Telegram users can now send each other the Tether stablecoin. The messaging app notified its users on Wednesday that the wallet function now supports USDT-TRON, also known as TRC20, in a notification sent on Wednesday.
With a market capitalization of $78 billion, USDT is the third-largest cryptocurrency behind Bitcoin and Ethereum. Additionally, it is a stablecoin, meaning that its value is backed by a stable asset — in this case, the U.S. dollar.
Telegram enables USDT transfers through Tron
The functionality is accessible via the Telegram Wallet bot, which enables users to purchase, send, and receive digital assets. Wallet News, a Telegram channel dedicated to providing updates on the Telegram Wallet, revealed the development today.
A cursory examination of the Telegram Wallet bot reveals that USDT support has already been implemented. Users can purchase USDT with a bank card or through a dedicated P2P market without ever leaving the Telegram messaging app. There is also the option to sell USDT on the market.
According to the official announcement, sending USDT will be as simple as sending a photograph on Telegram. USDT now joins Bitcoin (BTC) and The Open Network token as assets supported by the Wallet bot (TON). According to the announcement, USDT is only supported on the Tron network (TRC20).
The addition of USDT provides Telegram users with exposure to stablecoins, which offer many of the benefits of a typical crypto asset but without the volatility that comes with crypto investments. As a result, investors who have been discouraged by market volatility can now use the Telegram Wallet bot in peace.
Tron is the network that powers the 15th largest cryptocurrency by market cap: TRX. Tron aims to be the foundation of the decentralized Internet. Its blockchain is both low-cost and fast.
Telegram’s TON Project
The founders of Telegram, Paul Dirov, and Nikolai Durov, launched The Open Network (TON) initiative in 2018 with the goal of making blockchain transactions as simple as sending and receiving messages. However, Telegram abandoned the project due to issues with the U.S. Securities and Exchange Commission (SEC).
After that, a community of developers picked it up and has since expanded it. The TON Foundation was established shortly thereafter to oversee the project’s development. Following the introduction of the wallet bot, usage has skyrocketed. As a result, the Foundation has been persistently pushing for upgrades to meet the community’s expanding needs.
The Foundation added the ability to send and receive cryptocurrencies within the app in April last year. However, regardless of the Wallet bot’s support for BTC purchases, the functionality was restricted to the TON token.
According to CoinGecko, Tether’s USDT is the most actively traded digital asset, with a 24-hour trading volume of over $45 billion. On an exchange, the token is used to quickly convert Bitcoin or any other crypto into dollars, euros, or yen. After that, it can be cashed out into a conventional bank account.
Steps on how to send USDT through the app
Go to the attachment icon circled above, and it will lead you to wallets. On that space, go to wallets and choose USDT (USD Tether).
Here, write down the amount of USDT you would like to transfer to the recipient. The new addition also concerns P2P Market: You can buy and sell USDT directly within the bot. To do so, select an ad or create a new one. It’s easy and safe!
On trading, the main menu has a new section: “Swap.” Trade TON for USDT and vice versa in a couple of taps. To receive USDT, tap the “Receive” button in the main menu.
Once the amount is sent, it’s up to the receiver to trade through the Ton network. It is that simple and straightforward. Now you are done.
The integration of USDT into the messaging app gives crypto traders hope that Elon Musk will follow the same steps with Twitter.
