Tether and TON Foundation Join Forces to Reach Unbanked Populations

Tether announced its collaboration with the TON Foundation and mobile payment application Oobit to launch a solution for carrying out crypto transactions. With this, they seek to provide financial solutions to the unbanked population.

The USDT issuer stressed that the alliance focuses on providing a “borderless” financial system through decentralized technological solutions that empower digital finance. The goal is to create a “new era” of accessibility and effectiveness for people.

Tether and TON Will Facilitate Mobile Payments with USDT

Tether emphasized that it has allocated more than $200 million in USDT to the TON blockchain. It has allowed users to send the stablecoin as a Telegram direct message or for instant crypto payments.

“This collaboration underscores our commitment to driving innovation and accessibility. Together, we will provide banking solutions to the unbanked population and revolutionize the way users transact with cryptocurrencies,” Paolo Ardoino, CEO of Tether, explained.

The Oobit integration is relevant for its experience called “Tap & Pay,” which allows crypto users to make contactless payments, similar to an Apple Pay experience. This solution allows crypto in more than 100 million companies that accept Visa and Mastercard.

Read more: 5 Best Toncoin (TON) Wallets in 2024

“Our collaboration with the TON Foundation and Tether exemplifies this commitment. We’re not just providing another payment option; we’re providing unbanked access to the most prominent cryptocurrencies and worldwide payments using Oobit,” Amram Adar, CEO of Oobit, said.

According to the World Bank, around 1.4 billion people worldwide are unbanked, as they belong to low and developing social classes and live in rural areas. The organization admits that businesses and governments need to collaborate to bring financial services to the entire population.

Telegram, an instant messaging platform affiliated with TON, has a user base of more than 900 million people worldwide, so this type of agreement is a great opportunity to reach the unbanked population. Additionally, its user base fits well with Tether’s financial inclusion goals.

The TON Foundation will continue its goal of financial inclusion by integrating the largest stablecoins on the market, USDT. Moreover, it will incorporate XAUT, Tether’s stablecoin, which is pegged with the value of physical gold per one troy ounce.

This development follows Pantera Capital’s recent undisclosed investment in TON. This investment marks a significant milestone as TON continues gaining traction within the Telegram user base.

Read more: Which Are the Best Altcoins To Invest in May 2024?

TON Price Performance. Source: BeInCrypto

Yet, the market did not react positively to this recent news. TON’s native token fell more than 4% on the day to $6.72.