Telegram Enables Tether Stablecoin Payments
Users can now send USDT using the Tron network (TRC20) to their Telegram contacts.
On Wednesday, Telegram informed its users about the launch of the Tether stablecoin sending feature. The wallet feature now supports USDT-TRON, otherwise known as TRC20.
$USDT is the world's third largest cryptocurrency and also, with its market capitalization of 78 billion USD, the world's strongest stablecoin. $USDT is backed by the US dollar, with a constant peg of 1:1, hence the term ‘stablecoin.’ $USDT is available on many different blockchain networks, but Telegram will only support the Tron-TRC20 network for now.
The Tron network’s currency, $TRX, is currently the 15th largest cryptocurrency, with a market capitalization of 5.6 billion USD. The network is aiming to become the backbone for a decentralized internet and offers low cost and high speed as its main attraction for users.
Stablecoins can also be used on the Tron network. In its announcement, Telegram said "You can now buy, exchange and make P2P trades with Tether $USDT (TRC20)," and referred to the fact that "You can also send $USDT directly to your friends without transaction fees."
This isn't the first time Telegram has introduced cryptocurrencies onto their app. Back in 2018, they launched their own network, called Telegram Open Network (TON). Unfortunately, in 2020, they were forced to pull out of the project as the Securities and Exchange Commission, after a series of investigations, announced that the Initial Coin Offering (ICO) for the project was illegal. However, the concept has been kept alive by the TON Foundation and its users can still buy, sell and send Toncoin within the Telegram app.
Telegram has also allowed users to purchase bitcoin using its app and send them to other users or wallets, but it is not possible to monetize them - they can only be exchanged for Toncoin.
$USDT is the most traded crypto asset in the world, with a 24-hour trading volume of 48 billion USD at the time of writing, according to CoinMarketCap. This is due to the fact that it is used to quickly exchange from other cryptocurrencies to traditional fiat currencies such as dollars, euros, yen and more. The fiat currency can then be sent to a traditional bank account.
Source: decrypt.co
analyst opinion
Jakub Odvářka
On Wednesday, Telegram informed its users about the launch of the Tether stablecoin sending feature. The wallet feature now supports USDT-TRON, otherwise known as TRC20.
$USDT is the world's third largest cryptocurrency and also, with its market capitalization of 78 billion USD, the world's strongest stablecoin. $USDT is backed by the US dollar, with a constant peg of 1:1, hence the term ‘stablecoin.’ $USDT is available on many different blockchain networks, but Telegram will only support the Tron-TRC20 network for now.
The Tron network’s currency, $TRX, is currently the 15th largest cryptocurrency, with a market capitalization of 5.6 billion USD. The network is aiming to become the backbone for a decentralized internet and offers low cost and high speed as its main attraction for users.
Stablecoins can also be used on the Tron network. In its announcement, Telegram said "You can now buy, exchange and make P2P trades with Tether $USDT (TRC20)," and referred to the fact that "You can also send $USDT directly to your friends without transaction fees."
This isn't the first time Telegram has introduced cryptocurrencies onto their app. Back in 2018, they launched their own network, called Telegram Open Network (TON). Unfortunately, in 2020, they were forced to pull out of the project as the Securities and Exchange Commission, after a series of investigations, announced that the Initial Coin Offering (ICO) for the project was illegal. However, the concept has been kept alive by the TON Foundation and its users can still buy, sell and send Toncoin within the Telegram app.
Telegram has also allowed users to purchase bitcoin using its app and send them to other users or wallets, but it is not possible to monetize them - they can only be exchanged for Toncoin.
$USDT is the most traded crypto asset in the world, with a 24-hour trading volume of 48 billion USD at the time of writing, according to CoinMarketCap. This is due to the fact that it is used to quickly exchange from other cryptocurrencies to traditional fiat currencies such as dollars, euros, yen and more. The fiat currency can then be sent to a traditional bank account.
Source: decrypt.co
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