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Tourists in Rio Will Be Able to Pay with Cryptocurrency Through Bybit and Tether Partnership
Crypto exchange Bybit has entered into an agreement with Tether, the issuer of the USDT stablecoin, to promote cryptocurrency adoption in Brazil.
Currently, Bybit and Tether are in discussions with the city’s tourism authority, Visit Rio, to integrate crypto payments into Rio de Janeiro’s tourism sector. As part of the initiative, tourists who use cryptocurrency to pay for services, tours, or purchases will be eligible for discounts and bonuses in USDT.
This initiative comes amid growing interest in digital assets in Brazil. Gabriel Galípolo, Director of Brazil’s Central Bank, noted that approximately 90% of the country's crypto transactions involve stablecoins. Speaking at a Bank for International Settlements event, he pointed out that most transactions are cross-border, which poses challenges for taxation and regulation.
Tether’s market capitalization continues to rise and now exceeds $163 billion, as the company invests heavily in promoting real-world crypto use cases globally, including in Brazil.
Bybit shares similar goals and has introduced local services like Bybit Pay and Bybit Card, which bridge traditional finance with cryptocurrency.
Additionally, Bybit launched the Bybit TradFi platform, allowing users to trade traditional assets — such as gold, fiat currencies, indices, commodities, and stock CFDs — alongside cryptocurrencies on a single platform.
