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HomeNewsTelegram's Financial Expansion: USDT Payments Now Supported via The Open Network Integration

Telegram’s Financial Expansion: USDT Payments Now Supported via The Open Network Integration

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  • USDT, a stablecoin pegged to fiat currencies like the U.S. dollar, aims to maintain a stable value.
  • Concerns persist about the sufficiency of Tether’s reserves, despite claims of full backing and operational reliability during stress.

Telegram now allows its users to send payments using the Tether stablecoin (USDT). This new functionality operates through The Open Network (TON), a blockchain platform initially developed by Telegram and now maintained by open-source developers. TON is integrated directly within the Telegram app.

To use this payment feature, users must first navigate to the Wallet bot within Telegram, available through the app’s search function, and set up a cryptocurrency wallet. After setting up the wallet, users can purchase USDT and select it as a payment method to transfer funds to other users.

This addition of USDT transactions is expected to facilitate broader use of this stablecoin among Telegram’s user base. Stablecoins like USDT are cryptocurrencies designed to have a stable value by being tied to an asset, often a fiat currency such as the U.S. dollar. They maintain their value by holding reserves that match the amount of the cryptocurrency in circulation.

Despite their utility, stablecoins have been the subject of scrutiny. Concerns have been voiced by regulators and financial analysts regarding the adequacy of the reserves backing some stablecoins, particularly those held by Tether.

Issues have been raised about whether Tether has sufficient funds to cover all issued tokens, especially after instances where the value of USDT fell below one dollar.

Tether contends that its stablecoin is fully backed by substantial reserves and has reliably processed withdrawal requests, even in challenging market conditions.

Here is a concise guide on how to purchase USDt in Telegram via the Wallet:

  • Access Wallet: Launch the Telegram app and navigate to the Wallet section. First-time users will need to complete a few simple steps to set up their wallet.
  • Choose ‘Add crypto’: Select your preferred method of payment, which could be a bank card or the peer-to-peer (P2P) market.
  • Pick USDt-TON and specify the amount: Choose USDt-TON as your desired currency and enter the amount you wish to purchase, either in USDt or its equivalent in your local currency.
  • Verify and finalize: Confirm the transaction details and complete your purchase. The USDt-TON will be instantly available in your Wallet.

Choosing to use the Wallet in Telegram for your USDt transactions comes with several benefits:

  • Instant access: Your purchased USDt is directly deposited into your Telegram Wallet, ready for immediate use.
  • Cost-effective transactions: Send USDt to any Telegram contact anywhere in the world without any transaction fees.
  • Simplicity and security: This method avoids the complexity of traditional cryptocurrency exchanges and provides a secure way to handle your transactions.

However, it’s important to note that USDt on TON is not accessible to users in mainland US, US territories, or to US citizens and residents of countries restricted by Tether’s Terms of Service. This ensures compliance with regulatory requirements and service terms.

Disclaimer: ETHNews does not endorse and is not responsible for or liable for any content, accuracy, quality, advertising, products, or other materials on this page. Readers should do their own research before taking any actions related to cryptocurrencies. ETHNews is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods, or services mentioned.
Isai Alexei
Isai Alexei
As a content creator, Isai Alexei holds a degree in Marketing, providing a solid foundation for the exploration of technology and finance. Isai's journey into the crypto space began during academic years, where the transformative potential of blockchain technology was initially grasped. Intrigued, Isai delved deeper, ultimately making the inaugural cryptocurrency investment in Bitcoin. Witnessing the evolution of the crypto landscape has been both exciting and educational. Ethereum, with its smart contract capabilities, stands out as Isai's favorite, reflecting a genuine enthusiasm for cutting-edge web3 technologies. Business Email: info@ethnews.com Phone: +49 160 92211628
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