A major development in cryptocurrency transactions is taking place as The Open Network (TON) incorporates the Oobit mobile payment app. According to Tether’s press release, this integration is a big step forward in simplifying transactions with the company’s USDT and XAUt, Tether Gold, offering merchants a notably improved user experience.
TON Expands With Oobit
Since the launch of Tether (USDT) and Tether Gold (XAUt) on TON in April, the network has seen massive growth. XAUt, directly tied to the value of one fine troy ounce of gold, has expanded the utility of cryptocurrencies on TON.
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Remarkably, over $200 million in USDT has been issued on the platform, where it has become possible to send USDT directly through Telegram messages.
This feature taps into Telegram’s vast user base of over 900 million people globally, extending the reach of TON’s native cryptocurrency, Toncoin.
Beyond TON, USDT’s influence stretches across 14 other blockchains, including major players like Tron and Ethereum, with its recent addition to the Celo network in March enhancing its availability further.
Tether Enhances Payment Flexibility
The integration of Oobit’s Tap & Pay technology allows merchants to accept payments in fiat currencies, even when the transaction is conducted in USDT.
This flexibility broadens the acceptance of cryptocurrencies and also plays an important role in providing banking solutions to those without traditional bank accounts.
As Tether CEO Paolo Ardoino stated, this partnership is poised to revolutionize cryptocurrency transactions by enhancing ease and convenience.
“Together, we will provide banking solutions to the unbanked population and revolutionize how users transact with cryptocurrencies, making it easier and more convenient.”
Paolo Ardoino
Oobit’s initiative is not merely about adding a payment option. It’s also about creating accessible financial services.
According to Oobit CEO Amram Adar, the collaboration with Tether and TON focuses on providing access to leading cryptocurrencies and facilitating global payments for the unbanked.
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Since launching its first crypto-to-fiat mobile app in April 2022 and its Tap & Pay feature in September 2023, utilizing Near Field Communication (NFC) technology, Oobit has been at the forefront of innovative payment solutions.
TON Unleashes the Creator Economy
The presence of Tether on TON is particularly transformative for the creator economy within the TON and Telegram ecosystems. This development reduces the struggles previously faced by users in acquiring different types of cryptocurrencies or tokens.
Justin Hyun, a spokesperson for TON, highlighted the emergence of daily-created games and other applications within Telegram that leverage social viral mechanics. A prime example is the Catizen game, which, after transitioning to TON from another blockchain, surged to two million users in just two months—a stark contrast to its previous growth rate.
“The most interesting use cases are the ones that engage in social viral mechanics. So there are games that are being created on a daily basis that are powered through Telegram mini-apps.”
Justin Hyun
TON’s journey has been a resilient one, marked by a resurgence after the setback of a canceled initial coin offering in 2020 due to opposition from the United States Securities and Exchange Commission. The creation of the TON Foundation in 2021 by open-source developers highlighted a revitalized commitment to TON’s original vision.
Cryptopolitan reporting by Jai Hamid.
