Telegram Users Can Now Send Tether Stablecoin Payments via TON Blockchain

By Thea Felicity

Apr 19, 2024 12:55 PM EDT

App Illustrations
LONDON, ENGLAND - JANUARY 11: In this photo illustration, the messaging service Telegram app is seen on a mobile phone on January 11, 2021 in London, United Kingdom.
(Photo : Edward Smith/Getty Images)

Telegram has rolled out a new feature allowing its users to conduct transactions using the stablecoin USDT, facilitated through The Open Network (TON), an integrated blockchain network, according to CNBC.

With Telegram boasting around 900 million users globally, this move is poised to expand the adoption of Tether's USDT coin and improve its mainstream presence. 

It's worth noting that TON was originally developed by Telegram but is now managed by open-source developers, enabling seamless integration with the messaging app, and offering users the ability to set up crypto wallets and initiate USDT payments. 

READ NEXT: Telegram Russian Founder Says Messaging App to Cross 1 Billion User Mark Soon as It Continues to Remain a 'Neutral Platform'

Criticisms of Telegram Allowing Tether Stablecoin Payments

While stablecoins like USDT are gaining traction as alternatives to traditional fiat currencies in today's digital transactions, regulators and stakeholders persist regarding the transparency and stability of these tokens, particularly Tether's reserves and its ability to withstand market turbulence. 

Tether asserts its full backing by quality reserves and its capability to honor withdrawals, pressing about its commitment to financial integrity despite ongoing scrutiny.

In fact, recently, VCPost reported that Tether USDT has already surpassed $100 billion as Bitcoin continues to rise. An introduction to mainstream messaging apps is a major plus.

READ MORE: Backpack Crypto Wallet and Exchange Founder Raises $17M; Startup Company Now Valued at $120 Million

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