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.
