USDT exchange will become available at ATMs in Brazil

According to the company’s CTO, this initiative will make major changes in the country’s economy

21.10.2022 - 06:45

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What’s new? Tether, the issuer of the USDT stablecoin, has announced that their stablecoin will be available at more than 24 000 ATMs in Brazil starting November 3. According to the company’s blog, with access to the ATM system of SmartPay, users will be able to choose the best cryptocurrency to use, including Tether’s stablecoins. Brazilian residents will be able to send the digital asset anywhere in the world, as well as exchange it for Brazilian reals.

Tether Blog

More details about the situation. Paolo Ardoino, chief technology officer of Tether, noted that this initiative will give ordinary Brazilian citizens the opportunity to “participate in the country’s growing economy.” In his opinion, it will lead to major changes not only in the payments industry but also in the entire financial ecosystem in Brazil.

What is known about Tether? It is the largest issuer of stablecoins in the cryptocurrency market. The centralized stablecoin USDT, which is pegged to the US dollar, ranks third in the overall cryptocurrency ranking with a capitalization of $68,45 billion, according to aggregator CoinGecko as of October 21.

Tether blacklisted three addresses and froze USDT on them totaling $8,24 million between October 10 and 11. The company did not explain who owns the addresses or the reason for the freeze.

Tether also completely removed its commercial paper from its reserves, replacing it with US Treasury bills. The company said that the reduction of commercial paper to zero demonstrates Tether’s commitment to providing its stablecoins with the most reliable reserves on the market.

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