Ethena Labs and the Ethena Foundation have announced a landmark partnership with the TON Blockchain Foundation. The partnership will introduce the synthetic stablecoins USDe and sUSDe directly into the Telegram ecosystem.
The move enables Telegram’s vast user base—now exceeding one billion—to access, store, and transact with synthetic dollar assets seamlessly. This is possible through Telegram’s native wallet as well as other TON-compatible wallets, such as Tonkeeper and TONHub.
Eligible users holding tsUSDe in their TON wallets will receive a 10% annual percentage yield incentive. This is in addition to existing Ethena rewards, capped at 10,000 tsUSDe per wallet, to accelerate adoption and reward early participants.
Ethena to Democratize Access to Stable, Dollar-Pegged Assets
With USDe’s market capitalization now at $4.7 billion and a 24-hour trading volume of $148 million as of May 1, the protocol has rapidly ascended to become the fourth-largest stablecoin by supply on CoinMarketCap, trailing only Tether’s USDT, Circle’s USDC, and DAI.
Besides championing the idea of democratizing access to stable, dollar-pegged assets, the partnership is a natural extension of Ethena’s 2025 roadmap. The roadmap prioritizes Telegram-based payments and the development of a TON native application.
By leveraging Telegram’s unparalleled reach and TON’s robust blockchain infrastructure, Ethena aims to deliver a streamlined, mobile-first neobank experience. This allows users to send, spend, and save sUSDe and USDe directly within the messaging app.
Path to a Web3 Superapp
Ethena’s plans include creating specialized applications on the TON network, with a vision to transform Telegram into a Web3 super app. This would enable users to manage digital assets and access a suite of financial services. These range from payments and savings to investment products, without ever leaving the familiar Telegram interface.
Furthermore, the timing follows Ethena’s remarkable growth, becoming the second-fastest protocol to surpass $100 million in revenue. The company attributes its rapid growth to its innovative synthetic stablecoin model, rewarding structure, and its recent strategic alliances with major blockchain and messaging platforms.
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