Tether-backed Oobit brings USDT to nearly 170 million users of Brazil’s PIX payment network
Tether-backed Oobit has integrated Brazil's PIX payment system, potentially making it easier for Brazilians to gain dollar exposure while continuing to make everyday payments in reais.
Oobit, a tap-to-pay smartphone app, on Tuesday introduced the feature that will allow nearly 170 million users of Brazil's popular PIX payment network to deposit their local currency and swap for USDT.
USDT, issued by Tether, is the world's most popular USD-pegged stablecoin.
Oobit said in a social media post that users can deposit reais (BRL) into its app, and then choose to hold their funds in USDT. Users can then spend the USDT via PIX.
"Send USDT to any PIX key, scan a QR, top up instantly. The blockchain runs in the background, while the experience is identical to the PIX flow Brazilians already know from every banking app," part-time Oobit advisor Alex Obchakevich posted to X.
Oobit secured $25 million in a Series A funding round in 2024 led by Tether and Solana co-founder Anatoly Yakovenko.
One of the world's largest payment networks
PIX is one of the most widely adopted digital payment networks in the world, allowing user to seamlessly pay and transfer money using their smartphone. The service was created by Brazil's Central Bank (Banco Central do Brasil) in 2020.
Oobit is not the only app or fintech that provides Brazilians with a chance to hold some of their funds in USD-pegged stablecoins. In 2023, Circle, issuer of USDC, teamed up with the Latin American fintech giant Nubank in an effort to broaden access to its dollar-backed digital asset.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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