Tether and XAUt Transactions on TON Network Get Major Boost with Oobit Integration

The integration of the Oobit mobile payment app with the Open Network (TON) aims to enhance transactions with Tether's USDT and XAUt, providing merchants with a more user-friendly experience by enabling the conversion of cryptocurrency payments to fiat currency through Tap & Pay technology.

Tether and XAUt Transactions on TON Network Enhanced with Oobit Integration

The integration of the Oobit mobile payment app with The Open Network (TON) will significantly streamline transactions involving Tether's USDT and XAUt stablecoins, offering merchants enhanced user convenience. This partnership marks a significant step forward in the accessibility and usability of cryptocurrencies.

Tether and Tether Gold on TON

Tether (USDT) and Tether Gold (XAUt) were launched on TON in April 2023, providing users with stablecoin options backed by the U.S. dollar and the price of gold, respectively. Since then, over $200 million in USDT has been issued on TON, demonstrating the growing popularity of the platform. Additionally, users can seamlessly send USDT within Telegram messages, leveraging the platform's vast global user base of over 900 million. TON also issues its native cryptocurrency, Toncoin (TON), on its network.

Beyond TON: USDT's Multi-Blockchain Presence

While TON provides a robust and scalable platform for USDT, the stablecoin is issued on 14 other blockchains, including Tron and Ethereum. In March 2023, USDT was integrated into the Celo network, further expanding its reach.

Oobit's Innovative Payment Solutions

Incorporating Oobit's Tap & Pay technology into the TON ecosystem enables merchants to receive payments in fiat currency, even when customers use USDT. This functionality removes the need for merchants to convert cryptocurrency payments manually, simplifying the transaction process and making it more convenient for both parties.

Revolutionizing Cryptocurrency Transactions

Tether CEO Paolo Ardoino acknowledges the transformative impact of this partnership: "Together, we will provide banking solutions to the unbanked population and revolutionize how users transact with cryptocurrencies, making it easier and more convenient."

Tether's investment in Oobit's Series A funding round in February 2023 signaled the company's belief in the potential of Oobit's technology. Solana was another notable investor in the round. Amram Adar, CEO of Oobit, 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."

Oobit's Mobile App and Tap & Pay Feature

Oobit launched its first crypto-to-fiat mobile app in April 2022, followed by the introduction of its Tap & Pay feature in September 2023. Tap & Pay leverages Near Field Communication (NFC) technology, enabling contactless payments. In March 2023, Oobit integrated VeChain's VET coin into its platform.

Tether's Multi-Faceted Expansion

Tether's commitment to enhancing its presence in the crypto ecosystem is evident through various initiatives. In May 2023, the company increased its investment in payment provider CityPay.io in Georgia, which plans to expand its services to Armenia, Azerbaijan, Kazakhstan, and Uzbekistan. Tether's initial investment in CityPay.io was made in May 2023.

Conclusion

The integration of Oobit's mobile payment app with TON will significantly enhance the user experience for USDT and XAUt transactions. This partnership aligns with Tether's broader mission of expanding access to cryptocurrencies and driving their adoption in real-world scenarios. Oobit's innovative Tap & Pay technology provides merchants with added convenience, while also promoting financial inclusion by enabling individuals without traditional banking access to participate in the digital economy. This collaboration represents a notable milestone in the evolution of the cryptocurrency ecosystem, making it more accessible, user-friendly, and inclusive.