Ethena partners with the TON Foundation to introduce USDe and sUSDe into the Telegram ecosystem
Quick Take
- USDe and sUSDe will now be recognized within the TON ecosystem, with Ethena integrating sUSDe into TON as “tsUSDe” to let users access the asset within Telegram.
- Ethena products will also be integrated into Telegram’s native wallet as well as other TON wallets, including Tonkeeper, TONHub and MyTonWallet.
Ethena Labs and the Ethena Foundation have partnered with the TON Foundation to introduce the synthetic stablecoins USDe and sUSDe into the Telegram ecosystem, the organizations announced Thursday.
The integration will bring sUSDe into TON as “tsUSDe,” enabling users to access the asset directly through Telegram, according to a release shared with The Block. Ethena products will also be integrated into Telegram’s native wallet and other TON-compatible wallets, including Tonkeeper, TONHub and MyTonWallet.
Eligible users holding tsUSDe in a TON wallet can earn a 10% boost in annual percentage yield on top of existing Ethena rewards, up to a cap of 10,000 tsUSDe per wallet.
"Our partnership with TON Foundation marks a significant milestone for Ethena and we’re excited to join forces with one of the largest distribution platforms and fastest-growing blockchain networks in the world," said Guy Young, Founder of Ethena, in a release shared with The Block. "TON being natively accessible within Telegram and its billion plus users represents a perfect venue to distribute Ethena’s core product USDe as a dollar savings vehicle for global users."
The partnership is keeping with Ethena’s 2025 expansion plans, which include Telegram-based payments and the development of a TON-based application, as previously reported by The Block.
TON, or The Open Network, powers numerous blockchain-based applications within the messaging application Telegram, which has over 1 billion users.
Ethena Labs is the company behind the synthetic dollar protocol Ethena, while the Ethena Foundation is an independent entity overseeing the growth of the Ethena ecosystem and related products.
Ethena's synthetic stablecoin USDe maintains a market capitalization of $4.7 billion and has recorded $114.4 million in trading volume in the past 24 hours, according to The Block's Ethena USDe price page.
USDe's total supply was 4.67 billion on April 30, making it the third-largest stablecoin by supply behind Tether's USDT and Circle's USDC, according to The Block's Data Dashboard.
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