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Although USDT on-ramps are now free on Wallet, withdrawal fees can still be as high as 3.5 USDT.
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Wallet, a custodial wallet application integrated with Telegram, announced on Feb. 14 a move to enable zero-fee USDt (USDT) deposits from eligible users in more than 60 countries. However, while some users can now deposit USDT with zero fees, withdrawal and transaction fees remain the same.
The platform charges a 3.5-USDT fee to withdraw the stablecoin on the Tron network and a 1-USDT fee to withdraw on The Open Network, otherwise known as TON. The move may increase liquidity for stablecoins in Wallet and potentially generate more revenue as USDT transactions increase.
USDT, created by Tether, is the largest stablecoin by market capitalization, dominating the stablecoin market by 63.3% as of Feb. 13, 2025, according to DefiLlama. However, its dominance has been slipping of late, as USD Coin (USDC), the second-largest stablecoin by market cap, has been increasing its token supply circulation in 2025.
Stablecoin’s market capitalization. Source: DefiLlama
Related: Telegram Wallet bot enables in-app payments in Bitcoin, USDT and TON
“The zero-fee on USDT on ramping is a global offering for eligible users worldwide rather than in a specific region,” a Wallet spokesperson told Cointelegraph. “Anyone who is eligible to use Wallet’s and the payment provider’s services (in this case, Mercuryo) can purchase USDT with zero fees from now on.
Wallet declined to disclose the financial impact of enabling zero-fee USDT deposits, including potential losses or gains.
“In terms of MiCA [Markets in Crypto-Assets] compliance, Wallet in Telegram is currently working toward it and aims to be fully MiCA-compliant by the end of 2025,” said the spokesperson.
Stablecoins have emerged as a key use case for crypto in the past year. Momentum is rising in support of this unique type of crypto pegged to a fiat currency, including in the United States, where support has been limited in some states. White House crypto czar David Sacks has placed stablecoins as one of the Trump administration’s priorities.
TON, Telegram’s created layer-1 network, saw $1.4 billion in USDT-TON circulation in 2024.
Magazine: Bitcoin payments are being undermined by centralized stablecoins
This article first appeared at Cointelegraph.com News
