Tether (USDT) to Be Integrated Across 24,000 ATMs in Brazil

Stablecoin issuer Tether is set to expand its reach in Brazil by integrating Tether (USDT) into 24,000 ATMs starting November 3.

According to Tether, the ability to convert USDT to Brazilian real and vice versa will be managed by local cryptocurrency service provider SmartPay in partnership with TecBan, which operates the 24,000 ATMs under the Banco24Horas brand.

SmartPay's CEO, Rocelo Lopes, stated that users will be able to deposit USDT from any wallet, including exchanges, into the ATMs. He also mentioned that starting February next year, the company will enable users to deposit Brazilian real at these ATMs and receive USDT in return.

Tether’s CTO, Paolo Ardoino, commented: “Integrating USDT into ATMs across Brazil presents an opportunity to reach a broader user base. This move is not only a significant shift for the payments industry but also for the entire Brazilian financial ecosystem.”

Tether disclosed that 1.4 billion USDT was traded by Brazilians in August.

In May, Tether launched MXNT, a stablecoin pegged to the Mexican Peso. At that time, Tether indicated that this initiative was aimed at paving the way for more fiat-pegged tokens in the region.