- Truther’s Visa card allows USDT spending directly from self-custody wallets, without preloading or custodial services.
- The card will charge a 2% fee on currency conversions and has no IOF tax for Brazilian users.
- Truther plans expansion across Latin America and is integrating more stablecoins by early 2025.
Truther, a crypto payments firm, is set to launch a Visa card in El Salvador on January 29. According to a report by CoinDesk, this card allows users to spend USDT directly from their self-custody wallets, marking a significant shift in how crypto can be spent. The card is designed to offer a more decentralized approach, without the need for preloading funds or using custodial services.
A Unique Approach to Crypto Spending
Unlike traditional crypto cards that require users to load funds beforehand, the Truther Visa card connects directly to a user’s self-custody wallet. This means that funds are deducted in real-time at the moment of purchase. Users can spend USDT without needing to convert to fiat currency or keep balances on centralized platforms. The card incurs a 2% fee on currency conversions but does not include the IOF tax for Brazilian users.
The founder, Rocelo Lopes, highlighted the card’s feature flexibility as a major benefit, through which seamless transactions are done without any prior preparation required. To illustrate, a tourist in El Salvador pays a hotel bill in eur, the card will automatically deduct the equivalent in USDT, thus the process is very user-friendly. Truther is not limiting its efforts to El Salvador.
The company plans to expand the card’s availability to other countries, including Argentina, Mexico, Colombia, and Russia. These countries were chosen for their well-established, 24/7 payment infrastructure and widespread use of QR code-based transactions, which are essential for real-time settlements. In addition to the Visa card, Truther’s Swapix API, which facilitates instant crypto-to-fiat conversions, will also roll out in Argentina. The company plans to extend these services to other Latin American markets in the coming months.
Self-Custody and Privacy Focus
Truther’s self-custody wallet supports several stablecoins, including USDT and its own stablecoin tied to the Brazilian real. This wallet is built on the Liquid network to enhance user privacy. By early 2025, Truther plans to integrate additional stablecoins, such as Tether Gold and an Argentine peso-pegged token.
The company’s focus on privacy and decentralized finance (DeFi) is reflected in its integration with self-custody wallets. This allows users to maintain full control over their assets without the need for a third-party custodian. Truther is currently in talks with conventional banks to enable the use of stablecoins in their services through a partnership.
The firm’s prediction about the stablecoin volume being remarkably increased in the next year to come due to more financial institutions entering the ecosystem is based on the above reason. The introduction of the Truther Visa card is a big leap in the direction of using stablecoins in daily commerce. It is Truther’s goal to reach out to a bigger audience when it comes to crypto payments through its non-custodial model, real-time transactions, and plans to scale up.
