Oobit Taps Plasma to Supercharge Stablecoin Spending Across 100 Million Merchants Worldwide

Oobit, a crypto payments startup that enables day-to-day stablecoin spending at more than 100 million merchants worldwide, has announced a partnership with Plasma to supercharge its global payments network. 

The Tether-backed fintech startup is integrating Plasma’s vertically-integrated stablecoin infrastructure to help service the demand for real-world stablecoin payments by enabling users to spend USD₮ held on Plasma with over 100 million Visa merchants globally.

The integration accelerates Oobit’s strategic plan for global expansion, following its recent entry into Africa through South Africa. 

DePay and Plasma enable high transaction throughput and low fees

This partnership combines the power of DePay, Oobit’s decentralized payment layer, with Plasma’s high-volume stablecoin infrastructure to deliver a simple, everyday payment experience built for speed, reliability, negligible fees, and deep USD₮ liquidity. 

DePay, Oobit’s decentralised payment layer, allows users to pay directly from self-custody wallets, including Phantom, MetaMask, Trust Wallet, and Binance Wallet, and supports USD₮ payments. 

The technology integrates seamlessly with users’ crypto wallets, requiring no traditional transfers or top-ups. The company has also partnered with Visa to enable stablecoin payments at any Visa merchant worldwide, increasing the usability of stablecoins in everyday transactions.

According to the announcement, users will also receive up to 5% cashback from participating merchants on USD₮ transactions from Plasma. 

Commenting on the announcement, Amram Adar, Co-Founder and CEO of Oobit, said in a statement: “Stablecoins are the new money. Partnering with Plasma lets users spend them anywhere in the world with negligible fees. The standard just levelled up.”

According to Paul Faecks, Founder & CEO of Plasma, enabling users to rely on stablecoins in their daily spending can play a crucial role in driving global adoption. “That’s the core of Plasma’s mission, and our partnership with Oobit brings us one step closer to delivering global, frictionless access to financial services powered by stablecoins,” he said.

The announcement comes shortly after Oobit’s partnership with the NYSE-listed Bakkt, a company that builds regulated digital asset infrastructure for businesses. Regulated in all 50 US states, this partnership further accelerates Oobit’s mission to bring stablecoins into everyday use.