Tether will make the USDT cryptocurrency, the world's dominant stablecoin, available at over 24,000 ATMs across Brazil.
According to Paolo Ardoino, Tether's CTO stated that inflation and a lackluster financial system have made Brazilians reluctant to participate in the country's rapidly growing economy.
The string, the existence of tether tokens in all Brazilian ATMs has given many people a great opportunity to learn more about the financial system as it can send USDT to various locations immediately after the Brazilian real is converted to USDT.
In fact, it will also bring major changes to the payment industry as well as the entire Brazilian financial ecosystem.
Meanwhile, Tether is said to have signed an agreement with Brazilian payment company SmartPay to expand USDT in South America's largest economy as well as integrate USDT with the Brazilian payment system PiX and TecBank which is the largest ATM in Brazil.
In context, stablecoin USDT has managed to gain popularity in recent years due to its utility as a store of value that is less volatile than the national currency.
This follows because the stablecoin is tied to the value of the US dollar including being secured by real world assets that are audited by American financial institutions.
Therefore, most individuals will be attracted to use USDT due to the autonomous offering of crypto assets and the stability of fiat money which currently has a market capitalization of over $68 billion.
