Benzinga - Telegram users can now send each other Tether (CRYPTO: USDT), the world's largest stablecoin by market cap, within chats in the messaging app.
What Happened: This service has been added to Telegram's @wallet bot, which expanded the app's capacity for buying and selling crypto, according to a Coindesk report.
The integration of crypto payments into messaging apps such as Telegram is a positive development that could make sending cryptocurrency as easy as sending a text or a photo.
USDT is an important stablecoin in the crypto ecosystem that offers many of the benefits of other cryptocurrencies without price volatility.
It is a crucial component for users who want to keep their funds in the crypto ecosystem without the risk of sharp swings in value.
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The addition of USDT is a significant development for Telegram's crypto service, which already supports Bitcoin (CRYPTO: BTC) and Toncoin (CRYPTO: TON) in its @wallet marketplace.
Why It Matters: Telegram's cryptocurrency journey began with the development of the Open Network (TON) blockchain project, which was abandoned in 2020 due to legal battles with the U.S. Securities and Exchange Commission (SEC).
Despite this setback, members of the community formed The TON Foundation and continued to advance the project.
Telegram maintains an interest in the network, as demonstrated by the development of its blockchain-based auction platform, Fragment, in addition to TON last year.
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