Published
1 month ago on
May 18, 2024
Transactions with Tether’s USDT and XAUt on The Open Network (TON) are set to become more streamlined with the integration of the Oobit mobile payment app, enhancing the user experience for merchants.
In April, Tether and Tether Gold (XAUt) were launched on TON. XAUt is tied to the price of one fine troy ounce of gold.
Over $200 million in USDT has been issued on TON, allowing users to send USDT through Telegram messages.
Telegram boasts over 900 million users globally. TON also issues its native Toncoin (TON) on the network.
Apart from TON, USDT is issued on 14 other blockchains, including Tron and Ethereum, and joined the Celo network in March.
Oobit’s Tap & Pay technology enables merchants to receive payments in fiat currency even if customers pay in USDT. In a statement to Cointelegraph, Tether CEO Paolo Ardoino remarked:
“Together, we will provide banking solutions to the unbanked population and revolutionize how users transact with cryptocurrencies, making it easier and more convenient.”
In February, Tether was among the investors in Oobit’s Series A funding round, which raised $25 million, with Solana also participating.
Oobit CEO Amram Adar highlighted the inclusive nature of their partnership with Tether and TON, stating:
“We’re not just providing another payment option; we’re providing unbanked access to the most prominent cryptocurrencies and worldwide payments using Oobit.”
Oobit launched its first crypto-to-fiat mobile app in April 2022 and introduced its Tap & Pay feature in September 2023, utilizing Near Field Communication (NFC) technology. In March, Oobit integrated VeChain’s VET coin.
Tether is also expanding its reach. Earlier this month, it increased its investment in CityPay.io, a payment provider in Georgia, with plans to extend services to Armenia, Azerbaijan, Kazakhstan, and Uzbekistan.
Tether made its initial investment in CityPay.io in May 2023.
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