Ethena, a leading blockchain platform, has announced its partnership with the TON Foundation to integrate its sUSDe stablecoin into the TON blockchain, renaming it as tsUSDe. This move will make the stablecoin available to Telegram’s massive user base of one billion users.
The collaboration was unveiled during the Token2049 event on May 1 by Ethena Labs founder Guy Young and The Open Platform CEO Halil Mirakhmed. The integration of Ethena’s synthetic stablecoin USDe and its yield-generating counterpart sUSDe into the Telegram ecosystem is a significant development in the world of decentralized finance.
As part of the partnership, USDe and sUSDe will be directly embedded into Telegram’s native wallet and the TON Space wallet, a self-custodial wallet integrated within the messaging app. This integration will enable Telegram users to mint, burn, transfer, and stake Ethena’s synthetic stablecoins without the need to leave the messaging platform.
The rollout of the partnership will occur in three phases throughout May 2025. The first phase involves the integration of Ethena tokens into major non-custodial TON wallets like TON Space, Tonkeeper, and MyTonWallet. The subsequent phase will see the integration of Ethena into Telegram’s built-in custodial crypto wallet. Lastly, Ethena will be integrated into major TON DeFi applications to support trading, saving, and lending activities across the ecosystem.
Furthermore, eligible holders of Ton Staked USDe or tsUSDe will have the opportunity to earn an additional 10% annual percentage yield paid weekly in TON on top of native sUSDe rewards. Each TON user can potentially earn up to 10,000 tsUSDe through this incentive program.
At present, Ethena USDe is the fourth largest stablecoin by market cap, trailing behind Tether’s USDT, Circle’s USDC, and Dai’s USDS. With a market cap of $4.6 billion, Ethena USDe is a prominent player in the stablecoin market. On the other hand, TON’s market cap stands at $7.9 billion with a daily trading volume of $145 million, and its current trading price is $3.18.
In conclusion, the integration of Ethena’s sUSDe stablecoin into the TON blockchain and its availability to Telegram’s massive user base marks a significant milestone in the world of decentralized finance. This partnership opens up new possibilities for users to engage in seamless and secure financial transactions within the Telegram ecosystem.