Tether and TON Partner with Oobit for USDT-to-Fiat Transactions via Mobile App

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Hassan Shittu

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Hassan Shittu

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Hassan, a Cryptonews.com journalist with 6+ years of experience in Web3 journalism, brings deep knowledge across Crypto, Web3 Gaming, NFTs, and Play-to-Earn sectors. His work has appeared in...

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May 16, 2024 17:01 EDT

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Tether Operations Limited, the largest entity in the digital asset ecosystem, announced a strategic partnership with Oobit, a mobile payment app, and the TON Foundation on May 16. The partnership comes after Tether launched USDT and XAUt on The Open Network (TON) in April.

Tether and TON Foundation Partner with Oobit to Revolutionize Crypto Payments for Merchants

Tether Collaborates with @ton_blockchain and @oobit To Create Seamless Crypto-Payment Solution
Read more: https://t.co/Qaf6gTPhK9 pic.twitter.com/A9A3P6L5He

— Tether (@Tether_to) May 16, 2024

According to Thursday’s announcement, the partnership will enhance the user experience for transactions with its digital assets, USDT and Tether Gold (XAUt), on The Open Network (TON). By incorporating the Oobit mobile payment app, Tether will provide merchants with a more seamless and convenient way to handle cryptocurrency payments.

Oobit’s Tap & Pay feature allows merchants to receive fiat currency even if the payment is in USDT. The integration is set to expand the practical use of cryptocurrencies, making them a widely accepted payment option.

Earlier in February, Tether participated in Oobit’s Series A funding round, which raised $25 million. Oobit CEO Amram Adar highlighted the inclusive nature of the partnership.

“We’re not just providing another payment option; we’re providing unbanked access to the most prominent cryptocurrencies and worldwide payments using Oobit,” Adar said.

Peer-to-Peer Payments on Telegram with USDT Integration

The TON blockchain, integrated with Telegram, facilitates a simple, borderless experience for peer-to-peer payments. This, in turn, leads to a higher percentage of the population having access to decentralized services and an improved user experience.Since the integration, over $200 million worth of USDT has been issued on TON‘s blockchain, enabling users to send USDT via direct messages on Telegram and utilize it for instant crypto Tap payments on Oobit. USDT is also available on 14 other blockchains, including Tron and Ethereum, and joined the Celo network in March. Tether’s CEO, Paolo Ardoino, expressed enthusiasm about the collaboration.

“Together, we will provide banking solutions to the unbanked population and revolutionize how users transact with cryptocurrencies, making it easier and more convenient,” said Ardoino.

Earlier this month, Tether officially announced additional investment into CityPay.io, a platform enabling users to make payments at various establishments, including Wendy’s and Radisson Hotels, using cryptocurrencies like Bitcoin. It also plans to expand to Armenia, Azerbaijan, Kazakhstan, and Uzbekistan.