Using the TON Blockchain, Telegram Messenger is gradually becoming a substantial Web3 protocol.
The wallet bot for the instant messaging app has been updated to support Tether (USDT), which is the largest stablecoin in terms of daily traded volume and market capitalization.
As a direct consequence of this, users of Telegram are now able to transfer (1), receive, and trade TON coins, Bitcoin, and USDT coins without any difficulty via chats.
Telegram Enables Transactions with USDT
The user’s capability to manage the cryptocurrency market amidst increased volatility is enhanced by Telegram’s decision to offer Tether (USDT) to the marketplace for bots on the platform.
In addition, stablecoins were developed to offer cryptocurrency traders a safety net to protect their earnings during times of increased market volatility.
Moreover, after the recent de-pegging of Circle’s USDC and the subsequent failure of the Binance-backed BUSD, the Tether (USDT) cryptocurrency has gained widespread acceptance.
The business has not specified which chains would be enabled on the Telegram Bot wallet, despite the fact that Tether (USDT) is already available on a number of other chains.
These networks include Ethereum and Binance Smart Chain, among others. Despite this, the incorporation of USDT is a big step forward in the widespread usage of cryptocurrencies.
The Future of Telegram and the Cryptocurrency Market
Existing businesses in the social media industry have been compelled to incorporate blockchain technology by a variety of means, including the metaverse and networked financial tokens (NFTs).
With over 550 million users all over the world, Telegram Messenger is a formidable adversary to both WhatsApp and Facebook Messenger, which are both developed by Meta.
The bitcoin market can be integrated into the Telegram Messaging platform, which will considerably increase the platform’s reach in the international market.
In addition, the crypto market is currently worth a trillion dollars and is forecast to increase by a factor of one hundred in the decades to come.
Telegram Messenger, which has the potential to disrupt established financial institutions, is proud to have over 2.3 million users and 311 validators who have facilitated approximately 120 million transactions between them.
The Ton Foundation intends to compete with the other top-layer 0 blockchains like Solana and Ethereum, despite the fact that it is not directly associated with Telegram.
The TON network is quite pleased with itself for having a market cap of around $2,822,270,194 and a trading volume of approximately $33,872,473 over the course of a single day, which is a robust 23.5 % jump.
The USDT news, on the other hand, did not immediately result in a price surge in the direction of positive. According to statistics compiled by Coinmarketcap, the current price of TON coin on exchange is roughly $2.38, reflecting a decline of about 3.22 percent in the previous twenty-four hours.
The Ton Foundation started a vote earlier this month to release inactive early miners, who hold the majority of the TON coins, despite the fact that the current amount of TON coins in circulation is approximately 1,221,401,181 out of 5 billion.
On the other hand, there are many who believe that it would establish a hazardous precedent for the decentralization component of the blockchain, as early investors and long-term holders would be treated unfairly as a result of this discrimination.