Oobit, a crypto payments application based in Singapore and supported by Tether, has introduced a feature that enables real-time wallet-to-bank transfers using Brazil's PIX instant payment system. This integration allows users to transfer USDT and other stablecoins directly from their self-custody wallets to Brazilian bank accounts, with transactions settled in Brazilian Reais.
As created by Brazil's central bank in November 2020, PIX has grown to be one of the most popular digital payment solutions in the world, currently serving approximately 178 million registered users and effectively capturing about 91% of the adult population in Brazil.
Oobit entered the Brazilian market around October 2025, initially attracting over 50,000 pre-launch users. The rollout of the PIX integration in late February 2026 transformed Oobit into a highly efficient fiat off-ramp, making the transition from cryptocurrency to traditional currency seamless for users. During testing in Brazil, a significant 92% of all transactions completed were in stablecoins, with USDT comprising a notable 86% of that figure.
In addition to the PIX feature, the DePay functionality allows for global tap-to-pay transactions at more than 150 million Visa merchants around the world. This ensures that users retain control of their assets through self-operated wallets, eliminating the need to deposit funds on a centralized exchange or rely on third-party custodians for transactions.
The demand for stablecoins in Brazil is increasing, and Oobit is not acting in isolation. Competitors like Bitget Wallet, Bybit Pay, and KuCoin Pay have also implemented similar PIX integrations, establishing competing entry points for stablecoins in Brazil.
For Tether, supporting Oobit represents a strategic effort to boost USDT's presence in emerging markets. Each time a user converts USDT to Brazilian Reais via PIX, it further consolidates USDT's status as the leading stablecoin for transactions within these markets. The self-custody model employed by Oobit presents an advantage over conventional fintech solutions, as it eliminates the necessity for users to transfer their funds to a platform-controlled account for conversion. This aspect enhances trust and simplifies the process, facilitating broader adoption of crypto-to-fiat systems.
Furthermore, Brazil's central bank is in the process of developing its central bank digital currency known as the Drex, which may pose competition against stablecoins in fulfilling similar domestic payment functions. With Oobit bringing 50,000 pre-launch users against the expansive 178 million accounts registered with PIX, the potential market to leverage remains vast, yet it highlights the significant journey ahead to establish Oobit as the primary payment method.