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Malaysia-based VCI Global (Nasdaq: VCIG) announced plans to acquire $100 million in OOB tokens and oversee the digital treasury of OOBIT, a Singapore-based crypto payments platform launched in 2017.
According to a Tuesday <a href="https://ir.v-capital.co/articles/events/VCI-Global-Acquires-US-100-Million-in-OOB-Tokens-and-Is-Appointed-as-Treasury-Manager-of-OOB-Foundation-in-Partnership-with-OOBIT-Where-Tether-USDT-Issuer-with-US-183-Billion-in-Circulation-Is-the-Largest-Shareholder" rel="noopener noreferrer nofollow" target="_blank">announcement</a>, Tether will <a href="https://ir.v-capital.co/articles/events/Tether-to-Emerge-as-Largest-Shareholder-of-VCI-Global-NASDAQ-VCIG-Following-100-Million-OOB-Token-Transaction" rel="noopener noreferrer nofollow" target="_blank">become</a> the largest shareholder in VCI Global through its stake in OOBIT. Solana co-founder Anatoly Yakovenko, CMCC Global and 468 Capital are also investors.&nbsp;
VCI Global acquired $50 million in OOB tokens from the OOB Foundation at a $200 million market capitalization, or $0.20 per token, by issuing company shares as payment. The company plans to purchase an additional $50 million worth of OOB tokens on the open market after its official launch.
VCI is a technology and investment company that develops platforms spanning artificial intelligence, digital finance and data infrastructure. In February 2024, it <a href="https://www.reuters.com/technology/singapores-oobit-gets-25-mln-funding-investors-including-crypto-firm-tether-2024-02-05/" rel="noopener noreferrer nofollow" target="_blank">raised</a> $25 million in a Series A round to expand its crypto payments app.&nbsp;
On Tuesday, the company’s shares fell by over 20% in early trading following the announcement.
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 <img alt="VCI Global unveils crypto treasury plan, backs Tether’s payments arm OOBIT" src="https://s3.cointelegraph.com/uploads/2025-11/019a73b6-53c4-7300-aaa1-168f01566833" title="">
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 VCIG intraday performance. Source: <a href="https://finance.yahoo.com/quote/VCIG/" rel="noopener noreferrer nofollow" target="_blank">Yahoo News</a>
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Related: <a href="https://cointelegraph.com/news/tradfi-banks-advancing-new-stablecoin-models" rel="noopener noreferrer nofollow" target="_self">How TradFi banks are advancing new stablecoin models</a>
<h2 id="oobit-races-toward-stablecoin-payments">OOBIT races toward stablecoin payments</h2>
OOBIT rolled out its <a href="https://cointelegraph.com/news/streamlined-usdt-xaut-transactions-ton-oobit" rel="noopener noreferrer nofollow">crypto-to-fiat payments app</a> in April 2022. The platform enables merchants to accept crypto payments and cash out their funds in fiat currency.
Since May 2024, <a href="https://cointelegraph.com/news/streamlined-usdt-xaut-transactions-ton-oobit" rel="noopener noreferrer nofollow">OOBIT has integrated</a> with The Open Network to facilitate retail payments through Tether’s stablecoins USDt (<a href="/tether-price-index" rel="noopener noreferrer">USDT</a>) and its gold-backed token, Tether Gold (XAUt).<iframe width="100%" height="315" src="https://www.youtube.com/embed/ry9MI57Pbjs?start=" frameborder="0" allow="accelerometer; autoplay; encrypted-media; gyroscope; picture-in-picture" allowfullscreen loading="lazy" sandbox="allow-scripts allow-same-origin allow-popups allow-forms"></iframe>
The crypto payments space is crowded with <a href="https://cointelegraph.com/news/tradfi-banks-advancing-new-stablecoin-models" rel="noopener noreferrer nofollow" target="_self">traditional payment infrastructure providers</a> and fintech companies racing to enhance stablecoin payments.
In October, Visa announced it was <a href="https://cointelegraph.com/news/visa-supporting-four-stablecoins-four-blockchains" rel="noopener noreferrer nofollow">rolling out stablecoin support</a> across four new blockchains. A few months earlier, in April, Stripe <a href="https://cointelegraph.com/news/stripe-opens-testing-new-stablecoin-product-bridge-acquisition" rel="noopener noreferrer nofollow" target="_self">began testing</a> its upcoming stablecoins payment network, Tempo.
A March <a href="https://newsroom.oobit.com/p/d52b5d83-9647-4c9a-96f8-d49d08bf960f/" rel="noopener noreferrer nofollow" target="https://newsroom.oobit.com/p/d52b5d83-9647-4c9a-96f8-d49d08bf960f/">report</a> by OOBIT revealed that <a href="https://cointelegraph.com/news/70-percent-eu-crypto-payments-retail-food-beverages-oobit" rel="noopener noreferrer nofollow" target="https://cointelegraph.com/news/70-percent-eu-crypto-payments-retail-food-beverages-oobit">70% of crypto payments</a> in the European Union were made for food and beverage, as well as other retail purchases, with an average purchase amount of $8.36.
Magazine: <a href="https://cointelegraph.com/magazine/crypto-bull-run-ending-profits-hodl-ferrari-crypto-kid-efe-kelemci/" rel="noopener noreferrer nofollow" target="_self">If the crypto bull run is ending… it’s time to buy a Ferrari: Crypto Kid</a>

VCI Global unveils crypto treasury plan, backs Tether’s payments arm OOBIT

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