Tether, TON Integrate App to Facilitate USDT Fiat Exchange

Open Network users will be able to use Oobit’s Tap & Pay technology to pay merchants as Tether, Ton integrate App to facilitate payment.

By integrating the Oobit mobile payment application, transactions involving Tether’s USDT and XAUt on The Open Network (TON) will be optimized, providing merchants with an enhanced user experience.

Tether USDT is trading $1.00 lower, and Tether Gold (XAUt) debuted on TON in April. The value of one excellent troy ounce of gold is its peg. On TON, USDT worth over $200 million has been issued, and users can transfer USDT via Telegram. There are more than 900 million Telegram subscribers globally. On the TON network, TON also issues its own native Toncoin (TON).

USDT is issued on fourteen additional blockchains, including Ethereum and Tron. March also saw its addition to the Celo network.

Implementing Oobit’s Tap & Pay technology will enable merchants to accept fiat currency payments from customers initially paid in USDT. Cointelegraph was provided with the following statement by Tether CEO Paolo Arduino:

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

Tether was one of the investors who contributed $25 million to Oobit’s Series A funding round in February. Moreover, Solana was an investor. An additional point Oobit CEO Amram Adar emphasized was the inclusive nature of the partnership involving Tether and TON. What he stated was:

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

April 2022 marked the release of Oobit’s first crypto-to-fiat mobile application, and September 2023 marked the introduction of Tap & Pay. Near Field Communication (NFC) technology is utilized by Tap & Pay. Oobit incorporated VeChain’s VET currency in March.

Tether is experiencing significant growth across multiple domains. It increased its investment in payment provider CityPay.io in Georgia earlier in May. CityPay.io has expansion plans for Kazakhstan, Uzbekistan, Armenia, and Azerbaijan. In May 2023, Tether initiated its initial investment in CityPay.io.