In April, Tether’s USDT and its gold-backed counterpart, Tether Gold (XAUt), launched on The Open Network (TON), a significant step for the cryptocurrency that’s traditionally tethered to stable financial assets like the U.S. dollar and gold. This integration on TON, which enjoys widespread usage among Telegram’s 900 million global users, has already seen more than $200 million of USDT issued on the platform.
A critical development in this partnership is the incorporation of Oobit’s mobile payment application, which facilitates the seamless conversion of cryptocurrency to fiat currency at the point of sale. This technology uses Near Field Communication (NFC) to ensure that transactions are not only fast but also secure, aligning with the needs of today’s fast-paced commerce.
Oobit and Tether: A Synergistic Partnership
Oobit’s innovative Tap & Pay feature, which was introduced in September 2023, allows customers to pay in USDT while enabling merchants to receive equivalent fiat currency. This process significantly simplifies transactions, enhancing the user experience and expanding the utility of cryptocurrencies in everyday transactions.
Paolo Ardoino, CEO of Tether, highlighted the broader impact of this collaboration: “Together, we will provide banking solutions to the unbanked population and revolutionize how users transact with cryptocurrencies, making it easier and more convenient.”
Amram Adar, CEO of Oobit, further emphasized the inclusivity of this partnership: “We’re not just providing another payment option; we’re providing unbanked access to the most prominent cryptocurrencies and worldwide payments using Oobit.”
Tether was a key investor in Oobit’s Series A funding round in February, which raised $25 million. This funding supports further development of Oobit’s technologies, including its integration with other cryptocurrencies like VeChain’s VET, which was added to the platform in March.
Tether is actively expanding its footprint beyond traditional cryptocurrency exchanges. Its recent investment in CityPay.io aims to extend its services to several countries in the Eurasian region, including Armenia, Azerbaijan, Kazakhstan, and Uzbekistan. This move is part of Tether’s broader strategy to enhance its presence and usability across global financial markets.
The Impact on Global Cryptocurrency Adoption
The partnership between Tether, TON, and Oobit is more than just a technical enhancement—it’s a strategic move to make cryptocurrencies more accessible and functional for a global user base. By reducing barriers to entry and simplifying transactions, Tether and its partners are paving the way for greater adoption of digital currencies across diverse markets.
The collaboration between Tether, TON, and Oobit represents a significant advancement in cryptocurrency utilization. By facilitating easier USDT-to-fiat transactions, this partnership not only enhances user experience but also supports broader financial inclusion. As these technologies continue to evolve, the potential for cryptocurrencies to integrate more deeply into everyday financial activities looks increasingly promising.
Featured image credit: Bitget