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Telegram supports USDT payments

Telegram with around 900 million users globally, announced on Friday that it will now allow users to send USDT, a stablecoin created and distributed by Tether, over The Open Network (TON).
TON is a blockchain network Telegram created, but open-source developers now control it. It’s connected to the Telegram application. Users of Telegram can now begin exchanging stablecoin USDT payments with one another via the blockchain connected to the encrypted chat service.

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How it functions
To begin with, users must create a cryptocurrency wallet on Telegram by visiting the Wallet bot, which can be located using the app’s search bar. Following that, users can choose to pay with Tether’s token to buy USDT and send money to other users. The action might contribute to the wider acceptance of Tether’s USDT token. Stablecoins like USDT are digital currencies whose value is linked to an underlying asset, usually a fiat currency such as the US dollar.

Nevertheless, they are debatable. Regulators, investors, and commentators have expressed skepticism about the source of reserves for many stablecoins, particularly Tether’s. Following multiple instances in which Tether’s token briefly fell below $1, detractors have also questioned whether the company is adequately financed to withstand a “bank run.”Tether, for its part, claims that even in difficult circumstances, its token can always support withdrawals and is completely backed by high-quality reserves.

In the meantime, Apple banned Telegram, WhatsApp, and Threads from its Chinese app, in response to directives from Beijing to plug more breaches in the nation’s long-standing internet firewallstore.The iPhone maker which has continuously agreed with one of the strictest internet censorship policies in the world, said that the apps were removed on the orders of the Chinese Cyberspace Administration due to concerns about national security.

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Olumide Adesina
Olumide Adesina
Financial Market Writer
Olumide Adesina is a French-born Nigerian financial writer. He tracks, analyzes, and reports changes in financial markets with over 15 years of working experience in investment trading.
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