Ethena’s USDe Integration with TON Brings Dollar-Pegged Savings to One Billion Telegram Users
Ethena Labs has strategic partnered with The Open Network (TON) to offer its synthetic stablecoins straight to Telegram's one billion users
Quick overview
- Ethena Labs has partnered with The Open Network (TON) to offer synthetic stablecoins to Telegram's one billion users, marking a significant milestone in democratizing access to dollar-pegged assets.
- The integration allows users to access US dollar-denominated savings directly within Telegram, supporting both custodial and non-custodial wallets.
- Ethena's USDe stablecoin will also be traded on centralized exchanges, expanding its accessibility beyond decentralized finance systems.
- This partnership aims to transform Telegram into a Web3 super app, providing financial services to underserved populations globally.
Ethena Labs has strategic partnered with The Open Network (TON) to offer its synthetic stablecoins straight to Telegram’s one billion users in a historic announcement at Token2049 in Dubai on May 1, 2025. One of Ethena’s “most meaningful launches to date” and a major step toward democratizing access to dollar-pegging assets worldwide is this partnership.
Native Blockchain Integration Provides Seamless User Experience
Ethena’s USDe and staked USDe (sUSDe) assets will be natively housed on the TON blockchain ecosystem under the cooperation. Especially, sUSDe will be linked under the “tsUSDe,” allowing Telegram users to access US dollar-denominated savings straight within the chat service. This integration crosses several product lines, comprising:
- Support within Telegram’s custodial Wallet in Telegram
- Integration with non-custodial wallets like TON Space and TON Keeper
- Compatibility with decentralized finance (DeFi) applications on TON
Guy Young, Founder of Ethena, said “Our partnership with TON Foundation marks a significant milestone for Ethena and we’re excited to join forces with one of the largest distribution platforms and fastest-growing blockchain networks in the world.” “TON being natively accessible inside Telegram and its billion plus users represents a perfect venue to distribute Ethena’s basic product USDe as a dollar savings vehicle for global users.”
Attractive Yield Program to Accelerate Adoption
Along with normal Ethena rewards on balances of up to 10,000 tsUSDe per wallet, qualified tsUSDe holders within significant TON wallets will get a 10% annual percentage yield (APY) boost in TON tokens to encourage early adoption. This initiative seeks to reward early ecosystem participants and speed user onboarding.
Rising Stablecoin Giant Continues Expansion
The TON integration fits Ethena’s aspirational 2025 road map, which calls for TON-native apps and Telegram-based payments. Behind Tether’s USDT, Circle’s USDC, and Sky’s USDS (previously Maker’s DAI), USDe had a market valuation of roughly $5.7 billion at the time of the release, fourth-largest stablecoin worldwide.
Rising remarkably in recent months, Ethena’s synthetic stablecoin is now the second-fastest protocol to generate income above $100 million. Combining staked Ethereum (stETH) with short ETH futures contracts, its creative delta-neutral methodology keeps a soft USD peg while producing on-chain yield apparently reaching as high as 27% APY during peak times.
Expanding Accessibility Through Centralized Exchanges
In line with the TON alliance, Ethena has revealed that USDe will be traded on controlled exchanges (CEXs) this week, the first instance the high-yield synthetic stablecoin becomes freely tradable outside of DeFi systems. This double approach to growth—through conventional trading venues and messaging platforms—indicates Ethena’s dedication to general acceptance.
Vision for a Web3 Super App Experience
Working together, Ethena and TON signifies a step toward turning Telegram into a complete Web3 super app, not only a technical integration. Future ideas could call for DeFi lending and trading, peer-to-peer payments, and Ethena-enabled neobanking tools all available within the known Telegram interface.
Ethena wants to provide financial services to once underprivileged groups by using Telegram’s worldwide reach—especially strong in developing nations all throughout Asia, Africa, and Latin America. These improvements are expected to start being progressively rolled out in May 2025.
Although the alliance has great potential, industry analysts point out that synthetic stablecoins entail natural hazards, especially in a volatile or bearish market when yields could compress. Ethena insists, meanwhile, that its open collateral architecture and aggressive risk control strategy offer enough protections for steady development.
Partnerships like this one between Ethena and TON show how blockchain technology can provide creative financial products to billions of people via familiar platforms they currently use as digital assets keep becoming more and more popular.
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