Tether, the TON Foundation, and Oobit have teamed up to create an encrypted payment method to enhance Tether’s stablecoin utility.
Tether, the US dollar-tethered stablecoin, has partnered with the Open Network (TON) blockchain project development organization, the TON Foundation, and Oobit, a financial app for cryptocurrency owners. The goal of this collaboration is to develop an encrypted payment method.
The CEO of Tether, Paolo Ardoino, expressed enthusiasm in a written statement about the new partnership, noting that it will likely facilitate the expansion of their utility and allow for the wider acceptance of cryptocurrency payments.
It will also change how individuals interact with cryptocurrencies and provide financial solutions to underbanked communities, making the process easier and more convenient.
With the Oobit app, bitcoin owners can shop internationally and pay contactlessly at merchant locations that accept Visa and Mastercard. By ensuring that retailers receive fiat money even in situations where payments were made in USDT, Oobit’s involvement in the cooperation will encourage the use of cryptocurrencies.
TON, a decentralized Layer 1 network, links to the social media platform Telegram. Telegram users can easily make P2P payments using USDT and XAUT tokens, backed by gold and providing quick access to decentralized services.
On the TON blockchain, Tether introduces USDT and XAUT stablecoins
iFinex, a Hong Kong-registered company, owns both BitFinex, a cryptocurrency exchange, and Tether. Their dollar assets ensure the USDT stablecoin’s stability and close correlation with the US dollar.
They have extended the availability of its USDT and XAUT stablecoins on the TON network, improving the network’s usefulness for stablecoin transactions. Following this, they released more than $200 million worth of USDT on TON, allowing users to conduct transactions using USDT through the Telegram app.