Ethena partners with TON Foundation to bring USDe and sUSDe into Telegram

Ethena will integrate its sUSDe stablecoin into the TON blockchain under the name tsUSDe, making it available for Telegrams one billion users.

Announced during the Token2049 on May 1, Ethena (ENA) Labs founder Guy Young and The Open Platform CEO Halil Mirakhmed declared that Ethenas synthetic stablecoin USDe and its yield-generating counterpart sUSDe will be available on the Telegram ecosystem.

As part of its collaboration with TON (TON) Foundation, USDe (USDE) and sUSDe will be directly embedded into Telegrams native wallet as well as in the TON Space wallet, a self-custodial wallet integrated into the messenger.

Introducing the product for a billion people:

Today we announce our partnership with @ton_blockchain to power finance's most powerful use case:

To send, save and pay with a globally accessible dollar

Internet money, now available for @Telegram's billion users

Details below:

— Ethena Labs (@ethena_labs) May 1, 2025

Telegram users will be able to mint, burn, transfer, and stake Ethenas synthetic stablecoins without having to leave the messaging app.

According to the official Ethena Labs announcement, its partnership with the TON Foundation will be rolled out in three phases throughout May 2025.

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First, is the integration of Ethena tokens into all major non-custodial TON wallets, including TON Space, Tonkeeper and MyTonWallet. The next phase will integrate Ethena into Telegrams built-in custodial crypto wallet.

Finally, Ethena will be integrated into all major TON DeFi applications, where it will support trading, saving and lending use cases throughout the ecosystem.

“Starting in May, we will go live on TON with USDe and TON-native sUSDe (tsUSDe) on TON Space, alongside other major TON wallets,” wrote Ethena Labs in its official post.

Not only that, eligible holders of Ton Staked USDe or tsUSDe will stand a chance to receive an additional 10% annual percentage yield paid weekly in TON on top of native sUSDe rewards. Each TON user can gain up 10,000 tsUSDe.

At press time, Ethena USDe is the fourth largest stablecoin by market cap, falling behind Tether‘s USDT (USDT), Circle’s USDC (USDC) and Dai‘s USDS (USDS). Its market cap currently stands at $4.6 billion. Meanwhile, TON’s market cap sits at $7.9 billion with a daily trading volume of $145 million. It is currently trading hands at $3.18.

Price chart for TON, the native cryptocurrency of The Open Network, May 1, 2025 | Source: crypto.news

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