Telegram is testing deeper waters in terms of integrating more crypto-centric elements to its platform. Telegram users will now be able to transfer and receive Tether (USDT) within their chat boxes. The instant messaging app has added support for the dollar-pegged stablecoin on its in-built digital wallet bot. The move that expands offerings of the end-to-end encrypted platform, is intended to simplify money transfers among users with cryptocurrencies. The app already supports crypto transactions in Bitcoin and Toncoin.
USDT, the largest stablecoin in the crypto market, has a market cap of $77.5 billion (roughly Rs. 6,37,100 crore) as per CoinMarketCap. At the time of writing, USDT was trading at $1 (roughly Rs. 82).
Users will be able to select the USDT altcoin within their Telegram chat boxes to instantly transfer money to their peers. The platform also allows buying, selling, and swapping of supported cryptocurrencies.
It is noteworthy that Telegram is taking a cautious approach in selecting cryptocurrencies it wishes its users to explore — without exposing them to major financial risks.
While Bitcoin, which the app supports, is the world’s oldest and most expensive cryptocurrency — Toncoin is the native cryptocurrency of Telegram’s fully decentralised layer-1 blockchain ‘TON’.
Tether is the first stablecoin that has been added to Telegram’s list of supported cryptocurrencies.
Pegged to reserved assets like the US dollar or gold, stablecoins are less likely to fall victim to the crypto market volatility. The values of stablecoins are often more fixed than other cryptocurrencies because their prices also depend on the values of their underlaying assets.
The instant messaging app aims to make crypto transactions as simple as sending a photo for its over 700 million global users, a Coindesk report explained.
The popularity of cryptocurrencies is seemingly picking pace around the world. The global crypto market cap, which currently stands at $1.15 trillion (roughly Rs. 94,33,666 crore), had spiked beyond the mark of $3 trillion (roughly Rs. 2,46,66,660 crore) in November 2021 surpassing revenues of Apple and other major tech giants at the time.
Under the circumstances, it is only natural that social networking platforms are exploring possibilities to integrate digital assets to their services.
In China, where cryptocurrencies are banned, the use of the digital Yuan CBDC (eCNY) is being promoted by the government heavily.
In order to drive the adoption of the eCNY amongst the masses, China’s WeChat instant messaging app has added the support for users to send and receive payments in the form of the CBDC.
Under the leadership of pro-crypto billionaire Elon Musk, Twitter is also expected to integrate crypto payments into its operations in the coming months.