New USDT integration allows Telegram users to send crypto in chat

by Arthur · March 22, 2023

Messaging app Telegram has added support for stablecoin giant USDT to its wallet bot, according to a CoinDesk report. With this integration, users can now buy and sell USDT directly within the app, expanding the app’s cryptocurrency capabilities.

This significant development makes it easier for Telegram users to manage their cryptocurrency holdings and conduct P2P transactions using USDT. With this new integration, users can now access and use stablecoin within the Telegram app, which can increase the use and usage of USDT.

Telegram’s wallet bot is a feature in Telegram that allows users to manage their cryptocurrency holdings, including sending and receiving transactions, checking balances, and viewing transaction history. Adding USDT to the wallet bot expands the app’s crypto capabilities, which previously included support for Bitcoin and Telegram’s cryptocurrency under the ticker TON.

What are the risks of integrating USDT on Telegram?

The popular messaging app has increased its involvement in cryptocurrency by adding support for various cryptocurrencies to its wallet bot. In addition to Bitcoin, Telegram also added support for its TON token last year.

While the integration on Telegram’s wallet bot can offer several benefits, there are also some risks associated with using stablecoin on the platform; these risks include:

Counterparty risk: When using the wallet bot, users essentially trust Telegram with their cryptocurrency holdings, as the platform manages the private keys, and users rely on Telegram’s security measures to protect their funds.
Network Congestion: Like all cryptocurrencies, stablecoin transactions are processed on a blockchain network, which can become congested during times of high demand, resulting in transaction processing delays and increased fees.
Increase in fraudulent activity: The integration of USDT on Telegram’s wallet also increases the risk of fraudulent activities. These fraudsters may attempt to take advantage of the integration by creating fake accounts or offering fraudulent investment opportunities to users.

USDT integration could boost Stablecoin usage?

The integration of USDT on the messaging platform can have several positive effects on the stablecoin, such as increasing adoption and making it available to a wider audience.

Furthermore, by allowing users to send and receive the cryptocurrency directly in the app, the wallet-bot integration makes the use of stablecoin more convenient and user-friendly, which may encourage more users to use USDT for their transactions instead of other cryptocurrencies, resulting ii a further increase in adoption worldwide.

USDT’s market capitalization increased to over $77 billion in the past month. Source: CoinmarketCap

In addition, this can improve the market stability of the stablecoin, as it is linked to the US dollar; USDT is designed to provide stability in the often volatile crypto market. Moreover, this new feature can improve liquidity, and provide another platform for users to trade and exchange, increasing demand.

Overall, the addition of Telegram’s bot is a positive impact, as stablecoins like USDT are becoming increasingly popular for their ability to offer stability and reduce volatility in the crypto market, helping to increase usage and encouraging more investors to use both the app and the stablecoin . .