The possibility of using Tether’s stablecoin as a payment instrument for household purchases and services significantly expanded.
Tether announced a partnership with Oobit and the TON Foundation to expand the possibilities of using stablecoins as payment instruments.
Oobit is a FinTech platform that combines the crypto market and the traditional financial system. Users of the Oobit app can pay with crypto wherever Visa and Mastercard cards are accepted, using contactless payments (Tap & Pay) based on Near Field Communication (NFC). One of the project’s investors is Tether.
Thanks to the new cooperation, users can pay for goods and services through the Oobit app using USDT and Tether Gold (XAUt) stablecoins on the blockchain The Open Network (TON). A double conversion occurs at the time of payment, so the seller or service provider receives fiat currency as payment. By mid-May, USDT worth more than $200 million had already been issued on TON.
As envisioned by the authors, the integration will significantly expand the use of crypto as a means of payment, ensuring the practicality and convenience of the process for users. Paolo Ardoino, CEO of Tether, notes that the collaboration will provide banking solutions to segments of the population that don’t have access to traditional banking services.
Besides, it’ll be possible to pay with Tap & Pay using TON tokens. Victor Mendes, Head of Business Development at Wallet, a Telegram-based crypto wallet, announced this in a press release. He also noted that the global goal of this cooperation is to accelerate crypto mass adoption.
The expansion of Telegram’s crypto functionality with the participation of the TON Foundation became known in late April. One aspect of this process was the release of USDT and XAUt stablecoins on The Open Network, pegged to the U.S. dollar and gold, respectively.
