Telegram’s wallet bot has introduced USDT support, which expands the facility that can be used inside the chat service for buying and selling cryptocurrencies.
Telegram’s wallet bot now supports the purchasing and selling of USDT, enhancing the capabilities of the messaging app’s facility for dealing in cryptocurrencies. Users of the Telegram messaging service can now transmit tether, the biggest stablecoin in terms of market size, to one another via the program’s chat functionality.
Integration of cryptocurrency payments into messaging applications like Telegram, which in principle would make transferring money as simple as sending a text message or a picture, should be a very good move for the widespread use of cryptocurrencies.
Bitcoin (BTC) and toncoin (TON) were introduced to the marketplace on Telegram wallet in April of last year, with the latter being able to be sent across conversations as well.
Stablecoins such as USDT provide users with the same benefits as other cryptocurrencies. Still, they do so without the price volatility that often affects cryptocurrencies such as bitcoin and ether. Thus, they are an essential component for users who want to maintain their money in the cryptocurrency ecosystem but do not want to put it at risk by exposing it to significant fluctuations in value.
What’s in store for tether
As a result, the inclusion of USDT could prove to be a significant improvement for Telegram’s cryptocurrency service.
The potential impact of Telegram wallet bots integrating USDT payments on the adoption of the stablecoin cannot be overstated. Telegram has a massive user base, with over 700 million active users as of 2022, and integrating USDT payments could introduce many people to the stablecoin.
This increased exposure could lead to more people using USDT, positively impacting its value and further driving adoption. In addition, the convenience of making payments using USDT directly within the Telegram app could be a compelling factor for users looking for a fast and easy way to transfer funds.
As more people start using USDT within Telegram, it could also increase the network effects of the stablecoin, making it even more attractive to new users. Overall, the adoption of USDT within Telegram will likely have significant implications for the cryptocurrency industry as a whole, as it could potentially help solidify USDT’s position as one of the leading stablecoins in the market.