Tether stablecoin can now be sent between Telegram users. In a recent, the messaging app informed its users that the wallet function now facilitates USDT-TRON, also known as TRC20.
USDT is the third-largest cryptocurrency by market capitalization, trailing only Bitcoin and Ethereum.
Furthermore, it is a stablecoin, which means that its worth is supported by a stable asset, in this case, the US dollar.
The feature is accessible through the Telegram Wallet bot, which allows users to perform transactions in digital assets.
A quick look at the Telegram Wallet bot discloses that USDT support is already in place. Users can buy USDT using a bank card or a dedicated P2P market without ever choosing to leave the messaging platform. There is also the possibility of selling USDT as well.
According to the official statement, sending USDT on Telegram will be as simple as sending a photograph.
The Wallet bot now supports USDT, Bitcoin (BTC), and The Open Network token (TON). Transaction on USDT alone is available on the Tron network.
Adding USDT gives Telegram users access to stablecoins, offering numerous advantages of a typical crypto asset but, without the volatility associated with crypto investments.
Thus, investors who have been put off by volatility in the market volatility can now use the Telegram Wallet bot with confidence.
Tron is the network that powers TRX, the 15th most valuable cryptocurrency by market capitalization. Tron aspires to be the decentralized Internet’s foundation. Its blockchain is both inexpensive and fast.
The Open Network (TON) initiative was launched in 2018 by Telegram founders Paul Dirov and Nikolai Durov with the goal of making blockchain transactions as simple as communicating via messaging.
However, Telegram dropped the project as a result of problems with the Securities and Exchange Commission in the United States (SEC).
Following that, a developer community adopted it and has since increased it. Soon after, the TON Foundation was formed to oversee the project’s progress. Usage has skyrocketed since the wallet bot was introduced.
As a result, the Foundation has been persistent in advocating for improvements to meet the community’s growing needs.
In April of last year, the Foundation introduced the ability to send and receive cryptocurrencies within the app. Despite the Wallet bot’s support for BTC purchases, the functionality was limited to the TON token.
Tether’s USDT is the most actively traded digital asset, according to CoinGecko, with a 24-hour trading volume of more than $45 billion.
The token is used on an exchange to rapidly convert Bitcoin or any other cryptocurrency into dollars, euros, or yen. It can then be cashed out into a traditional bank account.
How to Send USDT Using the Telegram App
Go to the attachment icon (circled above) to access wallets. Navigate to Wallets and select USDT (USD Tether).
Fill in the amount you want to send to the recipient here. The new feature also pertains to the P2P Market: you can buy and sell USDT directly within the bot. To do so, choose an existing ad or create a new one. It’s simple and secure!
The main menu of trading now includes a new section called “Swap.” In just a few taps, you can exchange TON for USDT and vice versa. To receive USDT, go to the main menu and select “Receive.”
It is up to the receiver to trade through the Ton network once the amount has been sent. That is simple and straightforward. You are now finished.
Its inclusion in the messaging app gives cryptocurrency investors hope that Elon Musk will do the same with Twitter.
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