It is now possible to send tether (USDT) via Telegram, the very popular messaging service. Since last year, the chat app also supports toncoin (TON) transactions and added bitcoin (BTC) to its marketplace. The app is now expanding its crypto services with the addition of the largest stablecoin on the market: USDT.
💎 @telegram users can now transfer $USDT through chats🤯
Imagine being able to buy and sell #crypto via a messaging app🫡
Now imagine it’s already here 🤌 https://t.co/oqUE9P4LKE.https://t.co/6fGD7RY6fg through @CoinDesk
— TON (@ton_blockchain) March 22, 2023
Crypto adoption is on the rise
The support for stablecoin transactions offers the necessary advantages over more regular crypto. A stablecoin is linked to an external currency, and should therefore be less volatile. The value of USDT is pegged to the US dollar and is a very popular coin for crypto trading. The new USDT support is therefore a big step for the application.
But it is also a big step for the adoption of crypto in general. In fact, sending and receiving crypto with Telegram is as easy as sending a message. Currently, the chat app has 550 million active users per month, the majority of which comes from China and India.
Tether is doing very good business
Tether is the largest player in the stablecoin market. While the company has often been the target of criticism in the past, it seems to have finally established itself as the king of stablecoins. The company looks healthy and transparent and the previous criticism seems to have little to go on.
Earlier this month, things were equally hectic in the stablecoin sector. In fact, another major stablecoin, Circle’s USDC, briefly lost its peg to the dollar after bad news from the banking world, falling below 80 cents.
Binance’s stablecoin, BUSD, also received fire. The stablecoin was targeted by the US financial watchdog. BUSD is said to be an unregistered security. New BUSD was stopped and the circulating supply was reduced.
Despite all the commotion and misery for USDC and BUSD, USDT seems to be benefiting from the commotion. USDT’s market share rose to 57 percent. Calm has now returned to the stablecoin market, but the rising trend of USDT dominance seems to be continuing for the time being.
