Tether-Backed Oobit Expands Visa Payments By Adding Phantom Wallet

TLDR

• Oobit adds Phantom wallet, expanding Visa access for over 15 million users.
• Solana co-founder co-led Oobit’s $25 million Series A funding round.
• Crypto is converted to fiat in real time at Visa-enabled merchants.
• Oobit’s DePay service is now active in the US, Brazil, Korea, and more.

Oobit, a mobile crypto wallet backed by Tether, has added native support for Phantom, one of the largest non-custodial wallets in the Solana ecosystem. This update allows Phantom users to make real-time crypto payments through Visa-supported merchants without transferring assets to custodial services.

According to Oobit, the platform’s “DePay” payment layer enables instant crypto-to-fiat conversions at the point of sale. With this, users can spend assets like stablecoins while retaining full wallet control until the moment of payment.

DePay Connects Crypto Wallets with Visa Rails

Oobit’s DePay service bridges crypto wallets directly with traditional payment infrastructure. It converts digital assets into fiat during the transaction process and instantly transfers funds to merchants. This eliminates the need for pre-transfers or centralized intermediaries.

“The amount is deducted from the user’s wallet in real time and settled instantly,” Oobit stated in its announcement. This system supports one-tap payments from wallets like Phantom and MetaMask, provided the merchant accepts Visa.

The solution ensures that users remain in control of their funds until they approve a transaction. This setup maintains the self-custody model, a key feature for many wallet holders. The service is currently live in markets including the United States, Brazil, South Korea, Thailand, and the Philippines.

Phantom’s User Base Gains Real-World Utility

Phantom has over 15 million users worldwide and is widely recognized in the Solana community. Before this integration, there were limited options for users to spend their digital assets for daily purchases. The Oobit integration changes that by connecting crypto assets with real-world spending through the Visa network.

“This launch represents a major step toward everyday crypto payments,” Oobit and Phantom shared in a joint statement. With the new feature, Phantom users can now use their stablecoins at physical and online Visa merchants without leaving their wallet.

Oobit’s platform does not require bridging or converting assets in advance, which reduces user friction and increases efficiency. It aligns with the growing demand for seamless and decentralized crypto payment solutions.

Funding Round and Strategic Backing

Oobit raised $25 million in a Series A funding round, co-led by Tether and Solana co-founder Anatoly Yakovenko. Other participants included CMCC Global and 468 Capital. This funding round supports the development of the DePay infrastructure and expands the reach of Oobit’s payment services.

In late 2025, OOB tokens were migrated from Ethereum to Solana, aligning the platform more closely with the Solana network. Additionally, Malaysia-based firm VCI Global announced a $100 million investment in OOB tokens and plans to manage Oobit’s digital treasury.

This arrangement may also position Tether as a key stakeholder in VCI, further linking the involved entities and increasing Tether’s influence in the digital asset payment space.

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