Transmit cryptographic information via messaging – This is the promise that the application known as Telegram makes to its users: the ability to send messages, photographs, emojis, and cryptocurrency. The messaging service, which is already rather well-liked due to the high level of discretion it provides, earns further points by making over-the-counter crypto transfers as easy as possible. The USDT, which is the third most popular cryptocurrency on the market, was just recently made available for use with this service after its development teams made the announcement. Telegram contributes to the democratisation of technology and moves one step closer to adopting cryptocurrency by enabling its users to make use of a stablecoin.
The move of the Telegram network towards cryptocurrency
The messaging app, which was established by two technically skilled siblings, has maintained its distinct identity from other similar apps right from the beginning. In point of fact, Nikolai and Pavel Durov are political adversaries of Vladimir Putin, and the plan was to provide a service that would enable communication while minimising the risk of espionage. As a result of this, Telegram is in turn accused of serving the interests of terrorists or drug dealers, in addition to being accused of enabling French officials to hold private chats.
Already in 2018, the creators of Telegram had the idea to create a blockchain service that would allow users to trade cryptocurrencies. They named the service Telegram Open Network (YOUR). After a series of difficulties with the DRY, the project is ultimately unsuccessful. On the other hand, at around the same time, the TON Foundation was established, and it will keep on developing products based on the same ideas it has always used. To begin, the Wallet Bot of Telegram made it possible to transmit toncoins; later, it let users to send bitcoins; and finally, it enabled users to send USDT.
The ability to transmit cryptocurrency to contacts is now available within Telegram.
There is now USDT in addition to Bitcoin (BTC) and Toncoin (TON).
Just so you know, TON stands for “new OpenNetwork.” In addition, it is important to highlight that the developers who were responsible for the wallet were not those working directly for Telegram but rather those working for the TON Foundation.
But to return to USDT, more precisely USDT-TRON (TRC20), the latter of which is the house version of the most widely used stablecoin in the world. The crypto community responded positively almost immediately to the concept of sending and receiving USDT as easily as sending and receiving a message because they recognise it as a significant step in simplifying the process of transferring payments.
According to CoinMarketCap, USDT represents roughly 50 billion transacted daily, and it will enable Telegram to come hunting in the domains of Twitter or even Stripe, both of which establish privileged alliances with cryptocurrencies. The battle of streamlined transfers and micropayments has begun, and Telegram is scoring points in this battle.
But these mobile applications are also in direct conflict with the conventional banking institutions, who are vying for market share in this rapidly expanding industry. Central bank digital currencies (MNBC) and stablecoins of all kinds are making their way into the offices of banks all around the world, with the promise of shortening and simplifying the long-standing system known as SWIFT. This is most notably the project of the bank Xapo from Gibraltar, which derives from incorporating the USDC into its business operations.