The conversion of tether to Brazilian reals and vice versa will be managed by SmartPay, a local crypto services provider, in collaboration with TecBan, the ATM owner.
On November 3, the company announced Thursday that stablecoin issuer Tether would make tether (USDT) available at 24,000 ATMs in Brazil.
Tether will facilitate the conversion of USDT to Brazilian reals through a partnership with Brazilian crypto services provider SmartPay, which is integrated with TecBan. This local company operates 24,000 ATMs under the brand name Banco24Horas.
Users will be able to transfer USDT from any wallet, including exchanges, to an ATM, according to SmartPay CEO Rocelo Lopes. Beginning in February, users can deposit Brazilian reals at ATMs and get USDT in their digital wallets.
Tether USD₮ will be available in over 24 000 ATMs across🇧🇷 Brazil on Nov 3 https://t.co/40QPFj1l80 pic.twitter.com/sh18ogxI51
— Tether (@Tether_to) October 20, 2022
Paolo Ardoino, Tether’s chief technology officer, said that adding tether tokens to ATMs across Brazil allowed the integration of more individuals into the financial system. This would have a significant impact not only on the payments business but also on the entire Brazilian financial ecosystem.
According to Tether, Brazilians transacted 1,4 billion USDT across 79,836 transactions in August.
Tether introduced its MXNT token tied to the Mexican peso in May as a “testing ground” in Latin America, the company said at the time, adding that the project was designed to “pave the way” for other fiat-pegged tokens in the region.