The integration of the Oobit mobile payment app will streamline transactions involving Tether’s USDT and Tether Gold (XAUt) on The Open Network (TON), providing merchants with a more convenient user experience.
USDT and XAUt were launched on TON in April, with XAUt being pegged to the price of one fine troy ounce of gold. TON has already issued over $200 million in USDT, and users can send USDT in Telegram messages. Telegram boasts a user base of over 900 million worldwide. Additionally, TON issues its own native Toncoin (TON) on its network.
Apart from TON, USDT is also issued on 14 other blockchains, including Tron and Ethereum. In March, it also joined the Celo network.
Oobit’s Tap & Pay technology will enable merchants to receive payment in fiat currency even when customers pay with USDT. Tether CEO Paolo Ardoino expressed in a statement to Cointelegraph that Tether had participated in Oobit’s Series A funding round in February, which raised $25 million. Solana was also an investor. Oobit CEO Amram Adar highlighted the inclusive nature of the partnership with Tether and TON.
Oobit initially released its 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 expanding its presence on multiple fronts. In May, it increased its investment in payment provider CityPay.io in Georgia, with plans to expand to Armenia, Azerbaijan, Kazakhstan, and Uzbekistan. Tether had initially invested in CityPay.io in May 2023.
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