Telegram to Support USDT Stablecoin Payments via Tron Blockchain Network

Telegram users are now able to send Tether’s USDT stablecoin to each other.

As part of a recent notification, the messaging app provider told its users that the app’s wallet feature can support USDT-TRON, commonly referred to as the TRC-20 standard. The ability to accept Tether is the work of an independent developer not associated with Telegram, according to the company.

At one point Telegram sought to develop a digital asset service but was forced to abandon the TON project following an enforcement action by the Securities and Exchange Commission (SEC). As part of the SEC action, Telegram had to pay an $18.5 million penalty while returning investor funds.

Telegram notes that the bot was built and is maintained by independent developers. Any developer can use their open Bot API to create such third-party Telegram bots that integrate with other services.

USDT is notably the third-largest digital currency (in terms of market cap) after Bitcoin (BTC) and Ethereum (ETH). USDT presently has a market capitalization of around $78 billion. As one of the most popular stablecoins, USDT has been able to maintain its 1-to-1 peg with the US dollar during these uncertain times (while competitors like USDC had recently lost their peg due in part to the failure of certain major banks).

Tron is the distributed ledger technology (DLT) network powering one of the largest crypto-assets in terms of market cap. its native TRX token is commonly used by crypto traders. Tron is currently focused on serving as the foundation that supports Web3 and decentralized applications (dApps). Compared to other major chains, performing transactions via the Tron network is relatively cheaper.

And users are able to use various stablecoins on its network.

As noted in the announcement:

“You can now buy, swap, and make P2P trades with Tether USDT (TRC20). You can also directly send USDT to your friends with no transaction fees.”


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