Tether’s stablecoin is now transferable between Telegram users. On Wednesday, the messaging app informed its users that the wallet function now supports USDT-TRON, also known as TRC20. With a market capitalization of $78 billion, USDT is the third-largest cryptocurrency after Bitcoin and Ethereum.It is also a stablecoin, which means that the value of the coin is guaranteed by a stable asset, in this case, the US dollar. While USDT is supported by a number of blockchains, Telegram will only support the Tron—TRC20 asset for the time being. Tron is the network powers TRX, the 15th most valuable cryptocurrency by market capitalization. Tron aspires to be the decentralized Internet’s foundation. Its blockchain is both inexpensive and fast.
Users can, however, use stablecoins on its network.”You can now buy, swap, and make peer-to-peer trades with Tether USDT (TRC20),” Telegram announced, adding, “You can also directly send USDT to your friends with no transaction fees.”
Telegram added cryptocurrency to its app in 2018, when it launched the Telegram Open Network (TON). Telegram abandoned the project in 2020 after the Securities and Exchange Commission ruled that the initial coin offering for the project was illegal.
Despite Telegram’s departure, the TON Foundation kept the project alive. Users can still buy, sell, and send Toncoin (TON) assets on Telegram’s app today. Telegram also allowed users to buy Bitcoin and send Bitcoin to other users or Bitcoin wallets via its app.
It can’t be cashed out, but it can be exchanged for TON, the 23rd most significant cryptocurrency by market cap. The token quickly converts Bitcoin (or any other cryptocurrency) into dollars, euros, or yen on an exchange. It can then be withdrawn and deposited into a traditional bank account.