Key Takeaways
Oobit integrated Pix on Tuesday, next opening crypto payment markets to 170M Brazilian users.Tether led a $25M round for Oobit, next pushing USDT to capture 93% of Brazil’s payment market.Oobit usage grew 200% as users spend $400 monthly, expanding USDT adoption across Latam.
Oobit Expands USDT Rails to Brazil’s Pix Network, targets 170 Million Potential Users
Oobit, a payments app backed by Tether, has reached a milestone in Brazil that could potentially expand its reach to millions.
On Tuesday, the company announced it was implementing native Pix integration, allowing Brazilian users to leverage Oobit’s payments whenever Pix is active. According to a social media post, Brazilian users can now deposit Brazilian reais with Pix and receive USDT seamlessly on Oobit’s mobile app, enabling them to complete payments in seconds with these funds and leverage USDT as a savings instrument.
Pix is the most popular payment system in Brazil, created by the central bank, with a 170 million user base, an estimate of 93% of all adults in Brazil.
Oobit advisor Alex Obchakevich highlighted the relevance of this integration and stressed that the payment process was 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. No new interfaces, no conversion delays,” he declared.
The move comes as Oobit has pushed to expand into Latam after a $25 million funding round led by Tether, with participation of Solana’s Anatoly Yakovenko. At the time, Tether CEO Paolo Ardoino stated that the company stood as a catalyst “breaking down barriers and facilitating frictionless transactions for crypto holders worldwide.”
Brazil has grown into a key market for Oobit. In May, when it formally launched its services in Colombia, Oobit revealed that its activity had grown over 200% since it started operating in Brazil, with active users spending over $400 and averaging 20 transactions each month by taking advantage of the credit card integration the app also offers.
