STABLECOINS | Tether-Backed Platform Expands Deeper into LATAM as Regional Demand for Stablecoin Payments Accelerates

Tether-backed crypto payments platform, Oobit, has expanded into Colombia as the company pushes deeper into Latin America betting on rising demand for stablecoin-based payments across the region.

The company said Colombia becomes its 9th live market, adding to existing operations in countries including Brazil, Argentina and Chile. The move comes as crypto firms increasingly target Latin America where inflation pressures and demand for dollar-denominated digital assets have accelerated stablecoin adoption.

Oobit, which is backed by USDT stablecoin issuer, Tether, allows users to make payments at merchants that accept VISA cards by converting cryptocurrencies such as Bitcoin and stablecoins, including USDT, at checkout.

The expansion into Colombia follows a broader push by the company to position itself as a bridge between crypto wallets and traditional payment systems. Earlier this year, Oobit launched crypto-to-bank transfer services using local payment rails including ACH in the United States, SEPA in Europe and Mexico’s SPEI network.

Latin America has become one of the fastest-growing regions for crypto payments and stablecoin use, with firms seeking to capitalize on demand for cross-border transfers and alternatives to volatile local currencies. Colombia has emerged as one of the region’s most active crypto markets, attracting exchanges and payment providers looking to expand regulated financial services.

Tether led a $25 million Series A funding round in Oobit in 2024 as part of efforts to support mainstream crypto payment adoption.

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