Ethena’s USDe Stablecoin Enters TON, Allowing Telegram Users to Earn Interest on USD Deposits

05/02/2025

Telegram Officially Supports USDe Stablecoin Protocol Ethena

With over 1 billion users worldwide, messaging software Telegram will officially support the US dollar stablecoin USDe from the stablecoin protocol Ethena. This integration is achieved through the TON blockchain, allowing users to directly store, trade, and even earn a stable annual yield of 10% within Telegram, enabling one-click dollar savings and interest earning.

Ethena Partners with TON for Native Deployment of USDe and tsUSDe

On May 1st, the Ethena team announced at Token2049 in Dubai that they will collaborate with The Open Network (TON) for the long term, deploying their US dollar stablecoin USDe and its staking version sUSDe on the TON blockchain. Among these, sUSDe will be named tsUSDe in the form of a native TON asset, which can be directly used within Telegram and operated through two types of wallets:

Telegram Custodial Wallet: Similar to centralized wallets, it offers a simple user operation.
TON Space Wallet: A decentralized self-custodial wallet built into Telegram.

Integration to Progress in Three Phases, Expanding to TON DeFi Ecosystem

Ethena stated that the integration plan will progress in phases throughout May, encompassing three major product lines:

USDe usage and access via the built-in wallet in Telegram.
Support for decentralized wallets, such as TON Space and TON Keeper.
Expansion to DeFi applications on TON, including lending and trading functionalities.

In the future, Ethena will also explore more application scenarios, such as TON’s new digital bank (Neobank).

tsUSDe as a Native TON Asset, USDe Imported via LayerZero Cross-Chain

It is worth noting that tsUSDe is a native smart contract asset developed entirely for TON, while USDe itself can be imported into TON via the cross-chain protocol LayerZero, enabling cross-chain asset interoperability. Furthermore, users who hold tsUSDe and store it in designated TON wallets can earn a 10% annual yield in TON, along with additional Ethena points rewards, with a reward cap of up to 10,000 tsUSDe per wallet.

USDe Becomes the Fourth Largest Stablecoin Globally, TON Targets Cross-Chain Integration Across 100 Chains

Currently, the USDe issued by Ethena has become the fourth largest stablecoin globally, with a market capitalization of approximately $4.7 billion, second only to:

Tether (USDT): Ranked first in market capitalization.
Circle (USDC).
Sky/Maker’s USDS.

According to CoinGecko, USDe has now become the fourth largest dollar stablecoin by market capitalization. TON has already planned to collaborate with Tether to connect its entire ecosystem to at least 100 blockchains by February 2024, including Ethereum, Tron, and Solana.

In summary, in the future, users will be able to open Telegram and save dollars, earn interest, and transfer money to friends—all without needing a bank.

Risk Warning

Investing in cryptocurrencies carries a high level of risk, with prices potentially experiencing significant volatility; you may lose your entire principal. Please assess the risks cautiously.