The integration of the Oobit mobile payment app on the Open Network (TON) will streamline transactions with Tether’s USDT and Tether Gold (XAUt), providing a more convenient user experience for merchants.
In April, Tether (USDT) and Tether Gold (XAUt) were launched on TON. XAUt is tied to the price of one fine troy ounce of gold. Over $200 million in USDT has been issued on TON, and users can send USDT in Telegram messages. Telegram boasts a global user base of over 900 million. Additionally, TON issues its own native cryptocurrency called Toncoin (TON) on the TON network.
Apart from TON, USDT is also issued on 14 other blockchains, including Tron and Ethereum. Furthermore, Tether joined the Celo network in March.
Oobit’s Tap & Pay technology will enable merchants to receive payment in fiat currency even when customers pay using USDT. Tether CEO Paolo Ardoino expressed in a statement to Cointelegraph that Tether was one of the investors in Oobit’s Series A funding round in February, which successfully raised $25 million. Solana also participated as an investor. Oobit CEO Amram Adar emphasized the inclusive nature of the partnership with Tether and TON.
Oobit launched its first crypto-to-fiat mobile app in April 2022 and introduced the Tap & Pay feature in September 2023. Tap & Pay utilizes Near Field Communication (NFC) technology. In March, Oobit integrated VeChain’s VET coin.
Source: Oobit
Tether is expanding on various fronts. Earlier in May, Tether increased its investment in payment provider CityPay.io in Georgia, with plans to expand to Armenia, Azerbaijan, Kazakhstan, and Uzbekistan. Tether initially invested in CityPay.io in May 2023.
Magazine: Is measuring blockchain transactions per second (TPS) stupid in 2024? Big Questions