Telegram Users Can Now Transfer USDT Stablecoin With Wallet Bot

Telegram, the popular messaging app, has expanded its cryptocurrency offerings by adding support for the stablecoin Tether (USDT) on its in-built digital wallet bot, @wallet. With this move, users can now send USDT within chats, as well as buy, sell, and swap various cryptocurrencies, including Bitcoin (BTC) and TONcoin (TON). This is a significant development that could encourage mainstream adoption of cryptocurrency by making sending and receiving digital assets as easy as sending a text or a photo.

Key Highlights

• Telegram’s addition of USDT to its @wallet bot expands its cryptocurrency offerings and simplifies money transfers among users without exposing them to significant financial risks.
• Stablecoins, like USDT, are valuable as they offer the benefits of other cryptocurrencies without the price volatility, making them an important component for users who want to keep their money in the crypto ecosystem without risking sharp swings in value.
• USDT is the largest stablecoin by market cap with over $70 billion, according to CoinMarketCap as of March 23, 2023.
• Telegram’s cautious approach in selecting cryptocurrencies to support aims to encourage more users to try out cryptocurrency, particularly as stablecoins are less likely to fall victim to the volatility of the crypto market due to their underlying assets.
• In addition to USDT, Telegram now also supports Tether’s stablecoin USDT-TRON, also known as TRC20, which is the network behind the 15th biggest cryptocurrency by market cap, TRX.

Telegram’s expansion of its cryptocurrency offerings through the addition of USDT and USDT-TRON comes as no surprise, given the messaging app’s interest in the crypto space. Telegram was developing the Open Network (TON) blockchain project until it was abandoned in 2020 due to legal battles with the SEC. Despite this setback, Telegram continues to maintain an interest in the TON network, as demonstrated by building its blockchain-based auction platform Fragment atop it in 2022.

Stablecoins, like USDT, are particularly valuable in the cryptocurrency market as they offer the benefits of other cryptocurrencies without the price volatility. This makes them a vital component for users who want to keep their money in the crypto ecosystem without risking sharp swings in value. According to CoinMarketCap, USDT has a market capitalization of over $70 billion, making it the largest stablecoin by market cap as of March 23, 2023.

Telegram’s cautious approach to selecting cryptocurrencies to support aims to simplify money transfers among users without exposing them to major financial risks. This could encourage more users to try out cryptocurrency, particularly as stablecoins are less likely to fall victim to the volatility of the crypto market due to their underlying assets. The addition of USDT to Telegram’s @wallet bot was made in recent days, although the exact date was not mentioned in the article. However, the ability to send USDT with no transaction fees could make it an attractive option for Telegram users looking to transfer value quickly and inexpensively.

Telegram’s move to add support for USDT and USDT-TRON expands its cryptocurrency offerings, making sending and receiving cryptocurrency as easy as sending a text or a photo. This development could lead to more mainstream adoption of cryptocurrency, as it simplifies the process of buying, selling, and swapping various cryptocurrencies.

Telegram’s addition of USDT and USDT-TRON to its cryptocurrency offerings through its in-built digital wallet bot, @wallet, expands the app’s functionality and could encourage mainstream adoption of cryptocurrency. Stablecoins, like USDT, offer the benefits of other cryptocurrencies without the price volatility, making them a valuable asset for users who want to keep their money in the crypto ecosystem without risking sharp swings in value. Telegram’s cautious approach to selecting cryptocurrencies to support aims to simplify money transfers among users without exposing them to major financial risks. As the cryptocurrency market continues to grow, it will be interesting to see where this journey will take us next. To stay up-to-date on the latest cryptocurrency news, follow Telegram’s @wallet bot and join the conversation.

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FAQs

What Telegram is used for?

Telegram is an instant messaging platform that enables users to exchange messages with their contacts without revealing their phone number.

Is Telegram safe for chatting?

Wondering about the safety of Telegram? The answer is no, not by default, but Telegram can be considered safe for most users with conscious effort. Despite the platform’s protective capabilities, encryption must be manually enabled and secret messages must be utilized for reliable security.

Why use Telegram instead of WhatsApp?

One of the advantages of Telegram over WhatsApp is that users can communicate with each other without having to share their contact number, thus preserving the privacy of their personal information. Additionally, Telegram provides unrestricted storage capacity.

Can Telegram be tracked?

Can Telegram activity be tracked? Yes, it can. A Telegram tracker app like Eyezy can be used to monitor conversations on the popular instant messaging platform with ease.

Is USDT based on TRON?

Tether’s USDT stablecoin is pegged to the US dollar and issued on the TRON network. With TRON’s smart contract capabilities, USDT can be issued, held, and transferred with a transparent process, zero transfer fees, and immediate delivery.

What is USDT trx20?

USDT-TRON, also referred to as TRC20, is a Tether-issued USDT stablecoin that operates on the TRON network. As a technical standard token, TRC20 utilizes TRON’s address and all transactions involving TRC20 occur on the TRON network.