Crypto payments firm Truther is set to launch a Visa-linked card in El Salvador on January 29, 2025, enabling users to spend Tether (USDT) directly from self-custody wallets without preloading funds or relying on custodians. The system processes transactions in real-time, deducting the equivalent USDT amount at the point of sale, and initially operates on the Polygon blockchain with plans to migrate to the Liquid Network for faster settlement and enhanced privacy.
A 2% currency-conversion fee applies to transactions, but Brazilian users are exempt from the IOF tax typically charged on financial transactions. Founder Rocelo Lopes highlighted the immediacy of the wallet-based settlement, stating, "You don't charge the card beforehand. If you're at a hotel and the bill is 30 euros, it deducts the USDT equivalent in real time."
The launch taps into El Salvador's role as a crypto testing ground, following its adoption of bitcoin as legal tender. Truther, which already handles roughly $40 million in daily volume through integrations like Brazil's PIX instant-payment system, plans to expand the card to Argentina, Mexico, Colombia, and Russia. These markets were selected for their 24/7 payment rails and QR code systems, supporting instant settlement.
Additionally, Truther is in talks with banks to add stablecoin support and expects stablecoin volumes to triple within the next year. The expansion includes the Swapix API for crypto-to-fiat conversions, aiming to connect regional merchants to stablecoin liquidity without altering front-end payment flows.
