Collaboration between Tether, TON, and Oobit Enables USDT-to-Fiat Transactions on Mobile App

Tether Operations Limited, a significant player in the digital asset industry, has revealed a major partnership with Oobit, a mobile payment app, and the TON Foundation. This collaboration was announced on May 16, following Tether’s introduction of USDT and Tether Gold (XAUt) on The Open Network (TON) in April.

The aim of this partnership is to enhance the user experience for transactions involving digital assets, specifically USDT and XAUt, on The Open Network. By integrating the Oobit mobile payment app, Tether is enabling merchants to accept cryptocurrency payments in a more seamless and convenient manner.

One of the key features offered by Oobit is Tap & Pay, which allows merchants to receive fiat currency even when the payment is made in USDT. This integration is expected to broaden the practical applications of cryptocurrencies, making them a more widely accepted payment option.

Earlier this year, Tether participated in Oobit’s Series A funding round, raising million. Oobit CEO Amram Adar emphasized the inclusive nature of this partnership, stating that they are not merely offering another payment option but providing access to major cryptocurrencies for unbanked individuals.

The TON blockchain, integrated with Telegram, facilitates peer-to-peer payments, offering a simple and borderless experience. This integration has enabled over 0 million worth of USDT to be issued on TON’s blockchain, allowing users to send USDT via direct messages on Telegram and utilize it for instant crypto Tap payments on Oobit.

USDT is currently available on 14 other blockchains, including Tron and Ethereum, and recently joined the Celo network in March. Tether’s CEO, Paolo Ardoino, expressed excitement about the partnership, highlighting the potential to provide banking solutions to the unbanked population and revolutionize cryptocurrency transactions for users.

In addition to this partnership, Tether announced further investment in CityPay.io, a platform that enables users to make cryptocurrency payments at various establishments, such as Wendy’s and Radisson Hotels. Plans are also in place to expand into countries like Armenia, Azerbaijan, Kazakhstan, and Uzbekistan.