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Discover SCENETelegram users can now send each other Tether’s stablecoin. In a Wednesday notification, the messaging app informed its customers that the wallet function now supports USDT-TRON, better known as TRC20.
The wallet bot is a function available on Telegram but was developed by independent developers—not Telegram.
USDT is the third-largest cryptocurrency after Bitcoin and Ethereum, with a market cap of $78 billion. It is also a stablecoin, meaning its value is backed by a stable asset—in this case, the U.S. dollar.
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USDT runs on a number of different blockchains but for now, Telegram will only support the asset on Tron—TRC20.
Tron is the network behind the 15th biggest cryptocurrency by market cap: its native token, TRX. Tron is working to be the foundation behind the decentralized Internet. Using its blockchain is low cost and high speed.
But users can also use stablecoins on its network. “You can now buy, swap, and make P2P trades with Tether USDT (TRC20),” the wallet developers' announcement said, referencing that “You can also directly send USDT to your friends with no transaction fees.”
Telegram introduced crypto to its app back in 2018, when it launched its Telegram Open Network (TON). The project was abandoned in 2020 by Telegram after the U.S. Securities and Exchange Commission said the initial coin offering for the project was illegal.
Despite Telegram stepping away, the project was kept alive by the TON Foundation. Today, users can still buy, sell and send its Toncoin (TON) asset on Telegram’s app.
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Telegram also allowed users to buy Bitcoin via its app, and send Bitcoin to other users or Bitcoin wallets. It can’t be cashed out, however—only exchanged for TON, which is the 23rd biggest cryptocurrency by market cap.
Tether’s USDT changes hands more than any other digital asset: its current 24-hour trading volume stands at over $45 billion, according to CoinGecko.
The token is used to turn Bitcoin—or any other cryptocurrency—into dollars, euros, or yen on an exchange quickly. It can then be cashed out into a traditional bank account afterward.
Editor's note: This article was updated on March 23, 2023, at 10:30 am ET to reflect that the wallet bot was developed by an independent third party. A previous edition reported that Telegram had built the bot.
As a seasoned enthusiast and expert in the realm of cryptocurrencies, blockchain technology, and decentralized applications (dApps), my knowledge extends beyond the surface, delving into the intricate details that drive the dynamics of this ever-evolving landscape. I've closely followed the development of various blockchain projects, staying abreast of the latest trends, innovations, and disruptions.
Now, let's delve into the concepts presented in the article "Your Web3 Gaming Power-Up" to unravel the intricacies of the integration between Telegram, Tether's stablecoin USDT-TRON (TRC20), and the broader cryptocurrency ecosystem.
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Telegram's Crypto Integration in 2018:
- Telegram ventured into the cryptocurrency space in 2018 with the introduction of the Telegram Open Network (TON). TON aimed to establish a decentralized platform for various applications, including digital assets and payments. However, regulatory challenges led to the discontinuation of the TON project by Telegram in 2020.
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USDT-TRON Integration on Telegram:
- Telegram has recently integrated support for Tether's stablecoin, USDT-TRON (TRC20), within its wallet function. The Wednesday notification to Telegram users signifies a pivotal development in expanding the utility of the messaging app into the realm of decentralized finance (DeFi).
- USDT, being the third-largest cryptocurrency with a market cap of $78 billion, operates as a stablecoin pegged to the U.S. dollar. It provides stability and liquidity within the volatile cryptocurrency market.
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TRON Blockchain:
- TRON serves as the underlying blockchain for USDT on Telegram. TRON is recognized as the network behind TRX, the 15th largest cryptocurrency by market capitalization. Known for its emphasis on a decentralized internet, TRON offers cost-effective and high-speed transactions.
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Telegram's History with Cryptocurrencies:
- Telegram's foray into cryptocurrencies extends beyond its recent integration with USDT-TRON. The platform had previously allowed users to buy Bitcoin within its app and facilitate Bitcoin transactions between users or wallets. However, these Bitcoin holdings could only be exchanged for TON, Telegram's native cryptocurrency.
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Independent Development of Wallet Bot:
- An essential clarification in the article emphasizes that the wallet bot enabling USDT-TRON functionality on Telegram was developed by independent developers, not by Telegram itself. This distinction underscores the collaborative nature of the cryptocurrency ecosystem and the contributions of third-party developers.
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Role of Tether's USDT:
- Tether's USDT plays a crucial role in the cryptocurrency market, with a staggering 24-hour trading volume exceeding $45 billion. It serves as a bridge between cryptocurrencies like Bitcoin and traditional fiat currencies such as dollars, euros, or yen. The rapid exchange facilitated by USDT enables seamless liquidity conversion.
In conclusion, the integration of USDT-TRON on Telegram marks a significant step towards mainstream adoption of cryptocurrencies and decentralized finance features within messaging platforms. It underscores the ongoing efforts of platforms like Telegram to bridge the gap between traditional finance and the innovative possibilities offered by blockchain technology.
