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Tether & TON Partner for USDT-to-Fiat Mobile Transactions

3 min read

Tether & TON Partner for USDT-to-Fiat Mobile Transactions

Transactions involving Tether’s USDT and XAUt on The Open Network (TON) are set to become more efficient with the introduction of the Oobit mobile payment app. This development is aimed at providing merchants with a more seamless and convenient user experience. Tether’s USDT and Tether Gold (XAUt) were launched on the TON network in April. Tether Gold is a stablecoin pegged to the value of one fine troy ounce of gold. More than $200 million worth of USDT has already been issued on the TON platform, allowing users to send USDT via Telegram messages. Telegram boasts a global user base exceeding 900 million individuals.

The TON network also features its native cryptocurrency, Toncoin (TON). Besides TON, USDT is available on 14 additional blockchains, including prominent ones like Tron and Ethereum. In March, USDT also became available on the Celo network. The integration of Oobit’s Tap & Pay technology enables merchants to receive payments in fiat currency, even when a transaction is made using USDT. Paolo Ardoino, CEO of Tether, commented on the partnership, stating it will enhance banking solutions for the unbanked population and revolutionize cryptocurrency transactions by making them simpler and more accessible.

Tether was a notable investor in Oobit’s Series A funding round, which took place in February and successfully raised $25 million. Solana also participated as an investor in this round. Oobit’s CEO, Amram Adar, underscored the inclusive nature of the collaboration with Tether and TON. He emphasized that the partnership is about more than just offering another payment option; it aims to provide unbanked individuals with access to major cryptocurrencies and facilitate global payments through Oobit’s platform.

Oobit launched its inaugural crypto-to-fiat mobile app in April 2022 and introduced its Tap & Pay feature in September 2023. The Tap & Pay feature leverages Near Field Communication (NFC) technology to facilitate transactions. In March, Oobit also integrated VeChain’s VET coin into its platform. This broadening of services illustrates Oobit’s commitment to expanding its cryptocurrency offerings and improving the ease with which users can complete transactions.

Tether is actively expanding its operational footprint across various sectors. In early May, Tether increased its investment in the payment provider CityPay.io, which operates in Georgia and has plans to expand into Armenia, Azerbaijan, Kazakhstan, and Uzbekistan. Tether initially invested in CityPay.io in May 2023, marking the beginning of this collaborative effort.

The strategic investments and technological integrations that Tether is pursuing highlight its dedication to improving the infrastructure for cryptocurrency transactions. Collaborations with companies like Oobit and CityPay.io are key to achieving Tether’s goal of making digital currencies more accessible to a wider audience, including those without traditional banking services.

Oobit’s advancements, particularly its emphasis on ease of use and accessibility, represent significant strides in bringing cryptocurrency payments into mainstream commerce. The ability for merchants to accept digital payments and receive fiat currency seamlessly is a major step in integrating cryptocurrency into everyday transactions.

The partnership between Tether, TON, and Oobit offers promising developments in the world of digital currency transactions. By focusing on inclusivity and accessibility, these collaborations are paving the way for a future where cryptocurrency transactions are as routine as traditional payments. This could potentially widen the adoption of digital currencies across various demographics and regions.

21 thoughts on “Tether & TON Partner for USDT-to-Fiat Mobile Transactions

  1. Tethers involvement makes me skeptical. They’ve had controversies before.

  2. I don’t trust these ‘seamless’ payment solutions, they always come with a catch.

  3. Investments in CityPay.io show Tether’s dedication to expanding its footprint. Exciting developments ahead! 📈🌍

  4. Introducing more middlemen like Oobit doesn’t solve the problem of crypto adoption, it complicates it.

  5. Amazing collaboration! Tether, TON, and Oobit are truly paving the way for a more inclusive financial future.

  6. Bravo, Tether and Oobit! Making digital currencies more accessible is invaluable for global financial inclusion!

  7. NFC for crypto? Sounds cool but doesn’t really address major security concerns. 🚩

  8. Seems like a gimmick to inflate the value of USDT and Tether Gold. Not buying it. 🤷‍♀️

  9. More investments in sketchy regions like Armenia and Kazakhstan? That’s a red flag.

  10. Love seeing Tethers commitment to enhancing crypto infrastructure. This is a massive leap for digital currency transactions!

  11. Big shoutout to Oobit for making crypto payments as smooth and easy as ever. Absolutely love it!

  12. Super thrilled about Tether’s strategic investments. They’re really pushing the boundaries of what’s possible with crypto 🚀🔗

  13. Hats off to Oobit for integrating Tap & Pay! This is going to make life easier for so many merchants 💳✨

  14. Being able to send USDT via Telegram messages is so convenient! This is really going to help with broader adoption

  15. How is this different from other fiat to crypto solutions? Seems like just another rebrand.

  16. The integration of Tap & Pay technology is brilliant. Making crypto transactions smoother and more efficient is a win for all 🎉🔗

  17. So excited to see how Tether Gold on TON platform will evolve! The potential here is huge!

  18. Calling this ‘revolutionary’ is a stretch. It’s just more layers of complexity.

  19. This collaboration is making digital currencies more accessible! A huge step towards financial inclusion 🌍💱👏

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