SÃO PAULO — Crypto payments company Truther plans to launch a card in El Salvador on January 29, via a partnership with Visa, which allows users to spend USDT directly from their wallets without needing to preload funds or rely on custodial services.
The product, revealed during an interview with CoinDesk at the Blockchain Conference Brasil, draws funds from Truther’s self-custody wallet at the moment of purchase. The card will have a 2% fee on currency conversions, and for Brazilian users, it won’t carry the IOF tax on financial transactions. After the launch in El Salvador, the card will be available to all of Truther’s users.
“You don’t charge the card beforehand,” said founder Rocelo Lopes. “If you’re at a hotel and the bill is 30 euros, it deducts the USDT equivalent in real time.”
The move could make stablecoin spending more practical for travelers and crypto users who want to avoid converting to fiat or holding balances on centralized platforms. Unlike traditional crypto cards, which often require users to top up or use custodial accounts, Truther’s integration preserves full user control through a private wallet that runs on the Polygon blockchain, with plans to migrate to the Liquid network for increased privacy, Lopes added.
The Visa partnership builds on Truther’s existing infrastructure, which already processes $40 million in daily volume by connecting stablecoins like USDT to Brazil’s instant payment system PIX. It comes after Visa started piloting stablecoin payouts for creators and gig workers.
QR code-based transactions
The launch in El Salvador, where bitcoin is legal tender, provides a test bed for broader adoption across Latin America and beyond.
Truther is also extending its services beyond Brazil.
Its Swapix API, which facilitates instant crypto-to-fiat conversions tied to local payment systems like PIX, is rolling out in Argentina next, followed by Mexico, Colombia and Russia, Lopes revealed.
These markets were chosen based on the availability of 24/7 payment infrastructure and support for QR code-based transactions, requirements that Lopes said are essential to maintaining real-time settlements. Truther’s self-custody wallet supports BTC, USDT, and its own stablecoin tied to the Brazilian real, built on the Liquid network for enhanced privacy.
By early 2025, it plans to integrate more local stablecoins, including tether gold and an Argentine peso-pegged token. The wallet allows users to spend crypto via QR codes or receive stablecoins without incurring network fees (gas).
The company also hinted that it’s working with traditional banks to integrate stablecoins into their platforms, though Lopes said he couldn’t add additional details. Nevertheless, he predicted stablecoin volumes could triple over the next 12 months, driven by the wave of traditional financial players joining the ecosystem.