Telegram Adds Tether’s USDT Stablecoin Support on Tron Network
- Telegram only supports the TRC20 version of the USDT at this time.
- Tether USDT (TRC20) is now available for purchase, exchange, and p2p trading.
Tether, a stablecoin, may now be transferred between Telegram users. The messaging app announced Wednesday that USDT-TRON (also known as TRC20) is now supported in its wallet feature.
After Bitcoin and Ethereum, USDT has a $78 billion market valuation, making it the third biggest cryptocurrency. In addition, its value is anchored to a trusted standard, the U.S. dollar, making it a stablecoin. While USDT is compatible with several blockchains, Telegram only supports the TRC20 version of the cryptocurrency at this time.
The native token of the Tron network, TRX, is the fifteenth most valuable cryptocurrency in terms of market capitalization. To that end, Tron is striving to become the backbone of the decentralized web. Its blockchain has a minimal barrier to entry and a rapid transaction time.
Directly Send USDT
On the other hand, stablecoins are also accepted on its platform. Tether USDT (TRC20) is now available for purchase, exchange, and peer-to-peer trading, as stated in a recent statement by Telegram, which also noted, “You can also directly send USDT to your friends with no transaction fees.”
In 2018, Telegram released the Telegram Open Network (TON), which integrated cryptocurrency into the app. Telegram ultimately decided to call it quits on the project in 2020 after receiving criticism from the SEC over its initial coin offering.
The TON Foundation continued the development of the platform after Telegram’s departure. Users may still exchange and transfer Ton token (TON) on the Telegram app today.
Users may purchase Bitcoin over Telegram and transfer Bitcoin to other users or Bitcoin wallets. No actual money can be obtained from it; rather, it may be traded for TON, the twenty-third most valuable cryptocurrency.
