In this post:
- Oobit has begun supporting Tether’s newly launched USD-backed stablecoin, USAT, starting January 27.
- The digital asset firm also revealed that there will be zero integration requirements for American merchants.
- Oobit revealed that it’s leveraging Bakkt’s regulated U.S. infrastructure to achieve full compliance across all 50 states.
Tether-backed mobile crypto payment app Oobit has begun supporting Tether’s newly launched USD-backed stablecoin USAT starting Tuesday. The initiative is a major milestone for Tether as it bids to transform American commerce with more efficient, stablecoin-based payments.
Oobit revealed that it’s collaborating closely with the stablecoin issuer to integrate USAT as a supported asset for seamless crypto payments. The firm believes that the partnership will enable U.S. users to transact securely and efficiently with any physical or online retailer that accepts Visa credit and debit cards.
Oobit offers zero integration requirements for American merchants
Tether introduced the United States Authorized Tether (USAT) in November as the first stablecoin digital asset designed to comply with the federal regulations of the U.S. Genius Act. Tether America, a joint venture between Tether and Anchorage Digital, will issue the stablecoin.
Anchorage Digital Bank will also issue USAT directly from its federally regulated bank, Anchorage Digital Bank, N.A. Nathan McCauley, CEO and Co-Founder of Anchorage Digital, stated that USAT reflects what’s possible when stablecoin issuance is conducted within the U.S. banking system at scale, under real supervision and accountability.
Tether’s CEO, Paolo Ardoino, believes the initiative provides a massive opportunity to accelerate the adoption of stablecoin payments in the U.S. He also argued that the initiative creates a massive opportunity to grow his company’s presence in the world’s largest economy.
The stablecoin issuer already has a strong foothold in the U.S., with millions of Americans using its USDT stablecoin. Ardoino also believes that Tether will leverage USAT to take market share from incumbents such as PayPal and Stripe and become one of the U.S.’s biggest payment providers.
“The Digital Dollar is only real when you can buy something with it. Tether delivered the regulatory foundation with USAT. We deliver the moment of use. This is the final piece that turns stablecoins into everyday money in the United States.”
–Amram Adar, CEO of Oobit.
Oobit revealed that there will be zero integration requirements for American merchants. The firm also acknowledged that Tether’s partnership with Anchorage Digital enables users to send USAT from the Oobit app, where the funds are immediately converted into fiat and transferred into the retailer’s U.S. bank account. The firm believes that millions of existing POS terminals will accept its USAT payments, with more than 14 million merchant businesses in the U.S. already accepting Visa.
Oobit’s U.S. expansion fuels growing momentum
Oobit stated that its efforts to bridge crypto and traditional payments and expand the real-world utility of digital assets have helped accelerate the platform’s momentum. The integration of USAT comes just weeks after the token’s official launch in the U.S., in partnership with the publicly traded digital asset firm Bakkt.
Oobit acknowledged that it’s leveraging Bakkt’s regulated U.S. infrastructure to achieve full compliance across all 50 states. The crypto firm argued that the initiative reduces regulatory friction for payments partners and enterprises. Oobit revealed that Tether is one of the main drivers of its U.S. expansion, with USDT stablecoins also supported as a primary settlement asset for crypto-to-fiat payments.
Oobit also confirmed that U.S.-based users can link third-party wallets such as MetaMask and Trust Wallet to its app. The firm said the initiative will leverage the stability and liquidity of Tether’s stablecoin ecosystem to enable users to seamlessly spend crypto without surrendering custody of their funds.
