Beginning on November 3, USDT will be accepted at 24,000 ATMs in Brazil, allowing for conversion from Tether USDT to Brazilian reals and vice versa.
The largest stablecoin by market cap, Tether, stated on Thursday that starting on November 3, 2022, USDT would be accepted in 24,000 ATMs in Brazil.
The local cryptocurrency service provider SmartPay will introduce USDT at the ATMs. The goal of SmartPay’s integration of USDT is to give millions of individuals access to the ecosystem of digital currencies and the next financial revolution.
The possibility to integrate more individuals in the financial system is provided by the addition of tether tokens to ATMs across Brazil, according to Paolo Ardoino, CTO of Tether. In addition to the payments sector, the entire Brazilian financial ecosystem will undergo significant changes as a result.
What All Facility at ATM for Tether USTD
People can swap their cryptocurrencies for money at a cryptocurrency ATM. Brazilian citizens will be able to use the ATM to exchange USDT for reals in Brazil and vice versa.
Additionally, the residents will be able to withdraw reals from Brazil and send and receive Tether tokens from anywhere in the world at any time.
Acceptance of Tether and other stablecoins
Stablecoin usage is expanding quickly. The third-largest cryptocurrency by market capitalization is USDT. The combined market capitalization of the top three stablecoins, USDT, USDC, and BUSD, is more than $134 billion.
Stablecoins are often used to send remittances since they make cross-border payments more convenient than traditional financing. In August, 79,836 activities totaling more than $1.4 billion were conducted in Brazil utilising USDT, with a transaction average of about $18,000. The main reason for Latin America’s 40% increase in cryptocurrency use is remittance payments.
According to CoinGecko, USDT is the most traded cryptocurrency in the world right now with a market cap of more than $68 billion. Both consumers looking for a reliable store of value and cryptocurrency traders looking to join and exit transactions rapidly without having to access hard currency significantly rely on it.
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