Tether Collaborates with TON Foundation to Enhance Crypto Transactions for Unbanked
Tether recently announced its partnership with the TON Foundation and mobile payment app Oobit to introduce a solution for conducting cryptocurrency transactions. The primary focus of this collaboration is to provide financial services to the unbanked population, emphasizing a borderless financial system and decentralized technological solutions that boost digital finance accessibility and efficiency.
Tether and TON Enhancing Mobile Payments with USDT
- Tether has dedicated over $200 million in USDT to the TON blockchain for users to send the stablecoin via Telegram direct message or instant crypto payments.
- The collaboration aims to drive innovation and accessibility, offering banking solutions to the unbanked and transforming cryptocurrency transactions, as per Paolo Ardoino, Tether’s CEO.
The integration with Oobit’s “Tap & Pay” feature enables contactless crypto payments, similar to the Apple Pay experience, facilitating crypto transactions at over 100 million Visa and Mastercard-accepting companies. This partnership intends to broaden cryptocurrency access to a broader audience.
Oobit and Tether Expanding Cryptocurrency Accessibility
- Oobit’s cooperation with TON and Tether signifies a commitment to providing the unbanked access to major cryptocurrencies and global payments.
- The World Bank highlights the necessity for collaborative efforts between businesses and governments to extend financial services to the unbanked population, addressing around 1.4 billion individuals globally.
Telegram’s vast user base exceeding 900 million worldwide presents a strategic advantage for outreach to the unbanked demographic, aligning well with Tether’s financial inclusion objectives. The TON Foundation will further its financial inclusion goals by integrating leading stablecoins like USDT and the gold-backed stablecoin XAUT.
TON Foundation’s Commitment to Financial Inclusion
- Integration of USDT and XAUT into TON’s ecosystem aligns with the Foundation’s pursuit of providing financial access to all.
- Pantera Capital’s undisclosed investment in TON underscores the project’s growing momentum within the Telegram community.
Despite these significant developments, TON’s native token witnessed a decline of over 4% following the news, with a price drop to $6.72. The market response to the partnership may alter in the future based on evolving trends and user adoption.
Hot Take: Market Response to Tether’s Collaboration with TON Foundation
As Tether and TON advance financial inclusion initiatives, the market’s reaction to this collaboration reflects the dynamic nature of the cryptocurrency landscape. Stay tuned for further updates on how this partnership shapes the accessibility and utility of cryptocurrencies for all users.
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