- Users can now send and receive USDT within chats on Telegram using the @wallet bot
- This follows the addition of bitcoin (BTC) and toncoin (TON) to the @wallet marketplace last year
- Stablecoins like USDT are essential for users who wish to keep their money in the crypto ecosystem without risking any sharp swings in value
Telegram, the popular messaging app, has added stablecoin Tether (USDT) to its list of supported cryptocurrencies. Tether, is the world’s largest stablecoin by market capitalization and offers many of the benefits of other cryptocurrencies without the price volatility. This signals a bigger interest in stablecoins across the world since the crypto winter hit.
Users can now send and receive USDT within chats on Telegram using the @wallet bot. This follows the addition of bitcoin (BTC) and toncoin (TON) to the @wallet marketplace last year, with the latter also available for sending within chats.
Cryptocurrency integration picking up pace
The integration of crypto payments into messaging apps like Telegram is an exciting development for mainstream adoption. Sending and receiving cryptocurrencies will become as easy as sending a text or photo, making it more accessible to people who are new to the world of crypto.
Stablecoins like USDT are essential for users who wish to keep their money in the crypto ecosystem without risking any sharp swings in value. The stablecoin’s value is pegged to the US dollar, which means it maintains a stable price and can be used for everyday transactions.
Telegram’s journey in the crypto space
Telegram’s foray into the cryptocurrency space began several years ago with the development of the Open Network (TON) blockchain project. However, legal battles with the U.S. Securities and Exchange Commission (SEC) resulted in the project’s abandonment in 2020.
Despite this setback, the TON Foundation, a group of community members, continued to advance the project. Telegram maintains an interest in the network, as evidenced by its recent development of Fragment, a blockchain-based auction platform built on top of the TON blockchain.
The addition of USDT to Telegram’s crypto service is a significant development that demonstrates the app’s commitment to the cryptocurrency space. With the ability to send and receive stablecoins like USDT within chats, Telegram is positioning itself as a leading player in the world of crypto messaging apps. This move could potentially attract more users to the platform and increase the adoption of cryptocurrencies among the general public.
Steps on how to send USDT through telegram
- In the recipient’s chat window, go to the attachment icon, and it will lead you to wallets. On that space, go to wallets and choose USDT (USD Tether).
- Here, write down the amount of USDT you would like to transfer to the recipient. The new addition also concerns P2P Market: You can buy and sell USDT directly within the bot. To do so, select an ad or create a new one. It’s easy and safe!
- On trading, the main menu has a new section: “Swap.” Trade TON for USDT and vice versa in a couple of taps. To receive USDT, tap the “Receive” button in the main menu.
- Once the amount is sent, it’s up to the receiver to trade through the Ton network. It is that simple and straightforward. Now you are done.
- A nod for stablecoin adoption
As we start digging our way out of the crypto winter, stablecoins seem to be finding popularity. It makes sense. The shock that markets and cryptocurrency investors experienced during the crypto winter is not something many if any would like to repeat. Stablecoins also have advantages for transacting purposes. The Kaspersky Global Cryptocurrency Survey highlighted that 48% of survey respondents feared volatility the most in crypto.
How big is the addition of USDT to Telegram? Telegram claims 700 million active users. That number is dwarfed only by China and India. It is twice the size of the population of the USA and 3 times the size of Nigeria’s populatioon.