Tether, a stablecoin issuer, has announced that SmartPay would increase the Brazilian population’s access to the popular USDT stablecoin by making it available at over 24,000 ATMs across the South American country.
“The obstacles and constraints imposed by inflation and a less-than-inclusive banking system have prevented many Brazilians from participating in the country’s developing economy,” said Paolo Ardoino, CTO of Tether in a statement.
The executive said,
“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.”
SmartPay intends to debut the service at its ATMs on November 3rd.
A study conducted by the country’s research institution Instituto Locomotiva in January 2021 revealed that Brazil has up to 34 million unbanked adult citizens.
Tether has dropped its aversion to commercial papers, opting to replace them with substantially more liquid and safe US Treasury Bills.
According to a Tether release, the company’s move to sell its commercial paper holdings and replace them with US Treasuries is part of an effort to promote transparency and confidence among users of the widely used stablecoin.
