Tether Operations Limited (“Tether”), the company operating the blockchain-enabled platform tether.to that powers the largest stablecoin by market capitalization of over US$68 billion, is pleased to announce that SmartPay plans to launch tether tokens (“USD₮”) in over 24,000 ATMs across Brazil.
According to a study from the Instituto Locomotiva, carried out in January 2021, Brazil still has 34 million unbanked adults – that is, people who do not have a bank account or do not use it frequently. Smartpay’s integration of USD₮ into its product will provide millions of people with the opportunity and access to the digital currency ecosystem and new financial revolution.
“The difficulties and limitations imposed by inflation and a less-than-inclusive financial system has excluded many of Brazil’s citizens from being able to participate in the country's growing economy,” said Paolo Ardoino, CTO of Tether, “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.”
Tether tokens are currently one of the most used cryptocurrencies in the region. Recent data shows that USD₮ is one of the tokens most used in the country when it comes to value moved. More than $1.4 billion was moved using USD₮ across 79,836 operations in August, with an average amount of almost $18,000 per transaction.
With access to SmartPay, users can select the best cryptocurrency for their desired use case, including tether tokens like USD₮. They will also be able to send and receive tether tokens anywhere in the world, whenever they want and withdraw Reais in Brazil.
“After we integrated tether tokens with the Brazilian Payment System called PiX, we integrated with TecBan which is the largest ATM company provider in Brazil. Before we used to say where you can pay with PiX, you can pay with tether tokens - now where you see Banco24Horas you can convert tether tokens into Reais”, said Rocelo Lopes, CEO of SmartPay.
SmartPay intends to make tether tokens available in ATMs as of November 3rd.
This press release is not an offer to sell or the solicitation of an offer to buy USD₮. Tether Limited and Tether International Limited will only sell or redeem USD₮ pursuant to the terms of service available (as of the date of this press release) at https://tether.to/en/legal.
Certain statements in this press release may be forward looking in nature. The words “believe,” “expect,” “estimate,” “could,” “should,” “intend,” “may,” “plan,” “seek,” “anticipate,” “project” and similar expressions, among others, generally identify “forward-looking statements,” which speak only as of the date the statements were made. The matters discussed in these forward-looking statements are subject to a number of risks, trends and uncertainties that could cause actual results to differ materially from those projected, anticipated or implied in the forward-looking statements. None of SmartPay nor any other person (including Tether) is responsible for updating or revising any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.
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