Telegram Enhances User Experience with Tether (USDT) Integration for Effortless Crypto Transactions, as per the announcement shared with CoinDesk.
Telegram users can now enjoy a more seamless experience in the world of cryptocurrency as the messaging app has integrated Tether (USDT), the largest stablecoin by market cap, into its @wallet bot. This addition expands Telegram’s capabilities for crypto transactions and makes it easier for users to buy and sell digital assets, according to a recent announcement.
Value add to the integration:
Integrating crypto payments into messaging apps like Telegram could significantly boost mainstream adoption by making cryptocurrency transactions as simple as sending a text or sharing a photo. In April last year, Bitcoin (BTC) and Toncoin (TON) were added to the @wallet’s marketplace, with the latter also available for sending within chats.
Stablecoins like USDT provide many of the benefits of other cryptocurrencies but without the price volatility often associated with assets like Bitcoin and Ethereum. This makes them an essential component for users who want to keep their funds within the crypto ecosystem without risking exposure to sudden value fluctuations. Consequently, the addition of USDT to Telegram’s crypto services is a significant development.
Open Network (TON) blockchain project
Telegram’s journey into cryptocurrency dates back several years with the creation of the Open Network (TON) blockchain project. However, due to legal challenges with the U.S. Securities and Exchange Commission (SEC), the project was abandoned in 2020. The TON Foundation, a group formed by members of the TON community, continued to advance the project despite the setbacks.
Although Telegram is no longer directly involved with TON, the company maintains an interest in the network, demonstrated by the development of its blockchain-based auction platform Fragment, built on top of the TON network last year.
USDT Advantage :
At the time of writing USDT marketcap is 77 billion market. This integration can help increase this limit over time. The incorporation of USDT into the messaging platform offers numerous advantages for the stablecoin, such as promoting broader adoption and making it available to a more extensive user base. By enabling users to send and receive the cryptocurrency directly within the app, the wallet bot integration enhances the convenience and ease of use for the stablecoin. This can potentially motivate more users to choose USDT for transactions over other cryptocurrencies, thereby contributing to its increased adoption globally.
Source of Announcement : Coindesk Image
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