A drill pipe and a method of applying hardbanding thereto. A hardbanding alloy comprising iron and manganese present in the range of 67 to 87 weight percent (wt. %), niobium and chromium present in the range of 9 to 29 wt. %, and boron, carbon and silicon present in the range of 3 to 6.5 wt. % may be welded around at least a portion of a tool joint circumference. The hardbanding alloy may exhibit a hardness of 45 Rc to 70 Rc and a wear rate in the range of 0.08 grams to 1.60 grams of mass loss after 6,000 cycles as measured using ASTM G65-04, Procedure A.