Telegram Sending your USDT

The most popular stablecoin in the world, Tether, has partnered with the TON Foundation to enable users to send cryptocurrency payments over the well-known encrypted instant messaging app Telegram.

Tether CEO Paolo Ardoino stated, “We can create the first real power app that can serve as a communication system, but also as a bank account,” on Friday in an interview at the Token2049 cryptocurrency conference in Dubai.

Originally conceived as an internal project within Telegram, the Open Network, or TON, was abandoned by the firm when the US Securities and Exchange Commission asserted that Telegram’s offering of tokens known as “Grams” was unlawful under federal securities laws.

Telegram and TON consented to pay a $18.5 million civil penalty in addition to returning more than $1.2 billion to investors.

However, the two remain tightly related; in February, Pavel Durov, the founder of Telegram, announced that the firm intended to use the TON blockchain to share ad revenue with its customers.

In an interview conducted during the conference, Steve Yun, the president of the TON Foundation, stated that he hopes to convert more of Telegram’s 900 million users to the TON blockchain and cryptocurrency wallet because many of them are searching for quick and simple ways to transfer money.

The need to preserve wealth in US dollars is quite strong in emerging nations, he claimed. The cryptocurrency issued by Tether is known as USDT, and it is backed one to one by reserves primarily held in assets denominated in dollars.

However, delving further into cryptocurrency might present difficulties for Telegram, which is thinking about going public as it strives to turn a profit.

Only Time will tell what will happen with this exciting development, which will become a huge leap for cryptocurrency becoming legal tender in multiple currencies as a project of this nature will only serve to enhance the adoption rate of the ever-growing technology which is cryptocurrency.

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