Tether-Backed Oobit Expands U.S. Presence with New Payment Solution

TLDR

• Oobit launches in the U.S. with Tether’s backing offering a crypto payment solution.
• The app integrates with popular non-custodial wallets like Binance and Trust Wallet.
• U.S. merchants will receive instant fiat payouts through existing Visa payment rails.
• Bakkt provides the regulatory framework and licenses for Oobit’s U.S. expansion.
• Oobit raised $25 million in Series A funding led by Tether and other investors.

Oobit, a Tether-backed mobile payments startup, is launching in the United States. The company has partnered with Bakkt to bring its crypto-based tap-to-pay solution to U.S. consumers. Starting Monday, users will be able to make purchases using their non-custodial wallets, such as Binance, MetaMusk, and Trust Wallet.

Oobit Integrates With Leading Non-Custodial Wallets

Oobit’s new tap-to-pay solution allows U.S. users to make purchases via iOS and Android devices. The app integrates with popular non-custodial wallets like Base, Binance, MetaMusk, Phantom, and Trust Wallet. These wallets allow users to make crypto payments directly from their devices, bypassing traditional banking systems.

Merchants will receive instant fiat payouts using existing Visa payment rails. This integration provides both convenience and efficiency for users and merchants. Oobit’s integration into the U.S. market brings real crypto payments to consumers in a way that has not been seen before in the country.

Tether-Backed Oobit Expands Under Bakkt’s Regulatory Framework

Bakkt, a key partner in the U.S. launch, will provide the necessary regulatory framework for Oobit’s expansion. The company’s licenses and compliance infrastructure will support Oobit’s operations across all 50 states. With Bakkt’s help, Oobit can ensure that its services comply with U.S. regulations, offering a secure environment for crypto transactions.

Oobit’s entry into the U.S. market comes after months of regulatory changes in the U.S. stablecoin sector. The passage of the GENIUS Act earlier this year provided guidelines for stablecoin businesses, encouraging growth and innovation. Tether has been at the forefront of these changes, with Tether-backed Oobit playing a major role in its U.S. strategy.

Oobit has raised $25 million in Series A funding led by Tether and other key investors. This funding will fuel Oobit’s plans for further expansion. The firm rebranded its OOB token and migrated it to Solana from Ethereum to enhance scalability and efficiency.

The company’s growth is also supported by Tether’s involvement in various other projects. Oobit previously integrated stablecoins issued by Tether-backed StablR, further solidifying the relationship between the two entities. As part of its broader strategy, Oobit aims to extend its global reach by tapping into markets like the U.S., leveraging Tether’s influence in the crypto space.

Bakkt’s Role in Oobit’s Expansion

Bakkt’s acquisition of money transmitter licenses enables the platform to facilitate crypto trading and transfers in all U.S. states. With this infrastructure in place, Bakkt serves as a turnkey provider for institutions looking to integrate crypto into their services. This partnership provides Oobit with a solid regulatory foundation as it seeks to expand further in the U.S.

Tether’s backing of both Oobit and Bakkt ensures that the crypto payment startup can navigate the complexities of U.S. regulations. Oobit’s partnership with Bakkt reinforces its commitment to providing secure and compliant payment solutions to U.S. consumers.

Oobit continues to strengthen its position in the global market, focusing on seamless crypto payment solutions. The firm’s expansion into the U.S. marks an important step in its growth strategy, thanks to Tether’s strong backing. The company aims to simplify the crypto payment process while offering greater convenience for users.

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