Tether and Uquid created the “1 USDT” store, which uses DeFi technology to improve crypto shopping.
Tether Operations Limited has recently announced a partnership with Uquid, a Web 3 e-commerce platform, to introduce the “1 USDT” store.
This innovative project aims to illustrate the practical application of USDT in digital commerce and everyday transactions.
The initiative aims to improve the overall crypto purchasing experience and enhance crypto micropayments by utilizing blockchain infrastructure and DeFi technology.
This action is a substantial stride toward the integration of cryptocurrency into daily retail activities.
Tether’s New Retail Initiative and Store Features
The collaboration between Uquid and Tether represents a significant development in digital commerce.
The “1 USDT” store will offer a wide range of products exclusively in USDT, allowing users to shop more efficiently.
Customers can access the store through the website or via the Telegram bot “@shop1USDT_bot“.
The store’s inventory includes various digital items, such as mobile top-ups and gift cards, and physical products, all priced under 1 USDT and suited to different markets.
Uquid, which has been at the vanguard of Web3 shopping infrastructure since 2016, employs decentralized finance and blockchain technology to ensure secure and transparent shopping services.
However, to resolve the concerns of Web 2.0 shopping and provide a seamless Web3 shopping experience, the company has upgraded its DeFi payment system.
Uquid’s CEO underscored that this Tether-backed initiative establishes a new standard for digital purchasing in terms of convenience and accessibility.
In the same vein, Paolo Ardoino, CEO of Tether, expressed enthusiasm for the partnership, underlining its potential to transform the crypto shopping experience.
He underscored the success of developing limitless cross-border payment solutions that are both reliable and non-restrictive, thereby inaugurating a new era of digital transactions that are convenient, transparent, and rewarding for both users and merchants.
Tether’s Decision on EOS and Algorand
In a distinct development, Tether has decided to discontinue support for USDT on the EOS and Algorand blockchains.
This decision was influenced by community interest, maintenance requirements, and usage levels.
Before launching USDT on a blockchain, Tether meticulously assesses its security features, with a focus on long-term viability and safety.
The implication is that Tether’s rigorous criteria may not have been met by EOS and Algorand.
Due to this decision, Tether has promptly discontinued the minting of USDT on these networks.
However, to guarantee a seamless transition for users, the company will continue to permit USDT redemptions on EOS and Algorand for the next 12 months.
This action emphasizes Tether’s commitment to upholding the most stringent security and efficiency protocols in its operations across various blockchain platforms.
