Tether-Backed Oobit Brings USDT to Brazil's PIX Payment Network
Oobit, backed by Tether (USDT), has integrated Brazil's PIX payment system. This move opens access to nearly 170 million users of PIX, allowing them to deposit reais into their Oobit app and hold those funds in USDT.
The new feature lets users spend their USDT directly through PIX. Alex Obchakevich, a part-time Oobit advisor, explained that this process involves sending USDT to any PIX key or scanning a QR code to top up instantly. He noted that the blockchain processing runs in the background, while the experience matches the PIX flow Brazilians already use through their banking apps.
Oobit secured $25 million in funding led by Tether and Solana (SOL) co-founder Anatoly Yakovenko in 2024. This partnership is not Oobit's only effort to bring dollar-pegged stablecoins to Brazil, Circle, issuer of USD Coin (USDC), partnered with Nubank to broaden access to its digital asset in 2023.