Frequencies around 300GHz offer extremely broad atmospheric transmission window with relatively low losses of up to 10dB/km and can be regarded as the ultimate platform for ultrahigh-speed wireless communications with near-fiber-optic data rates. This paper reviews technical challenges and recent advances in integrated circuits targeted at communications using these and nearby “terahertz (THz)” frequencies. Possible new applications of THz wireless links that are hard to realize by other means are also discussed.