Oobit Expands USDT Reach to 170 Million Brazilians Through Pix Integration

Oobit, a payments app backed by Tether, has expanded its reach to Brazil's vast market after integrating Pix, the country's fast payment network. This integration allows users to purchase and spend USDT with Oobit's platform, targeting over 170 million users part of the Pix network.

The move comes as a result of Oobit's growth in Latin America, where its activity has increased by 200% since it started operating in Brazil. In May, the company revealed that its active users spend over $400 monthly, averaging 20 transactions each month.

Tether led a $25 million funding round for Oobit, which aimed to capture 93% of Brazil's payment market with USDT adoption. The integration of Pix is seen as a significant step in achieving this goal, allowing users to seamlessly deposit Brazilian reais and receive USDT on Oobit's mobile app.

Oobit advisor Alex Obchakevich highlighted the relevance of this integration, stating that the payment process was similar to any other banking app. 'The blockchain runs in the background, while the experience is identical to the Pix flow Brazilians already know from every banking app. No new interfaces, no conversion delays.'