In a significant advancement for cryptocurrency transactions, Tether has partnered with The Open Network (TON) and the mobile payment app Oobit to streamline USDT and XAUt transactions into fiat. This collaboration utilizes Oobit’s innovative Tap & Pay technology, allowing users to execute payments to merchants in fiat currencies while using USDT, a development aimed at enhancing user convenience and expanding crypto usability.
The integration with TON, which saw more than $200 million in USDT issued, represents a substantial step towards merging crypto payments with everyday financial activities. Users can now send USDT directly through Telegram messages, leveraging the app's vast user base exceeding 900 million globally. The partnership also supports transactions involving Tether Gold (XAUt), which is pegged to the price of one troy ounce of gold.
The initiative underscores a broader effort to provide banking solutions to the unbanked and to simplify cryptocurrency transactions, making them as user-friendly as traditional fiat transactions. This move is part of Tether's broader strategy to expand its footprint in the payment sector, demonstrated by its recent investment activities in Oobit and other financial technology ventures.
Disclaimer: Please note that the information provided in this article is based on the referenced research articles. It is essential to conduct further research and analysis before making any investment decisions. The cryptocurrency market is highly volatile, and investors should exercise caution and consult with financial professionals before engaging in cryptocurrency trading or investment activities.
