Telegram users can now transfer USDT through chats
Telegram users can now send each other tether (USDT), within chats in the messaging app.
By Anna B Kiwanuka
Tether (USDT), the largest stablecoin in the world by market cap, can now be transferred between Telegram users within chats.
According to an email message shared with CoinDesk on Wednesday, USDT has been added to Telegram’s @wallet bot, strengthening the messaging app’s ability for buying and selling cryptocurrencies.
Integrating crypto payments into messaging apps like Telegram, in theory rendering sending cryptocurrency as easy as sending a text or a photograph should be an extremely positive development for mainstream adoption.
According to CoinDesk, bitcoin (BTC) and toncoin (TON) were added to @wallet’s marketplace last April, with the latter also available to send within chats. Stablecoins like USDT offer many of the benefits other cryptos do but without the price volatility that often besets the likes of bitcoin and ether. Therefore they are a vital component for users who wish to keep their money in the crypto ecosystem without risking it being on the receiving end of any sharp swings in value.
Therefore, the inclusion of USDT may prove to be a significant advancement for Telegram’s crypto service. The messaging service’s history with cryptocurrencies dates back to the creation of the Open Network (TON) blockchain project. However, due to legal disputes with the U.S. Securities and Exchange Commission, this development was abandoned in 2020. (SEC).
However, the TON project has continued to advance thanks to community members who go by the name of The TON Foundation. Despite not having a direct role in TON, Telegram still has a stake in the network as evidenced by the fact that it built its blockchain-based auction platform Fragment on top of it in late 2017.