Telegram Now Allows Users To Transfer USDT Through Chats
With the ongoing growth of digital currencies, TON Blockchain has implemented a new functionality that allows users of Telegram to transfer the USDT stablecoin using chats.
TON blockchain announced the news on Twitter, saying: “Imagine that you can buy and sell cryptocurrency using a messaging app,”
TON Blockchain Increasing USDT Adoption
Kirill Malev, a Partner at VC firm First Stage Lab disclosed that Telegram, the well-known instant messaging application, has incorporated USDT into its @wallet bot. This integration will allow users to transfer the stablecoin to their contacts and the TON coin, Telegram’s native token.
Meanwhile, by providing this new functionality, TON Blockchain promotes greater accessibility for its users. Moreover, this move demonstrates the platform’s continued dedication to enhancing its cryptocurrency capabilities.
With this update, users can choose the USDT stablecoin from their Telegram chat boxes and instantly transfer funds to their contacts. However, reports suggest that Telegram will support USDT on TRC20 at this time.
Malev stated that users could also convert TRC-20-based USDT tokens into TON. Malev added:
“It is a commendable stride towards crypto adoption! This achievement marks a significant step for the TON community and a notable leap towards bridging the divide between cryptocurrency and the general public. With this development, we can effortlessly demonstrate to our non-crypto friends how crypto operates.”
In addition, he highlighted several prospects that arose from the Telegram/USDT collaboration, such as novel transaction options, crowdfunding, and online shopping.
Telegram To Launch A Blockchain-Powered Marketplace
According to on-chain data, Telegram boasts 700 million monthly active users and is projected to exceed one billion users by year-end. The user count has surged by 175% since 2018, and the app presently has about 55 million daily active users.
Currently, USDT is the world’s largest stablecoin based on market capitalization, with a valuation of $78 billion. It ranks third among all cryptocurrencies, trailing behind Bitcoin and Ethereum.
Despite initially showing indifference towards the network, Pavel Durov, the genius behind Telegram, has acknowledged the TON project. Meanwhile, Durov suggested that Telegram may have plans to introduce a blockchain-driven marketplace for app-based assets such as usernames and emojis.
He recommended that Toncoin and TON could be the currency and optimal network for this marketplace, emphasizing the advantages of using blockchain-powered NFT-like smart contracts to safeguard ownership of usernames. Moreover, TON developers unveiled plans to introduce a P2P market in October 2022, permitting Telegram users to trade Toncoin within the messaging platform directly.
With this new addition, users can purchase and sell this cryptocurrency to one another while the wallet service functions as a transaction guarantor. Furthermore, these advancements indicate a significant expansion of TON’s cryptocurrency capabilities and signify Telegram’s continuous dedication to exploring novel blockchain-based services.
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