Telegram is set to revolutionize the way we handle financial transactions with the introduction of synthetic dollar stablecoins on the TON blockchain. Partnering with Ethena Labs, the TON Foundation is paving the way for a new era of financial tools within the Telegram app, which boasts over 1 billion monthly users.
A Closer Look at the Stablecoin Rollout
To cater to the TON community, sUSDe will be rebranded as tsUSDe. Both USDe and tsUSDe will be supported on various Telegram-friendly wallets, including the built-in custodial wallet, TON Space for self-custody enthusiasts, and third-party wallets like Tonkeeper, Tonhub, and MyTonWallet. This multi-wallet strategy aims to make synthetic stablecoins more accessible to Telegram’s global community.
Earning Yield with tsUSDe
One of the highlights of this partnership is the 10% APY on tsUSDe holdings, available through participating wallets. Users with non-custodial wallets are already receiving weekly TON token rewards, with more wallets expected to join soon. These incentives, in addition to Ethena’s sUSDe yield mechanisms, provide users with extra earning opportunities.
Introducing “USDT Earn”
Ethena is also planning to introduce a “USDT Earn” feature, allowing users to deposit Tether (USDT) and earn returns linked to the performance of USDe. This feature enables users holding USDT to participate in Ethena’s synthetic stablecoin ecosystem and earn additional yield.
Boosting TON’s DeFi Scene
By bringing synthetic assets on-chain, the partnership aims to revitalize TON’s decentralized finance (DeFi) environment. Future development plans include a TON debit card, payment integrations with Apple Pay, and user-friendly tools for peer-to-peer transactions and DeFi activities within Telegram.
What Sets Synthetic Stablecoins Apart?
Unlike traditional stablecoins backed by fiat reserves, synthetic stablecoins like USDe rely on financial derivatives and hedging to maintain their peg to the dollar. Ethena’s delta-neutral strategy ensures stability and generates yield, offering flexible saving options for users in inflation-prone or volatile currency economies.
Why Telegram’s Fintech Pivot Matters
Telegram’s pivot towards blockchain-based assets and decentralized wallets sets it apart from other messaging platforms integrating payment features. By aiming to be both an instant messenger and a financial hub in one app, Telegram is reshaping the way users interact with financial services.
Staggered Rollout Throughout May 2025
The integration of Ethena with TON will be rolled out in stages, starting with compatibility on non-custodial wallets before expanding to Telegram’s custodial wallet. Subsequent phases will focus on integrating synthetic assets into various areas of TON’s DeFi ecosystem, providing users with diverse trading, lending, and saving opportunities.
In conclusion, the collaboration between Ethena Labs and the TON Foundation opens up new possibilities for Telegram users to save, earn yield, and transact in dollar-pegged assets directly within the app. This partnership not only benefits Ethena and TON but also empowers users worldwide with innovative financial tools at their fingertips.