Issuer of the USD-pegged stablecoin USDT, Tether announced its collaboration with the TON Foundation, which develops projects on The Open Network (TON) blockchain, and Oobit, a financial application for cryptocurrency holders. This partnership aims to create an encrypted payment solution.
In a written statement, Paolo Ardoino, CEO of Tether, expressed excitement about entering this new collaboration as it is anticipated to faciltate the expansion of Tether’s utility and enable the broader adoption of cryptocurrency payments. Furthermore, it will offer banking solutions to the unbanked communities and transform the way people engage with cryptocurrencies, making this process more simple and convenient.
Oobit‘s application allows cryptocurrency holders to perform cross-border transactions and make contactless payments in stores that accept Visa and Mastercard. Oobit’s participation in the partnership will ensure that retailers get fiat currency, also in those cases when payments were made in USDT, thereby propeling the utilization of cryptocurrencies.
TON is a decentralized Layer 1 network connected to the Telegram social media application. This facilitates Tether’s USDT and XAUT, a gold-backed digital asset Tether Gold, tokens on TON to enable seamless P2P payments for Telegram users, providing convenient access to decentralized services.
Tether Collaborates with @ton_blockchain and @oobit To Create Seamless Crypto-Payment SolutionRead more: https://t.co/Qaf6gTPhK9 pic.twitter.com/A9A3P6L5He
— Tether (@Tether_to) May 16, 2024
Tether Launches USDT And XAUT Stablecoins On TON Blockchain
Tether is the firm owned by iFinex which is registered in Hong Kong, which also owns the cryptocurrency exchange BitFinex. Its USDT stablecoin is pegged to the United States dollar and backed by Tether’s dollar reserves, ensuring its value remains stable and closely aligned with the USD.
Recently, Tether launched its USDT and XAUT stablecoins on the TON, expanding their availability and enhancing the utility of the TON network for stablecoin transactions. Following this development, over $200 million worth of USDT was issued on TON, allowing users to execute USDT transactions directly via the Telegram application.
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