Brazil Now Has 24,000 ATMs That Would Accept Tether Transactions

B. Ali
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According to the most recent report, Tether, the largest stablecoin by market cap, announced on Thursday that USDT would be accepted at 24,000 ATMs in Brazil beginning November 3, 2022. It should also be noted that SmartPay, a local cryptocurrency service provider, will make Tether, an asset-backed cryptocurrency stablecoin, available at ATMs.

SmartPay’s goal in integrating USDT is to give millions of people access to the digital currency ecosystem and the next financial revolution. According to Paolo Ardoino, Tether’s Chief Technology Officer (CTO), introducing tether tokens to ATMs across Brazil provides the opportunity to integrate more people into the financial system. As a result, both the payments sector and the Brazilian financial ecosystem will undergo significant transformations.

A cryptocurrency ATM is a location where users can exchange their cryptocurrencies for cash. Brazilian citizens, on the other hand, will be able to use the ATM to convert their USDT into Brazilian reals. Furthermore, residents will be able to send and receive Tether tokens from anywhere in the world, as well as withdraw reals from Brazil.

Growing Popularity of USDT in Brazil

Brazilians are eager to use cryptocurrencies such as USDT, Bitcoin (BTC), and others in everyday transactions. As a result, the Brazilian sector has seen rapid adoption in recent months. Meanwhile, many companies in Brazil are investing in it and seizing this opportunity to provide the general public with easy access to virtual currencies.

In fact, the Brazilian Federal Revenue Authority (RFB) publishes a report on cryptocurrency holdings in the country once a month in order to track the market’s development and direction.

According to the most recent data, several individuals and institutions own crypto assets, with USDT accounting for the majority of the volume. According to the most recent report, 12,000 corporations confirmed having cryptocurrency in their portfolios in August. This is approximately 700 more than was reported in July.

However, according to the August report, more than 1.3 million private individuals owned some type of digital asset.

According to the RFB’s August report, USDT is the most widely used cryptocurrency in the country. This is why the use of stablecoins is rapidly increasing, particularly in Brazil. It is worth noting that USDT is the third-largest cryptocurrency by market capitalization.

However, the combined market capitalization of the top three stablecoins, USDT, USDC, and BUSD, exceeds $134 billion. Because stablecoins make cross-border payments more convenient than traditional financing, they are commonly used to send remittances.

Brazilian Government and Businesses Benefit from Crypto Industry Growth

According to the most recent data, the crypto industry in Brazil is expanding at an exponential rate, especially given that the Brazilian tax authorities disclosed a significant number of individual BTC ownership declarations in July and August. As a result, several fintech firms such as SmartPay, Picpay, and Nubank, as well as traditional banks such as Santander, have indicated their intent to include crypto services in their portfolios.

It should also be noted that the Brazilian central bank is actively planning the creation of a digital currency (CBDC). According to Roberto Campos Neto, President of the Brazilian Central Bank, the pilot phase of Real Digital will begin later this year. The Central Bank Digital Currency (CBDC), like Bitcoin, will have a fixed supply and its value will be indexed to Brazil’s Reserve Transfer System.

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Live webinar speaker and derivatives (Forex, Crypto, and Indices) analyst with a broad range of skills for evaluating financial data, investment trends, technical analysis, fundamental analysis, and the best ways to strategies investment selection.  Expertise: Trading Psychology; Speculative Positioning & Market Sentiment; Technical & Fundamental Analysis.