Oobit launches crypto payments in Colombia

Oobit launches its Tether-backed crypto payments platform in Colombia, enabling direct wallet-to-merchant spending as stablecoin use rises amid peso volatility and strong remittance flows.

Oobit, a crypto payments platform backed by Tether, has officially launched in Colombia, marking its ninth active market in Latin America after previous expansions into Brazil, Argentina, and Chile. The platform allows users to spend digital assets directly from non-custodial wallets through a Visa-linked network, accepted at over 150 million merchants worldwide. Colombia has emerged as a leading stablecoin market, with the Colombian peso ranking second globally for stablecoin purchases on centralized exchanges, according to Chainalysis. This surge in demand is fueled by peso volatility and significant remittance flows, making stablecoins a popular entry point for digital dollars. Oobit's expansion aims to facilitate everyday crypto spending in Colombia, reflecting a broader regional shift from holding to actively using cryptocurrencies for payments. Other major companies, such as Meta and MoneyGram, have also targeted Colombia for stablecoin-based services, citing the country's reliance on remittances and currency instability.