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Tether and TON partner with Oobit for USDT-Fiat transactions via mobile app

This co-op aims to make it easier for users to quickly and securely convert stablecoin USDT to traditional fiat currency and vice versa.

Date: 2024-05-17 Author: Marek Stiller
Tether and TON partner with Oobit for USDT-Fiat transactions via mobile app

Tether Operations Limited, the largest player in the digital asset ecosystem, announced on May 16 a strategic partnership with mobile payment app Oobit and the TON Foundation. The partnership follows Tether’s launch of USDT and XAUt on The Open Network (TON) in April.

According to Thursday’s announcement, the partnership will improve the user experience for transactions using digital assets, USDT and Tether Gold (XAUt), on The Open Network (TON). With the inclusion of the Oobit Tether mobile payment app, it will provide merchants with a more seamless and convenient way to handle cryptocurrency payments.

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Oobit’s Tap & Pay feature allows merchants to receive fiat currency even if payment is made in USDT. The integration aims to expand the practical use of cryptocurrencies, making them a widely accepted payment method.

In early February, Tether participated in Oobit’s Series A funding round, which raised $25 million . Oobit CEO Amram Adar emphasized the inclusive nature of the partnership.

“We’re not just providing another payment option; we’re providing unbanked access to major cryptocurrencies and payments around the world through Oobit,” Adar said.

Telegram peer-to-peer payments with USDT integration

Blockchain TON integrated with Telegram enables a simple, borderless peer-to-peer payment experience. This in turn leads to a higher percentage of the population having access to decentralized services and a better user experience.

Since the integration, more than $200 million worth of USDT currency has been issued on the TON blockchain, allowing users to send USDT via direct messages on Telegram and use it for instant Tap cryptocurrency payments on Oobit.

USDT is also available on 14 other blockchains, including Tron and Ethereum, and joined the Celo network in March. Tether CEO Paolo Ardoino expressed enthusiasm about the partnership.

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

Earlier this month, Tether officially announced an additional investment in CityPay.io, a platform that allows users to make payments at various establishments, including Wendy’s and Radisson hotels, using cryptocurrencies such as Bitcoin. It also plans to expand into Armenia, Azerbaijan, Kazakhstan and Uzbekistan.

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Marek Stiller
Marek Stiller
Founder of the "Cryptocurrency for Beginners" channel on YouTube. He collaborates with Łukasz to form the Arena Trading group, while at the same time being passionate about blockchain technology. His knowledge and experience in the cryptocurrency industry help beginner investors better understand this dynamic market.
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