Telegram has announced a new feature that allows users to send and receive Tron blockchain-based TetherUSD (USDT) stablecoins directly through the messaging app. Users can access the service via the Telegram @wallet bot, which enables the purchase, sending, and receiving of digital assets.
The announcement was made on March 22 by Wallet News, a Telegram group dedicated to sharing updates on the native crypto wallet for Telegram and Twitter.
[1/7] 🎉 Big news for the @ton_blockchain community! 🚀 USDT is now supported on the @ wallet bot, integrated within Telegram Messenger. This opens up a world of possibilities for over 700 million users! #TON #USDT #Telegram pic.twitter.com/AlIIX4Y31C— Kirill Malev | malev.ton (@playittodeath) March 22, 2023
With the new feature, Telegram users can buy USDT using a bank card or a special peer-to-peer (P2P) market without ever leaving the Telegram messaging app. Users can also sell USDT on the market. To use the P2P feature, users may choose an ad or create a new one within the bot to quickly and securely purchase and sell USDT.
Telegram’s entry into the crypto market has been gaining momentum. In April 2022, the TON Foundation announced a feature for cryptocurrency payments using the TON token on the messaging app, even though the Open Network (TON) blockchain project’s development was stopped in 2020 due to legal disputes with the U.S. Securities and Exchange Commission (SEC).
The introduction of stablecoins in messaging applications such as Telegram reduces the hurdles to entry into the crypto ecosystem for beginners. Stablecoins have many of the benefits of regular cryptocurrency assets but without the volatility associated with crypto investing. USDT is currently the world’s largest stablecoin and the third-largest cryptocurrency by market value, trailing only Bitcoin (BTC) and Ethereum (ETH).
The move is expected to pave the way for widespread adoption of cryptocurrencies by making moving funds as simple as sending a text or a picture. Telegram users can now utilize the Telegram Wallet bot with ease if they have been put off by market volatility and the complexities associated with using native digital wallets.
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