More and more people are seeking refuge in stablecoins. Starting November 3, market leader Tether ‘s USDT will be exchangeable into real, the local fiat currency, at more than 24,000 ATMs via payment solution provider SmartPay.
Specifically, stablecoin enthusiasts will have easy access via the Banco24Horas network of ATMs located throughout the country in high-traffic areas such as shopping malls, grocery stores and gas stations.
In its release, Tether cites a January 2021 study by Instituto Locomotiva, which reveals that Brazil still has 34 million unbanked adults, people who do not have a bank account.
Paolo Ardoino, CTO of Tether, said:
“The difficulties and limitations imposed by inflation and a less than inclusive financial system have prevented many Brazilian citizens from participating in the country’s economic growth.
The addition of Tether tokens to ATMs across Brazil offers 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.”
Rocelo Lopes, CEO of SmartPay, commented:
“After integrating Tether Tokens with the Brazilian payment system called PiX, we integrated with TecBan, the largest ATM provider in Brazil. Before, we used to say where you can pay with PiX, you can pay with Tether tokens – now, where you see Banco24Horas, you can convert Tether tokens into Reais.”
Smartpay says USDT tokens will be available in Brazilian ATMs starting November 3, 2022.
As a reminder, SmartPay has already provided a connection between USDT and Pix, the country’s widely used instant payment system, by integrating stablecoin with ATMs.
The Tether (USDT) stablecoin is currently worth $68 billion in the crypto market, while its competitor USDC has $44 billion in circulation.