Tether, a leading stablecoin provider, announced a fresh alliance with Oobit, a mobile payment application, and the TON Foundation on Friday. This partnership aims to revolutionize the cryptocurrency payment sector by offering users a seamless and uncomplicated method of transferring funds.

This initiative mirrors Tether's vision of establishing a global financial system through decentralized technology.

Tether Expands USDT and XAU₮ on TON Blockchain

As part of this venture, Tether has recently launched its stablecoins, USD₮, and XAU₮ on the TON blockchain. This move simplifies transactions within the TON ecosystem, ensuring swift, secure, and cost-effective transfers.

Following the rollout, over $200 million worth of USD₮ has been circulated on the TON blockchain. This advancement enables users to send USD₮ via Telegram and utilize it for instant crypto Tap payments on Oobit, reinforcing Tether's standing in the digital asset realm.

Paolo Ardoino, Tether's CEO, expressed his excitement about this collaboration, highlighting its potential to spark innovation in cryptocurrency payments. Ardoino emphasized that this partnership offers banking solutions to the underbanked and transforms how individuals engage with cryptocurrencies.

Oobit's Contribution to Crypto Tap & Pay

Oobit delivers a rapid and straightforward Tap & Pay crypto experience, ensuring merchants receive fiat currency even when transactions are conducted in USD₮. This integration enhances the practical utility of cryptocurrency as a payment medium, establishing it as a legitimate and widely embraced option.

Amram Adar, Oobit's CEO, articulated their goal of enabling full-scale utilization of digital assets. He underscored that this collaboration grants unbanked individuals access to popular cryptocurrencies and global payments through Oobit.

TON Foundation's Role in Decentralized Payments

Simultaneously, the TON Foundation, a non-profit entity advocating for the decentralized evolution of the conventional Internet via blockchain technology, plays a pivotal role in this partnership.

The TON blockchain's integration with Telegram facilitates the use of USD₮ and soon XAU₮ on TON, offering Telegram's user base a seamless, borderless platform for peer-to-peer payments. This expansion broadens the demographic with access to decentralized services, enhancing user experience.

Victor Mendes, Business Development CEO at Wallet, noted that this collaboration streamlines cryptocurrency usage. By incorporating Toncoin into Oobit's Tap & Pay functionality, millions of users can enjoy a user-friendly Web3 on- and off-ramp experience, accelerating the vision of widespread crypto adoption.

Despite these advancements, the TON price has not responded positively, experiencing a 3.46% decline in the past 24 hours, trading at $6.74. Concurrently, TON's market capitalization decreased by 3% to $23,412,207,172, while the 24-hour trading volume surged by 73.49% to $679,612,074.