Telegram Announces Support for Tether’s USDT Transfer Through Chats
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Telegram, a popular cross-platform messaging app, informed its users on Wednesday of its latest incorporation of Tether stablecoin, USDT, into its wallet function.
With this integration, Telegram users can seamlessly transfer USDT directly within the platform, expanding the instant-messaging app facility to buy and sell crypto assets.
Telegram & USDT: A New Step for Symbiotic Growth and Massive Stablecoin Adoption?
Over the years, the growth of cryptocurrency has been limitless due to massive adoptions and new ecosystems in various ecosystems. Telegram is one such, as it supports cryptocurrency as a means of payment for services between users directly via its app.
On Wednesday, March 22, the renowned messaging app announced its integration of Tether’s USDT stablecoin into its in-app wallet bot. Users can buy, send, swap, and process peer-to-peer (P2P) payments using USDT to friends and family with zero transaction fees.
I use @telegram all the time. What about you? @paoloardoino #TRON #USDT https://t.co/biYkuPtf3A
— H.E. Justin Sun 孙宇晨 (@justinsuntron) March 23, 2023
While USDT is compatible with various blockchain networks, Telegram asserts to support the TRC20 version of cryptocurrency at prime time.
USDT (TRC20) joins the likes of crypto assets, namely Bitcoin (BTC) and Toncoin (TON), in the app’s wallet cryptocurrency marketplace.
This significant integration offers Telegram users crypto options to choose from and a wallet bot to manage assets and process all P2P payments without complexities.
In theory, integrating crypto payments into chats has simplified sending and buying of crypto assets as easily as sending a text, photograph, or video.
Stablecoins like USDT offer a myriad of benefits as other cryptos do but without the cost of volatility, which makes them somewhat appealing compared to giants like Bitcoin and Ethereum. This is because its value is pegged to a trusted and legitimate standard, the U.S. dollar.
Therefore, they are a vital option for users keen on navigating the crypto space but without risk, hence avoiding the sharp swings of volatility. Regardless of general market swings, the stablecoin will maintain the same level as the U.S. dollar.
After Bitcoin and Ethereum, USDT has a staggering $77 billion market cap, making it the third-biggest cryptocurrency. Telegram’s addition of USDT should be an important development of its crypto service and an extremely positive development for stablecoin mainstream adoption.
By creating a simplified hub that enables users to trade USDT (TRC20) within the app, more crypto enthusiasts will join the platform and engage in more P2P payments through the convenience of stablecoins – this will be a catalyst for a series of adoption and growth within both the messaging app and stablecoin ecosystem.
These adoptions will undoubtedly improve market stability as USDT is anchored to a dollar value and enhance Telegram’s overall liquidity, providing crypto enthusiasts with a versatile platform to trade, exchange crypto assets, and keep up with friends and family via its messaging capabilities.
Telegram’s solid interest in the crypto sphere will influence the market growth of stablecoins such as USDT, already soaring in popularity due to their unique utility of offering stability and reduced volatility – this will open market opportunities as more investors will be encouraged to use both the app and stablecoin.
Insights on Telegram Crypto Journey So Far
Telegram crypto interest garnered strong interest, which transitioned into launching the messaging app native crypto token, The Open Network (TON), in 2018.
However, the instant-messaging app decided to disassociate itself from the crypto project in the year 2023 due to several lawsuits from the U.S. Securities and Exchange Commission (SEC) over its initial coin offering (ICO.)
Nevertheless, the project is stirred by its vibrant community known as the TON Foundation.
Although Telegram is not directly involved in its development, there is still a rumored interest geared toward TON development – this may hold no water.
in popularity due to their unique utility of offering stability and reduced volatility – this will open market opportunities as more investors will be encouraged to use both the app and stablecoin.