Telegram Introduces Tether Stable Coin For In-App Use

There will likely be more acceptance and use of cryptocurrency in the future as various tech platforms add technology to their tech sphere, even when they are not cryptocurrency-based.

A week ago, Microsoft affirmed the add-on of the digital wallet supporting Ethereum coin in Edge browser. In 2021, Financial Times reported that Twitter had invited developers to create payment options on the platform using Fiat currency and cryptocurrency.

In 2018, Telegram planned to design an environment for users to transact digital asset in the simplest way. The tech company had envisioned the plan when it launched its Telegram Open Network (TON) but later abandoned the project in 2020 after facing validation issues from US Securities and Exchange Commission.

In April last year, Telegram integrated a wallet bot; this enables users to store, send and receive digital assets such as Bitcoin (BTC) and The Open Network Token (TON) – a Telegram-owned decentralized blockchain. 

Telegram enlarged its range of digital assets as it launched Tether Stablecoin (USDT). The in-app feature allows Telegram users to transact using USDT in a chatty environment without leaving the app. The digital messaging platform announced that the token supports Tron-based assets (TRC-20) without incurring charges. 

The USDT coin in Telegram wallet can only be exchanged for TON and can be swapped with other cryptocurrencies, including the fiat currency. Users could also purchase USDT with their local bank cards and transact via P2P market in the messaging platform.

By market capitalization, USDT is ranked third in the list of cryptocurrencies. Adding USDT to Telegram wallet might increase the use of Telegram wallet bot since USDT is the most stable among other cyptocurrencies.

The initiative is a product of the collaborative effort of Telegram and TON. The wallet bot feature on Telegram was developed by TON. Although Telegram’s founder, Pavel Durov, launched TON, it will be run independently by TON Foundation.

TON Foundation says, “We anticipate that this functionality will extend into consumer-to-business payments so that people can easily acquire goods and services by sending Toncoin via bots in the Telegram app,” just as they send pictures.

To use the features, follow the simple steps below;

  • Open the telegram app.
  • Use the search tool on the top right of the home screen. 
  • Enter “wallet and select.”
  • A list of services will be displayed from which users can select.

So far, Telegram has over 2.3 million accounts with approximately 120

million transactions. Telegram is gaining ground, and other social media will follow suit to engage users by adding more in-app features. What do you think about the recent versatility in the tech space, especially the social media platforms?

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