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Tether rolls out 24,000 ATMs in Brazil

Tether (USDT) expands to Brazil, with more than 24,000 ATMs.

By Mike Hesp
• 1 min read
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Tether rolls out 24,000 ATMs in Brazil

Tether (USDT) expands to Brazil, with more than 24,000 ATMs. The ATMs will be unlocked from November 3, 2022, announced Tether in a press release.

According to Tether CTO Paolo Ardoino, this will "bring more people into the financial system." He predicts "big changes" for the "entire Brazilian financial ecosystem." At the machines, people can send USDT, the USD-backed stablecoin, anywhere in the world or exchange it for Brazilian reais.

Tether is the largest stablecoin in the sector, with a market cap of about $70 billion. It recently increased its reserves to 100% U.S. government bonds.

Crypto is popular in Brazil, with Bitcoin in particular being popular. The director of Brazil's central bank previously praised Web 3.0.

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