Tether token, the largest stablecoin by market capitalization with the ticker USDT will be made available in thousands of ATMs across the seventh most populous country in the world, Brazil. This comes as the adoption and usage of Tether (USDT) for transactional purposes surges in the largest country in both South America and Latin America.
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Per the Thursday announcement, this massive action of adding Tether (USDT) on 24,000 ATMs will be implemented on November 3. Accordingly, Brazilians will be able to access the stablecoin USDT, and other cryptocurrencies via ATMs to perform transactions.
It is worth noting that the launch of the Tether token (USDT) on over 24,000 Automated Teller Machines (ATMs) in Brazil is courtesy of Smart Pay, a leading crypto payment service provider. It bears mentioning that Smart Pay had previously integrated tether tokens (USDT) with the Brazilian Payment System called PiX as well as TecBan, the largest ATM company provider in Brazil.
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Tether (USD₮) Available in ATMs Across Brazil
Tether (USDT) is among the most adopted and widely used cryptocurrencies in the crypto-friendly nation when it comes to value moved. In August alone, over $1.4 billion was transferred using the largest stablecoin USD₮ in 79,836 transactions, as revealed by Tether Operations Limited.
Considering that a huge number of Brazilians are unbanked (without bank accounts), SmartPay and Tether Operations Limited, the company behind the fiat-backed stablecoin Tether (USDT) have collaborated to introduce USDT in the above-mentioned number of ATMs in Brazil.
In doing so, more Brazilians will be onboarded to the crypto ecosystem and also given seamless access to the new revolution, digital finance. Particularly, the development will enable Brazilians to send and receive USDT anywhere in the world at any time when they withdraw Reais in Brazil, according to the announcement.
In response to the forward-looking and dynamic effort from SmartPay, Paolo Ardoino, the Chief Technology Officer (CTO) of Tether Operations Limited commented;
The difficulties and limitations imposed by inflation and a less-than-inclusive financial system have excluded many of Brazil’s citizens from being able to participate in the country's growing economy. Adding tether tokens to ATMs across Brazil provides 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.
Crypto Adoption on the Rise
Although the percentage of people and nations that have embraced the new financial technology remains low, it is interesting to watch the adoption of cryptocurrency grow by the day.
Recently, Konami, the Japanese video gaming conglomerate disclosed their intent to build an NFT marketplace as well as introduce in-game non-fungible tokens (NFT).
It is believed that with more strategic use cases being given to crypto like SmartPay and other companies are doing, more users would be brought into the digital finance world which has positively impacted the global financial system.
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The digital economy keeps growing and this is a sign that things are moving forward with crypto.
Congrats to brazilians
Yeah, it's a big thing for Brazilians and crypto in general.
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So what does this mean specifically? That one can use crypto ATMs or what?
Yes, it's more or less a crypto ATM.
Here is what the team said;
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