Telegram now allows USDT transfers through chats
According to reports, USDT has been added to Telegram’s @wallet bot, enhancing the messaging app’s ability to purchase and sell cryptocurrencies. Through this, users of the messaging service Telegram can now send each other tether (USDT), the largest stablecoin in the world by market cap.
With a market cap of $78 billion, USDT ranks third largest cryptocurrency behind Bitcoin and Ethereum. As a stablecoin, the U.S. dollar serves as the asset that supports its value.
For the time being, Telegram will only support the Tron-based asset TRC20, even though USDT is available on a variety of different blockchains.
The network that powers TRX, Tron’s native coin, is responsible for being the fifteenth largest cryptocurrency by market cap. To support the decentralized Internet, Tron aims to serve as its foundation. It’s quick and inexpensive to use its blockchain.
Explaining the usage of USDT on Telegram, users can directly send USDT to their friends with no transaction fees. Users will be able to purchase, swap, and execute P2P trades with Tether USDT (TRC20).
Upon the debut of Telegram’s Open Network in 2018, it first integrated cryptocurrency into the app (TON). But after the U.S. Securities and Exchange Commission ruled that the project’s ICO was unlawful, Telegram consequently shelved the project in 2020.
However, the TON project has continued to advance thanks to community members who go by the name of The TON Foundation.
Currently, Telegram allows users to send and receive Bitcoin. Although, It can only be exchanged for TON, and cannot be withdrawn.
On Telegram, the TON token is used to convert Bitcoin—or any other cryptocurrency into fiat. It can then be withdrawn into traditional bank accounts afterwards.
Although not directly involved in TON, Telegram still has an interest in the network as evidenced by the fact that it built its blockchain-based auction platform Fragment on top of it in late 2022.