Telegram, the popular messaging app, has announced that its users can now transfer USDT (Tether), a stablecoin pegged to the US dollar, through its chats. The move is seen as a significant development in the world of digital currencies, as it enables users to send and receive payments without leaving the app.
According to a statement from Telegram, the new feature allows users to send and receive USDT through Telegram’s built-in wallets. The wallets are available in Telegram’s Android and iOS apps and can be accessed by going to Settings > Wallets > Add a New Wallet.
To send USDT, users need to open a chat with the person they want to send money to, click on the paper clip icon, and select “Send Money.” They then enter the amount they want to send, select the USDT wallet, and confirm the transaction.
Telegram users can also receive USDT through chats. When someone sends USDT to a user, they will receive a notification asking them to accept or decline the transfer. If they accept, the USDT will be added to their USDT wallet.
The addition of USDT to Telegram’s wallet is expected to be welcomed by its users, as it provides them with a convenient way to send and receive payments. It is also expected to boost the adoption of digital currencies, as it makes them more accessible to a wider audience.
Tether, the company behind USDT, has become one of the most popular stablecoins in the world, with a market cap of over $35 billion. It is used by traders and investors as a way to hedge against volatility in other cryptocurrencies, as it is pegged to the US dollar and maintains a stable value.
The integration of USDT into Telegram is part of a wider trend of digital currencies becoming more mainstream. Major companies such as PayPal and Visa have started to support digital currencies, and several countries are exploring the possibility of launching their own central bank digital currencies (CBDCs).
However, the rise of digital currencies has also raised concerns about their security and stability. There have been several high-profile hacks of digital currency exchanges in recent years, and the value of some cryptocurrencies has been known to fluctuate wildly.
In response to these concerns, regulators in many countries are starting to introduce regulations to protect consumers and prevent fraud. In the United States, for example, the Securities and Exchange Commission (SEC) has taken legal action against several companies involved in initial coin offerings (ICOs), which it deemed to be illegal securities offerings.
Despite these challenges, the growth of digital currencies shows no sign of slowing down. The integration of USDT into Telegram is just one example of how digital currencies are becoming more accessible and mainstream, and it is likely that we will see more developments in this space in the coming years.