Colombia was the latest market for Oobit’s crypto payments platform, which allowed the Tether-backed firm to extend its reach across Latin America.
Colombia continues the company’s development into other nations including Brazil, Argentina, and Chile, and is its ninth live market. In terms of the percentage of stablecoin purchases made by centralized exchanges worldwide, the Colombian peso placed second, according to chainalysis statistics cited in the announcement.
Oobit is a cryptocurrency payment platform that does not hold customers’ funds but rather connects them to a Visa-linked payment system. This system is able to be used at over 150 million businesses in over 80 countries.
Stablecoin Spending Gains Momentum Across Latin America
Cryptocurrency wallets eliminate the need for customers to use conventional bank off-ramp services when making purchases. Oobit reported a 200% rise in activity in Brazil since its November 2024 debut, with active users spending an average of $400 per month over 20 transactions.
According to the business, USDT (USDT) generated more platform transactions than either USDC (USDC) or Oobit’s native token. Restaurants, food shops, and department stores came in second and third, respectively, with 35% of spending in its Latin American markets.
According to Oobit, consumers in Brazil also spend crypto in beauty salons, petrol stations, and electronics stores. Consumers in developing economies are increasingly making regular purchases using stablecoins and other forms of digital assets.
The Meli Dollar token, issued by Latin America’s biggest online marketplace Mercado Libre, began facilitating transactions between Brazil, Mexico, and Chile in April. The stablecoin may reportedly be delivered to customers as cashback and used inside the Mercado Libre marketplace ecosystem.