Oobit Brings USDT to 170 Million Brazilians with Pix Integration

Oobit has expanded its reach to millions of Brazilians after integrating Pix, Brazil's fast payment network. The integration allows users to purchase and spend USDT on Oobit's platform, targeting a market of over 170 million users.

The payments company announced the integration on Tuesday, which comes as part of Oobit's efforts to expand into Latin America after a $25 million funding round led by Tether. The round aimed to push USDT to capture 93% of Brazil's payment market.

Oobit usage has grown 200% since it started operating in Brazil, with active users spending over $400 and averaging 20 transactions each month. Users can now deposit Brazilian reais with Pix and receive USDT seamlessly on Oobit's mobile app, enabling them to complete payments in seconds.

Oobit advisor Alex Obchakevich highlighted the relevance of this integration, stating that the payment process is similar to any other banking app, which could fuel adoption for crypto natives seeking to use their funds for everyday spending. 'The blockchain runs in the background, while the experience is identical to the Pix flow Brazilians already know from every banking app,' he said.