[DigitalToday reporter Chi-gyu Hwang] Ubitt, an easy-payment app backed by Tether, has linked up with Brazil’s widely used Pix payment system.
According to a recent report by The Block, the move means about 170 million Pix users can deposit Brazilian reais into the Ubitt app and convert them into USDT to hold. Users can use their USDT for payments immediately via Pix. Alex Obchakevich (알렉스 옵차케비치), an adviser to Ubitt, said, "You can send USDT to a Pix key or scan a QR code. The blockchain runs in the background, and the user experience is the same as Pix that Brazilians already know."
Pix is a digital payments network created by Brazil’s central bank in 2020 and is one of the most widely used payment systems in the world.
This is not the first time Ubitt has offered Brazilians the chance to hold a dollar-pegged stablecoin. Circle in 2023 partnered with Latin American fintech giant Nubank to help Brazilian users access USDC.
Ubit raised $25 million in a Series A round in 2024 led by Tether and Solana co-founder Anatoly Yakovenko (아나톨리 야코벤코).
Chi-gyu Hwang
delight@d-today.co.kr