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Telegram To Enable USDT Stablecoin Payments On Tron Network

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         USDT has been integrated into Telegram’s wallet bot, enhancing its crypto buying and selling capability.

  • What: Telegram has added support for the stablecoin giant USDT on its wallet bot.
  • Why: Incorporating stablecoin payments expands Telegram’s crypto capabilities.
  • What Next: This integration now allows users to buy and sell USDT directly with the Telegram app. 

Instant messaging app Telegram has added support for the USDT stablecoin on its wallet bot, according to a Wednesday notification. This integration now allows users to buy and sell USDT directly with the app, expanding Telegram’s crypto capabilities. 

Incorporating cryptocurrency payments into messaging applications like Telegram, in theory, renders sending digital currencies as easy as sending a text or a photo. This significant development makes it easier for Telegram users to manage their cryptocurrency holdings and conduct P2P transactions using USDT. This is an extremely positive development for the mainstream adoption and use of USDT.

The Telegram announcement went:

You can now buy, swap, and make P2P trades with Tether USDT (TRC20). You can also directly send USDT to your friends with no transaction fees.

Note that Telegram has over 55 million daily users, and now all of them will have access to crypto wallets just through their chats. On the other hand, USDT is the largest stablecoin, meaning its value is pegged 1:1 to that of the U.S. dollar, with a market cap of $78 billion. Now that’s mass onboarding!

USDT runs on a number of blockchains, but Telegram will only support the stablecoin on Tron as a TRC20 standard token. 

Tron is a layer-1 blockchain built for decentralized file storage and content distribution, founded by Justin Sun in 2017. Its native token is TRX, the 15th largest cryptocurrency by market capitalization, according to the CoinMarketCap ranking. Tron is working to be the foundation behind the decentralized Internet. Using its blockchain is low cost and high speed. 

Telegram’s wallet bot is a feature within the messaging app that allows users to manage their crypto holdings, including sending and receiving transactions, checking balances, and viewing transaction histories. Adding USDT to the wallet bot expands the app’s crypto capabilities, which previously included support for Bitcoin and Telegram’s cryptocurrency under the ticker TON.

What does USDT’s Telegram Integration Mean For Stablecoin Adoption?

Stablecoins offer many benefits that other cryptocurrencies provide but without the price volatility that often bedevils the likes of Bitcoin (BTC) and Ethereum (ETH). Therefore, they are a favorite for users who wish to keep their money within the crypto ecosystem but without exposure to risks that come with extreme price volatilities. 

As such, USDT integration into the messaging platform can have several positive effects on stablecoins as an asset class, such as increased adoption and making it accessible to a wider user base.

In addition, by allowing users to directly send and receive USDT within the app, the integration on the Telegram wallet bot makes using the stablecoin more convenient and user-friendly. This can encourage more users to use USDT to make transactions instead of other virtual currencies, resulting in a further increase in its mainstream adoption.

Moreover, increased stablecoin adoption can improve market stability as USDT is pegged one-on-one to the U.S. dollar. Stablecoins are designed to provide stability in the otherwise volatile crypto market. Furthermore, this integration by Telegram can enhance its liquidity, providing another platform for users to trade and exchange, ultimately, driving up demand.

Overall, the addition to Telegram’s wallet bot will positively impact the market as stablecoins like USDT are becoming increasingly popular for their ability to offer stability and reduce volatility, helping increase its adoption and encouraging more investors to use both the app and the stablecoin.

Telegram’s Cryptocurrency Journey

Telegram’s cryptocurrency journey started a few years before the development of the Open Network (TON) blockchain. However, this project was halted in 2020 due to legal issues with the U.S. Securities and Exchange Commission (SEC). 

The project has been kept alive by its community calling themselves the TON Foundation who have continued to build it. Although Telegram is not directly involved in TON development, it has maintained an interest in the network evidenced by its building of the app’s blockchain-based auction platform Fragment atop it in 2022. 

Telegram also allowed users to buy Bitcoin via its app, and send Bitcoin to other users or their Bitcoin wallets. They could, however, not cash their BTC out but it could be exchanged for TON, the 23rd biggest crypto by market capitalization. 

Risks Of USDT Integration Into Telegram

While the integration on Telegram’s wallet bot offers several benefits, there are also some risks associated with using USDT on the platform including:

  • Counterparty risk: While using the wallet bot, users essentially trust Telegram with their crypto, as the platform is in charge of the private keys. As such, users rely entirely on Telegram’s security measures to protect their funds.
  • Network congestion: Stablecoin transactions occur on a blockchain network, which can be congested during times of high demand, resulting in delays in transaction processing and increased fees.
  • Increase in scam activity: The integration of the stablecoin on Telegram’s wallet bot also raises the risk of fraudulent activities by scammers. These scammers may attempt to take advantage of the integration by creating fake accounts or offering fraudulent investment opportunities to users.

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