USDT Will Be Available on 24,000 ATMs Across Brazil Starting in November
This Thursday, Tether announced it is intending to launch USDT on 24,000 ATMs in Brazil in partnership with SmartPay. The launch date is set for November 3rd.
Tether to Launch USDT on 24,000 ATMs in Brazil
According to Tether’s announcement, SmartPay is planning to launch USDT on 24,000 ATMs across Brazil on November 3rd, 2022. The press release explains that this action is in part intended as a way to provide Brazil’s 34 million unbanked adults with access to digital assets and means to participate in the “new financial revolution.”
According to a study from the Instituto Locomotiva, carried out in January 2021, Brazil still has 34 million unbanked adults – that is, people who do not have a bank account or do not use it frequently. Smartpay’s integration of USD₮ into its product will provide millions of people with the opportunity and access to the digital currency ecosystem and new financial revolution.
According to the press release, USDT is both the world’s largest stablecoin by market cap and the most widely used crypto in the region. SmartPay is also intending to provide users with access to other cryptocurrencies based on which is the best “for their desired use case.” Users will be able to send and receive tokens anywhere in the world and will be able to withdraw reals in Brazil.
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Is Brazil to Become the Biggest Crypto Hub of the Americas?
Recently, there has been a deluge of crypto-related news coming from Brazil. Recently, Binance significantly expanded its operations in the country by opening two new offices in Sao Paulo, and Rio de Janeiro.
Buffett-backed, Brazil-based Nubank has also been reporting good results throughout October having attracted 1.8 million users for its crypto platform in the first month after launching it. On the 19th, it announced its plans to launch its own cryptocurrency in 2023.
Brazilian authorities have also been active with regard to digital assets. Rio de Janeiro, the country’s most famous city will start accepting cryptocurrencies for property tax payments starting in 2023. The country also joined the ever-growing CBDC race in early September 2022.
Do you think Brazil is set to become the biggest crypto hub in the Americas? Let us know in the comments below.