Ethena Partners with TON to Bring USDe Stablecoin to One Billion Telegram Users
Decentralized stablecoin platform Ethena has announced a groundbreaking partnership with The Open Network (TON) to integrate its USDe and sUSDe stablecoins into Telegram’s ecosystem. This move could potentially expose Ethena’s dollar-pegged assets to Telegram’s massive user base of over one billion people worldwide.
Why This Partnership Matters for Crypto Adoption
The integration, revealed at Token2049 in Dubai, represents a significant leap forward for stablecoin accessibility. By deploying natively on TON blockchain, Ethena’s stablecoins will be available through:
- Telegram’s built-in custodial wallet
- The self-custodial TON Space wallet
- Various DeFi applications on the TON network
Ethena Labs described this as “one of Ethena’s most meaningful launches to date,” particularly noting Telegram’s strong presence in emerging markets across Asia, Africa, and Latin America.
The tsUSDe Innovation
A key development in this partnership is the creation of tsUSDe – a TON-native version of Ethena’s staked USDe (sUSDe). This adaptation allows Telegram users to:
- Access dollar-denominated savings directly within the messaging app
- Earn a 10% APY in TON tokens (for eligible wallets)
- Receive additional Ethena rewards on balances up to 10,000 tsUSDe
Technical Implementation and Roadmap
The integration will roll out in phases throughout May 2024, with three primary access points:
- Wallet in Telegram: The custodial wallet solution built into Telegram
- Self-custodial options: Including TON Space and TON Keeper wallets
- TON DeFi ecosystem: Various decentralized applications on the network
For the native USDe stablecoin, Ethena plans to leverage LayerZero’s interoperability protocol to bridge the asset onto TON blockchain, while tsUSDe has been completely rebuilt as TON-native smart contracts.
Ethena’s Growing Stablecoin Dominance
This announcement comes as USDe solidifies its position as the fourth-largest stablecoin by market capitalization at $4.7 billion, trailing only:
- Tether’s USDT ($91.3B market cap)
- Circle’s USDC ($32.8B)
- Maker’s USDS ($7.6B)
The partnership also signals TON Foundation’s aggressive expansion strategy, following its February 2024 integration with Tether’s USDT via LayerZero. TON ultimately aims to connect its ecosystem to over 100 blockchains, including Ethereum, Tron, and Solana.
Future Prospects and Industry Impact
Beyond the immediate stablecoin integration, Ethena and TON Foundation envision long-term collaboration in several areas:
- Neobanking solutions powered by Ethena’s stablecoin technology
- Peer-to-peer payment systems within Telegram
- Enhanced DeFi lending and trading capabilities on TON
This partnership represents a significant milestone in bringing decentralized finance to mainstream users through familiar platforms like Telegram. By combining Ethena’s stablecoin technology with TON’s scalable blockchain and Telegram’s massive distribution network, the collaboration could accelerate crypto adoption in emerging markets where traditional banking infrastructure remains limited.
For crypto enthusiasts and investors, the integration offers a compelling use case to monitor, particularly in how it might influence stablecoin adoption rates and the competitive landscape against established players like Tether and Circle.
