- Telegram integrates USDT-TRON (TRC20) into its platform, allowing users to send the stablecoin to their contacts seamlessly and without transaction fees.
- Telegram’s venture into cryptocurrencies began with the Telegram Open Network (TON) in 2018, which was later abandoned due to SEC regulations but continues to operate under the TON Foundation.
- The integration allows users to buy, swap, and make P2P trades with Tether USDT (TRC20), and is expected to play a significant role in the messaging app’s crypto services.
Telegram, the popular messaging app, has recently announced the integration of Tether’s USDT-TRON (TRC20) into its platform, allowing users to send the stablecoin to their contacts seamlessly. This development marks another significant step for the messaging app in embracing the world of cryptocurrencies and expanding the possibilities for peer-to-peer transactions.
Telegram Embraces Tether’s USDT-TRON
In a recent announcement, Telegram informed its users that its wallet function now supports USDT-TRON, also known as TRC20. This integration allows users to send Tether’s stablecoin to their Telegram contacts easily. USDT is the third-largest cryptocurrency with a market cap of $78 billion, following Bitcoin and Ethereum. As a stablecoin, its value is backed by a stable asset, in this case, the U.S. dollar.
USDT runs on various blockchains, but for now, Telegram will only support the asset on Tron—TRC20. Tron, the network behind the 15th biggest cryptocurrency by market cap, TRX, aims to become the foundation of the decentralized Internet. With its low-cost, high-speed blockchain, Tron enables stablecoin transactions on its network.
According to Telegram’s announcement, users can now buy, swap, and make P2P trades with Tether USDT (TRC20). The app also allows users to send USDT directly to their friends without incurring any transaction fees.
Telegram’s History with Cryptocurrencies
Telegram’s venture into the world of cryptocurrencies began in 2018 with the launch of its Telegram Open Network (TON). However, the project faced regulatory hurdles when the U.S. Securities and Exchange Commission (SEC) deemed the initial coin offering for TON illegal. Consequently, Telegram abandoned the project in 2020.
Despite Telegram’s withdrawal, the TON Foundation kept the project alive. Today, users can still buy, sell, and send Toncoin (TON) on Telegram’s app. Additionally, Telegram allows users to buy Bitcoin and send it to other users or Bitcoin wallets through the app. Although it can’t be cashed out, Bitcoin can be exchanged for TON, the 23rd largest cryptocurrency by market cap.
The Potential Impact on Crypto Adoption
The integration of USDT-TRON into Telegram offers a convenient way for users to send cryptocurrency as easily as sending a text or a photo. This development could significantly boost mainstream adoption of digital assets.
Stablecoins like USDT provide the benefits of cryptocurrencies without the price volatility often associated with assets like Bitcoin and Ether. This stability makes them an essential component for users who want to keep their money within the crypto ecosystem while avoiding sharp swings in value. The addition of USDT to Telegram’s platform can potentially prove to be a critical milestone for the messaging app’s crypto services.
The introduction of USDT-TRON payments on Telegram highlights the messaging app’s continued commitment to the cryptocurrency space. As more people turn to digital assets for everyday transactions, this development could pave the way for increased adoption and further integration of cryptocurrencies into mainstream platforms. With easy, fee-free transactions and the stability offered by USDT, Telegram users can now enjoy a more seamless experience when dealing with digital assets.