On October 20, 2022, Tether Operations Limited (“Tether”), the company operating the blockchain-enabled platform tether.to, announced that starting November 3, 2022, tether tokens (“USD₮”) will be present in more than 24,000 ATMs across Brazil.
Tether has partnered with Brazilian crypto services provider “SmartPay” and “TecBan”, the biggest provider of automated teller machine network management services in Brazil, to enable the conversion of USDT to Brazilian reals.
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How to Send USDT to Withdraw Brazilian Reais (BRL) at Banco24Horas ATMs
TecBan operates around 24 thousand Banco24Horas ATMs in over 800 Brazilian municipalities. Tether tokens will be made available at Banco24Horas’ ATMs across Brazil, and customers can use these ATM terminals to convert their USD₮ to Brazilian reals and vice versa.
At the launch on November 3, 2022, citizens will be able to send USDT for withdrawals either from their digital wallets or directly from cryptocurrency exchanges using the budget-friendly Tron network.
Users have to visit the website of the Brazilian startup SmartPay and use their SWAPiX service. SWAPiX is a SmartPay solution that allows the conversion of both Crypto to Reais and Reais to Crypto.
Users have to generate an order informing e-mail, CPF and enter the amount of Tether (USDT) that they are sending, that is, that they want to convert into Brazilian Reais (BRL). SmartPay generates a Tether address for the user to make the transfer. By sending USDT to the address provided, the user then receives a QR code via e-mail and withdraws the determined amount in reais through the “digital withdrawal” function at Banco24Horas ATMs.
From February of next year, Tether is also planning to launch reais to USDT conversion, using the Banco24Horas ATM’s cash deposit functionality. Users will then be able to deposit Brazilian reais (BRL) at Banco24Horas ATMs and receive corresponding USDT cryptocurrencies in their wallets.
Stablecoins are very popular in Brazil
According to Chainalysis’s Global Cryptocurrency Adoption Index 2022, Latin America is the seventh largest cryptocurrency market in the world, with citizens of Brazil alone receiving just under $150 billion in crypto from July 2021 to June 2022.
Popular stablecoins like Tether, that are designed to stay pegged to the price of fiat currencies like USD, are already very popular in Latin American countries to make everyday purchases. Apart from being the leader in DeFi adoption, Brazil is also seeing 26% of its small retail-sized crypto transaction volume coming from the sale of stablecoins.
In Brazil, Tether stablecoin (USD₮) is one of the largest cryptocurrency tokens in terms of value moved. According to Tether, in August 2022 alone, Brazilian users transacted over $1.4 billion in USDT across 79,836 operations.
Tether aims to add unbanked Brazilians to the digital currency ecosystem
According to a January 2021 study by Instituto Locomotiva, there are still more than 30 million Brazilians without a bank account. And with the announcement of USDT token integration with Banco24Horas to convert tether tokens into Reais, Tether is aiming to add more Brazilians into the digital financial ecosystem of the country.
According to another recent survey by Instituto Locomotiva, 86% of Brazilians use ATMs in the country, with 42% of them making daily transactions. There are 24K+ Banco24Horas ATMs located conveniently in supermarkets, bakeries, shopping malls, and gas stations throughout Brazil, providing financial connectivity to over 152 million Brazilians. And now, Tecban is leading Brazil in cryptocurrency adoption through this strategic partnership to make USDT stablecoin a daily part of Brazilians’ lives.
Frequently Asked Question
Tether (USDT-TRC20) x Reais (BRL-PIX).
The network used is Tron (TRC20).