Tourists in Rio May Soon Pay with Crypto as Bybit and Tether Expand

Bybit has entered a strategic partnership with Tether to promote cryptocurrency adoption in Brazil. Bybit ranks second in global cryptocurrency trading volume. Tether is the issuer of USDT, the most widely used stablecoin globally.

Plans for Crypto in Tourism Sector

Bybit and Tether are in talks with Visit Rio, the city’s tourism authority. The plan is to introduce cryptocurrency payments within Rio’s tourism sector. Tourists using crypto for services, tours, or shopping may receive discounts and USDT bonuses. The initiative aims to position Rio as a crypto-friendly destination.

Stablecoin Use Increasing in Brazil

The partnership comes amid growing interest in digital assets in Brazil. Central Bank Director Gabriel Galípolo stated that about 90% of Brazil’s crypto transactions involve stablecoins. Speaking at a recent BIS event, he noted most transactions are linked to cross-border payments, which raise challenges for taxation and regulation.

You may find it interesting at FinanceMagnates.com: Bybit’s Byreal to Link Centralized Exchange Features with DeFi Infrastructure on Solana.

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Tether’s Role in Digital Economy

Tether has a market capitalization exceeding $114 billion and plays a significant role in digital asset markets. This partnership with Bybit focuses on expanding education and practical crypto use in Brazil.

Expanding Local Presence in Brazil

Bybit has been expanding its presence in Brazil. It recently appointed Israel Buzaym as its Country Manager. The company introduced local services such as Bybit Pay and the Bybit Card to help users bridge traditional finance with crypto.

Bybit Enables Multi-Asset Trading Access

Meanwhile, Bybit has introduced Bybit TradFi, allowing users to trade traditional assets like gold, forex, indices, commodities, and stock CFDs alongside cryptocurrencies on one platform.

Powered by Infra Capital and subject to regional restrictions, Bybit TradFi targets both retail and institutional users. The company is working with regulators to ensure compliance across jurisdictions.