Withdraw banknotes using USDT – The ATMs (ATM) of cryptocurrencies, in particular Bitcoin (BTC), are enjoying some success across the planet. To the point that some crypto ATM providers manage to get listed on the Nasdaq stock exchange. In Brazil, it will very soon be USDT – Tether’s dollar stablecoin – which will thus be found on every street corner.
USDT present everywhere in Brazil
Despite fierce competition from its main adversary (Circle’s USDC), Tether’s stablecoin, theUSDTremains for now the most valued of these cryptocurrencies “ stables » indexed to the US dollar (market cap of 68 billion dollars).
In a press release published on October 20, 2022, Tether announces very good news for the adoption of its stablecoin. Crypto-issuer of digital dollars unveils a partnership with Brazilian society SmartPay Payments.
The latter expects to make USDT available in no less than 24,000 vending machines tickets, distributed throughout Brazil.
“After integrating Tether stablecoins with the Brazilian payment system called PiX, we integrated them with TecBan. It is the largest ATM provider in Brazil. Before we said that where you can pay with PiX, you can pay with stablecoins from Tether. Now where you see Banco24Horas you can convert these stablecoins to real [brésilien]. »
Rocelo Lopes, CEO of SmartPay.
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A country in dire need of cryptos for its unbanked
If the arrival of USDT is particularly good news in Brazil, it is partly because this Latin American nation is suffering from a low banking rate. According to a study carried out in January 2021, cited by the Tether press release, 34 millions adults would not be banked.
In addition to these difficulties in accessing a bank account, Brazilians suffer, like many, l’inflation and the depreciation of their fiat currency.
“The hardships and limitations imposed by inflation and a poorly inclusive financial system have excluded many Brazilian citizens from the opportunity to participate in the country’s growing economy. (…) The addition of USDT to ATMs in Brazil offers the possibility of including more people in the financial system. (…)”
Paolo Ardoino, Technical Director (CTO) of Tether
USDT is expected to land as early as November 3 2022 on ATMs covered by SmartPay. Additional good news for Tether, which recently announced that it has strengthened its guarantee reservesto ensure that its stablecoin is pegged to the US dollar.
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