May 30, 2024
Telegram crypto

The addition of  Tether USDT to the @wallet bot on Telegram has expanded the messaging app’s capability for cryptocurrency trading. 

On Wednesday, an announcement was stating that USDT has been added to the @wallet bot on Telegram, which has broadened the messaging app’s ability to facilitate buying and selling of cryptocurrency.

The integration of crypto payments into messaging apps such as Telegram has the potential to make sending cryptocurrency as simple as sending a text or picture, ultimately being a favorable development for mainstream adoption.

Telegram’s Crypto Service with USDT

The addition of USDT is therefore a significant development for Telegram’s crypto service. @wallet’s marketplace added bitcoin (BTC) and toncoin (TON) in April of last year, and the latter can also be sent within chats. Stablecoins such as USDT provide benefits similar to other cryptocurrencies, but they lack the price volatility that often affects bitcoin and ether, making them an essential component for users who wish to keep their funds within the crypto ecosystem without risking sudden fluctuations in value.

With the latest addition of USDT to Telegram’s wallet bot, users can now easily and quickly transfer funds to their peers by selecting the USDT altcoin within their chat boxes. However, according to Decrypto, the messaging app will only support the USDT run on the Tron blockchain, TRC20, at least for now. Additionally, t.me/wallet permits users to exchange USDT TRC-20 tokens to purchase TON, as per Malev. This advancement is a promising development for the industry in theory.

Crypto Adoption on the Rise

The messaging app’s cryptocurrency journey dates back several years to the development of the Open Network (TON) blockchain project. However, legal battles with the U.S. Securities and Exchange Commission (SEC) caused the project’s abandonment in 2020. Nonetheless, The TON Foundation, a community of supporters, has continued to promote the project.

While not directly involved in TON, Telegram still holds an interest in the network, as evidenced by the development of Fragment, a blockchain-based auction platform, built on it in late 2022.

Telegram has expanded its cryptocurrency services by introducing a USDT transfer feature within chats, enabling users to easily transfer Tether (USDT) stablecoin to their peers. The announcement was made by the TON blockchain team, which tweeted about the integration of USDT into the @wallet bot on Telegram.

The messaging app currently has 700 million monthly active users, and this move is expected to enhance the mainstream adoption of cryptocurrency. While Telegram will only support the USDT run on the Tron blockchain, TRC20, for now, the t.me/wallet enables users to convert USDT TRC-20 tokens to purchase TON.

Telegram’s latest move should be positive for the industry and is considered a major milestone for the TON blockchain community. The founder of Telegram, Pavel Durov, has praised the efforts of TON, which has continued to advance despite the abandonment of its development in 2020.

Peer-to-Peer Market on Telegram

In October of 2022, the TON development team unveiled a new feature for Telegram users – a peer-to-peer (P2P) market that allows them to trade toncoin directly on the messaging platform. With this new market, users can buy and sell cryptocurrency from one another, with the wallet service serving as a guarantor for the transaction.

This development offers greater convenience and accessibility for TON users, making it easier for them to exchange the digital asset with their peers directly on Telegram.

 

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