The incorporation of the Oobit mobile payment app into transactions involving Tether's USDT and XAUt on The Open Network (TON) marks a significant advancement in streamlining processes for merchants and users alike. With Tether's USDT and XAUt being pegged to the value of one USD and one fine troy ounce of gold respectively, the integration of Oobit's app aims to enhance the convenience and efficiency of conducting transactions on TON.

As part of this collaboration, TON issues its own native cryptocurrency, Toncoin (TON), alongside the existing tokens. Oobit's Tap & Pay technology further adds to the convenience by enabling merchants to seamlessly receive payments in fiat currency, even when customers choose to pay using USDT. This innovation not only simplifies transactions but also expands access to cryptocurrencies for the unbanked population.

Tether's CEO, Paolo Ardoino, emphasizes the transformative potential of this partnership, highlighting the goal of providing banking solutions to the unbanked while revolutionizing cryptocurrency transactions. Tether's investment in Oobit's Series A funding round underscores their commitment to this vision of financial inclusion and innovation.

Moreover, Oobit's expansion into the crypto-to-fiat mobile app market in 2022 and the subsequent introduction of its Tap & Pay feature in 2023 showcase its dedication to advancing user-friendly crypto solutions. By integrating with various blockchain networks and cryptocurrencies like VeChain's VET coin, Oobit continues to demonstrate its commitment to providing accessible and inclusive financial services.

In addition to its collaboration with Oobit, Tether's broader investment strategy includes increasing its stake in payment provider CityPay.io, signaling its commitment to expanding its reach and influence in the financial technology sector. This multifaceted approach underscores Tether's proactive efforts to innovate and drive growth in the cryptocurrency and fintech industries.