TheBlock
Oobit, the Tether-backed payments app, now lets Brazilians deposit reais, hold balances in USDT, and spend via PIX, Brazil's instant payment network of nearly 170 million users.
The integration matters because PIX is the country's default payment rail, not a niche crypto channel. Brazilians already use it to settle everything from bar tabs to utility bills, and routing USDT through the same flow turns stablecoins into a layer above the existing instant-payment infrastructure rather than a parallel system.
Oobit raised $25 million in a 2024 Series A led by Tether, with Solana co-founder Anatoly Yakovenko participating. The round priced the company's bet that emerging-market payment apps are the real distribution channel for stablecoins, ahead of on-chain DeFi.
Frequently asked questions
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What did Oobit launch for Brazilian users?
Oobit now lets Brazilians deposit reais into its app, hold balances in USDT, and spend via PIX, Brazil's instant payment network of nearly 170 million users.
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How does the USDT and PIX integration work?
Users fund their Oobit account in reais, the balance sits in Tether's USDT stablecoin, and outgoing payments clear through PIX, the same instant-payment rail Brazilians already use for everyday transactions.
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Who backs Oobit?
Oobit raised a $25 million Series A in 2024 led by Tether, with participation from Solana co-founder Anatoly Yakovenko.
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Why does putting USDT on PIX matter?
PIX is Brazil's default payment rail, processing more transactions than debit and credit cards combined last year. Routing USDT through it turns stablecoins into a layer on top of existing instant-payment infrastructure rather than a parallel system.
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Is Oobit a crypto exchange?
No. Oobit is a payments app that uses USDT as a settlement layer. Users transact in reais through PIX and hold value in stablecoin without interacting with a centralised exchange interface.
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