The integration of the Oobit mobile payment app will enhance the efficiency of transactions involving Tether’s USDT and Tether Gold (XAUt) on The Open Network (TON), providing merchants with a more convenient user experience.
In April, Tether (USDT) and Tether Gold (XAUt) were launched on TON. XAUt is backed by the value of one fine troy ounce of gold. TON has issued over $200 million in USDT, and users have the ability to send USDT through Telegram messages, which has a global user base of over 900 million. Additionally, TON has its own native cryptocurrency called Toncoin (TON) on the TON network.
Aside from TON, USDT is available on 14 other blockchains, including Tron and Ethereum. It also joined the Celo network in March.
Oobit’s Tap & Pay technology will enable merchants to receive payments in fiat currency even when customers pay with USDT. Tether CEO Paolo Ardoino expressed his thoughts on the partnership, stating, “Tether was one of the investors in Oobit’s Series A funding round, which raised $25 million in February. Solana was also an investor.” Oobit CEO Amram Adar highlighted the inclusive nature of the partnership, emphasizing the benefits for Tether and TON.
Oobit launched its first crypto-to-fiat mobile app in April 2022 and introduced the Tap & Pay feature in September 2023, utilizing Near Field Communication (NFC) technology. In March, the company integrated VeChain’s VET coin into its platform.
Tether continues to expand its presence in various areas. In May, it 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.
As the blockchain industry evolves, there are debates about the significance of measuring blockchain transactions per second (TPS) in 2024. This raises important questions about the future of blockchain technology.