Tether announced that it plans to make its USDT cryptocurrency the world’s dominant stablecoin by market capitalization. It is available at over 24,000 ATMs across Brazil.
The difficulties and limitations imposed by inflation and a less-than-inclusive financial system have excluded many of Brazil’s citizens. It stopped them from being able to participate in the country’s growing economy.
ATM users in Brazil will soon be able to instantaneously convert Brazilian reals into USDT and vice versa and send their USDT anywhere in the world.
To expand USDT’s presence in South America’s largest economy, Tether partnered with Brazilian payments company SmartPay. This has helped integrate USDT with the Brazilian payment system PiX and TecBan, the largest ATM provider in Brazil. The program is planned to launch on November 3.
Cryptocurrencies, particularly stablecoins like USDT, have amassed particular popularity in Latin American markets in recent years. Consumers are drawn to their accessibility which has often proved less volatile than national currencies.
Stablecoins like USDT are typically tied to the value of the US dollar and collateralized by real-world assets that are audited by American financial institutions. For this reason, they have gained traction as financial products that offer the autonomy of a crypto asset and the stability of reliable fiat money.