATM customers will soon have the ability to instantly convert reals into USDT and vice versa, as well as send their USDT anywhere in the world. The payments sector, as well as the broader Brazilian financial ecosystem, will undergo significant changes as a result, according to Ardoino.
Tether collaborated with Brazilian payments business SmartPay to help integrate USDT with PiX, the country’s primary payment system, and TecBan, the country’s major ATM provider, in order to increase USDT’s market share in South America’s largest economy. The programme will start on November 3, according to schedule.
In recent years, Latin American markets have seen a rise in popularity of cryptocurrencies, particularly stablecoins like USDT. Customers are drawn to them because they are accessible and useful as repositories of value that have frequently proven to be less volatile than national currencies.
USDT and other stablecoins are often pegged to the US dollar’s value and backed by tangible assets that are verified by American financial institutions.
They have become popular as financial instruments because they combine the independence of a crypto asset with the dependability of solid fiat currency.
According to CoinGecko, USDT is the most traded cryptocurrency in the world right now with a market cap of more than $68 billion. Both consumers looking for a reliable store of value and cryptocurrency traders looking to join and exit transactions rapidly without having to access hard currency significantly rely on it.
Steep inflation has plagued Brazil’s economy for well over a year. For the first time since June 2021, inflation dropped below 9% in September. According to the Brazilian tax body Receita Federal, the country’s reliance on stablecoins more than tripled in 2021.
Tether has taken action to improve perceptions of its dependability and openness as its dominance throughout the globe has grown. Tether said last week that it has totally removed commercial paper from its reserves and will be switching to US Treasury Bills. The main purpose of the action was to allay American authorities’ concerns regarding the soundness of the company’s asset reserves.
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