Crypto: Telegram has added USDT stablecoin
Messaging app Telegram announced that it has integrated stablecoin Tether (USDT) on the Tron network into the wallet function.
Telegram has integrated a new crypto: stablecoin Tether (USDT) in TRC20 format
Telegram announced that it has added a third crypto to the wallet function: the most popular stablecoin Tether (USDT) in its TRC20 version and which is operated by the Tron network.
Check this out! More access and ways to use the stablecoin you love! 🙌@telegram just announced USD USD #stablecoin payments on #THRONE! 🎉
For more information on this, take a look at the article below from @decryptionmedia. ⬇️ pic.twitter.com/HhTumwwrpA
— TRON DAO (@trondao) March 23, 2023
USDT travels on various blockchains such as Ethereum, EOS, Omni, Polygon, Solana and many others. But the one chosen by Telegram seems to be the TRC20 version, namely the one based on the Tron blockchain.
Not only that, USDT is also the most popular stablecoin in the crypto space. It turns out to be first in market capitalization, which currently exceeds $78 billion at the time of writing.
On that note, here’s how Telegram’s announcement of the integration reads:
“You can now buy, exchange and do P2P trades with Tether USDT (TRC20). You can also send USDT directly to your friends without transaction fees.”
USDT is the third crypto integrated into the Telegram messaging app
Currently, through the instant messaging app Telegram, users will be able to send Bitcoin (BTC), Telegram Open Network (TON) and now Tether (USDT) to each other even if only in its Tron-based version.
And indeed, back in April 2022, The Open Network’s decentralized blockchain had added one bot wallet on the Telegram app which allowed users to exchange TON for zero fees.
Later, in October 2022, the app also managed to integrate the queen of crypto Bitcoin (BTC) to its in-app service.
And now it’s the turn of stablecoin Tether (USDT) in its TRC20 version. Nevertheless, Tether’s CTO, Paolo Ardoino, recently reported on bugs found on the messaging app.
Telegram reliability when calling hits rock bottom.
— Paolo Ardoino 🍐 (@paoloardoino) March 20, 2023
Tether and its leadership as other stablecoins collapse
Recently, the queen of stablecoins Tether (USDT) experienced one 10% market cap increase while the rest of the major stablecoins collapsed.
In fact, last week ended with Tether’s boom versus the decline of USD Coin (USDC), Binance USD (BUSD) and DAI.
Among the various reasons for Tether’s rise, it seems that it was the collapse of Silicon Valley Bankwhich would have caused investors to move their funds from USDC, the second largest stablecoin by market capitalization, to USDT.
Essentially, The collapse of the USDC came shortly after news leaked of $3.3 billion out of Circle’s $40 billion in stablecoin reserves being deposited into the troubled bank, which collapsed on March 10, 2023. BUSD has also not been well in recent months due to order from the SEC to delay issuance of new tokens.
Looking at the charts for the last week, Tether looks set to continue its bull run in terms of market cap, which has risen from $75 billion to over $78 billion. Unlike, USDC is down sharplyfalling from $36 billion on March 17, 2023, to the current $34 billion.
BUSD is also falling, but with a smaller share than USDC. In fact, the market cap of Binance USD fell from $8.26 billion to $8 billion in the week. And finally, DAI has the smallest decline in market value from $5.74 billion to $5.44 billion.
Among the various reasons why Tether experienced the market value increase was collapse of Silicon Valley Bankwhich allegedly prompted investors to move their funds from USDC to USDT.
And indeed, USDC’s loss of peg to the dollar came just after news leaked that $3.3 billion in stablecoin reserves were deposited in Silicon Valley Bank, which collapsed on March 10, 2023.
