Oobit Mobile App Integration Streamlines Tether Transactions on The Open Network (TON)

The integration of the Oobit mobile payment app will streamline transactions with Tether’s USDT and Tether Gold (XAUt) on The Open Network (TON), resulting in an improved user experience for merchants.

Already spent over 200 million USDT on TON

In April, Tether and Tether Gold (XAUt) were launched on TON. XAUt is pegged to the price of one fine troy ounce of gold. To date, more than $200 million worth of USDT has been spent on TON. Users can send USDT directly via Telegram messages, a platform with over 900 million users worldwide. In addition to Tether and XAUt, TON also issues its own native Toncoin (TON) on the TON network.

USDT is not only issued on TON, but also on 14 other blockchains such as Tron and Ethereum. In March, USDT was also added to the Celo network.

Receiving payments in fiat currency

Oobit’s Tap & Pay technology allows merchants to receive payments in fiat currency even if the customer pays in USDT. Paolo Ardoino, CEO of Tether, stated:

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

Tether was one of the investors in Oobit’s Series A funding round in February, which raised $25 million. Solana was also an investor. Oobit CEO Amram Adar emphasized the inclusive nature of the partnership with Tether and TON. He said: “We don’t just offer another payment option; we offer non-bank access to the most prominent cryptocurrencies and global payments using Oobit.”

Crypto-to-fiat app launched in April 2022

Oobit released its first crypto-to-fiat mobile app in April 2022 and introduced the Tap & Pay feature in September 2023, which uses Near Field Communication (NFC) technology. In March, Oobit integrated VeChain’s VET coin.

Tether is expanding on many fronts. Earlier in May, it increased its investments in Georgia payment provider CityPay.io, which plans to expand into Armenia, Azerbaijan, Kazakhstan and Uzbekistan. Tether made its first investment in CityPay.io in May 2023.