Transactions involving Tether’s USDT and Tether Gold (XAUt) on The Open Network (TON) are set to become more seamless with the integration of the Oobit mobile payment app. This move aims to enhance the user experience for merchants by providing a streamlined payment process.
USDT and XAUt integration on TON
USDT and XAUt were introduced on TON in April, with XAUt pegged to the price of one fine troy ounce of gold. Since then, over $200 million in USDT has been issued on TON, allowing users to send USDT in Telegram messages. TON also issues its native Toncoin (TON) on the network.
Oobit’s tap & pay technology
Oobit’s Tap & Pay technology enables merchants to receive payments in fiat currency even when customers pay in USDT. Tether CEO Paolo Ardoino highlighted the partnership’s goal of providing banking solutions to the unbanked population and revolutionizing cryptocurrency transactions for users.
Collaborative efforts
Tether was one of the investors in Oobit’s Series A funding round, which raised $25 million in February, along with Solana. Oobit CEO Amram Adar emphasized the inclusive nature of the partnership, aiming to provide unbanked access to leading cryptocurrencies and facilitate worldwide payments through Oobit’s platform.
Oobit’s milestones
Oobit released 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, Oobit integrated VeChain’s VET coin, expanding its cryptocurrency offerings.
