Works well for remote teams. No need to look for a siutable time slot for all time zones anymore. Anyone can leave an update at any time.
Makes you think about what you want to acheive during the day. Having a plan will help you be more focused.
You can always go back and check what you or a colleague of yours did the past day, week, month or even year.
It is more difficult to give abstract updates. Having it written down provides a better overview of the work a person has done (or hasn't).
Distractions or getting into too many details are the usual reasons for long stand-ups. This is not possible here.
A 15 minute stand-up meeting takes 15 minutes per employee. A 5 minute text update takes only 5 minutes per employee.