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The USDT announcement made by Telegram, however, did not have an immediate positive rally on the TON price.
Telegram Messenger is slowly transforming into a giant Web3 protocol through the TON blockchain. The instant messaging app has added the largest stablecoin by daily traded volume and market capitalization, Tether (USDT), to its wallet bot. As a result, Telegram users can send, receive and pitch USDT, Bitcoin, and TON coins seamlessly via chats.
Telegram Allows USDT Transfers
The addition of Tether (USDT) to Telegram’s bot marketplace enriches the user’s ability to navigate the crypto market amid heightened volatility. Moreover, stablecoins were designed to provide crypto traders an umbrella during heightened volatility to shield profits. Additionally, Tether (USDT) is widely accepted following the collapse of Binance-backed BUSD and the recent de-pegging of Circle’s USDC.
💎 @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 via @CoinDesk
— TON (@ton_blockchain) March 22, 2023
With Tether (USDT) available on several chains, including Binance Smart Chain, and Ethereum, among others, the company has not clarified which chains will be supported on the Telegram Bot wallet. Nonetheless, the integration of USDT is a significant leap in global cryptocurrency adoption.
Telegram and the Crypto Market Outlook
Competition in the social media industry has forced existing companies to adopt blockchain technology through metaverse, and NFTs, among others. Telegram Messenger is a huge competitor to Meta’s WhatsApp and its Facebook Messenger, with over 550 million global users. Integrating the cryptocurrency market into the Telegram Messaging platform will significantly widen its international market.
Moreover, the cryptocurrency market is a trillion-dollar industry, expected to grow a hundred folds in the decades to come.
With the potential to disrupt traditional financial institutions, Telegram Messenger takes pride in over 2.3 million accounts and 311 validators who have facilitated nearly 120 million transactions.
Although not directly connected with Telegram, the Ton Foundation aims to compete with other top-layer 0 blockchains like Solana and Ethereum. Furthermore, the TON network takes pride in a market capitalization of approximately $2,849,756,004 and a 24-hour trading volume of about $32,261,890.
The USDT announcement, however, did not have an immediate positive rally on the TON price. According to market data from Coinmarketcap, TON coin exchanged around $2.34, down approximately 3.22 percent in the past 24 hours.
With a current circulating supply of about 1,221,401,181 TON coins out of 5 billion, the Ton Foundation earlier this month initiated a vote to free inactive early miners who hold most of the TON coins. However, some have argued that it would set a dangerous precedent for the decentralization aspect of the blockchain as early investors would be discriminated against on the grounds of being long-term holders.