Ethena’s widely used stablecoin offerings, USDe and Ethena Staked USDe (sUSDe), are being introduced to the TON blockchain, enabling one billion Telegram users to earn interest on funds held within their Telegram-integrated wallets.
On May 1, Ethena launched USDe and sUSDe on the TON blockchain and made them accessible throughout its ecosystem. TON will natively integrate Ethena’s sUSDe under the name tsUSDe. According to the official statement from the TON Foundation, this strategic collaboration includes two primary integrations of Ethena’s assets: within Telegram’s in-app custodial wallet, known as Wallet, and within TON’s noncustodial wallet, TON Space, which is also embedded in the widely used messaging platform.
Since January, the TON blockchain has exclusively supported Telegram’s mini-app platform.
Ethena classifies USDe as a synthetic dollar and algorithmic stablecoin, stabilizing it through derivative contracts that manage its peg and generate yield. When users stake USDe, they receive sUSDe—Ethena’s yield-generating stablecoin—in return.
It marks a significant advancement because Ethena functions as more than just a stablecoin,” Crown stated. He added, “For the first time, users on TON will be able to earn and save on-chain. Accessing returns on digital dollars within Telegram through just two taps presents a straightforward yet impactful value proposition.”
The objective, Crown conveyed via Telegram, is to engage mainstream audiences. “For individuals beyond the crypto-native community, this serves as a clear and immediate demonstration of how cryptocurrency can hold practical value in daily life,” he stated.
A key element enhancing user experience is the integration of Ethena into wallets based on Telegram. In addition to Telegram’s official Wallet and TON Space, several major TON-compatible wallets—such as Tonkeeper, Tonhub, and MyTonWallet—also provide access to the stablecoin.
Wallet Integration Emerges as a Crucial Driver of Adoption
According to a March report by TechCrunch, Telegram revealed that its Wallet app had reached 100 million sign-ups, with the majority coming from users unfamiliar with cryptocurrency.
Eligible holders of tsUSDe will earn a 10% yield paid in TON within prominent TON wallets, along with additional Ethena rewards on holdings of up to 10,000 tsUSDs per wallet. According to the TON Foundation’s announcement, the team is currently planning further reward initiatives.
Crown explained to that integrating Ethena into Telegram’s Wallet immediately exposes it to 100 million active users, providing effortless access to interest-generating savings through a platform used daily by one billion people. He emphasized that it serves as a highly effective onboarding pathway and a gateway to wider DeFi adoption, all embedded within one of the most widely recognized and commonly used interfaces globally.
According to the announcement, Ethena Founder Guy Young stated that the native accessibility of TON within Telegram—used by over a billion monthly active users—serves as an ideal platform for distributing Ethena’s core product, USDe, as a dollar-based savings tool for users worldwide.
He also noted that future phases of the partnership with the TON Foundation will include Ethena introducing payment capabilities and neobanking features within Telegram.
In March, the team cited the TON Foundation’s rapid growth from 4 million to 41 million active accounts within the past year as a key factor that enabled it to raise $400 million from investors. Major venture capital firms—including Sequoia Capital, Ribbit Capital, Paradigm, Benchmark, Kingsway, and Draper Associates—supported the fundraising.
Following in Libre’s Footsteps
USDe is not the first stablecoin introduced on the TON network and embedded within Telegram. Tether’s USDT, the largest stablecoin by market cap, holds that distinction. The team launched USDT on TON and integrated it into the Telegram platform in April 2024, allowing users to transfer USDT on TON directly through the messaging application.
Ethena’s USDe has reached a market capitalization of approximately $4.7 billion, compared to the nearly $149 billion held by USDT.
The team released news of the Telegram partnership one day after the TON Foundation announced its plan to tokenize $500 million worth of Telegram bonds by launching a tokenized Telegram Bond Fund ($TBF) on the TON blockchain.
The TON Foundation established the fund in collaboration with Libre, a provider of on-chain infrastructure for regulated real-world assets (RWAs). Through this initiative, institutional and accredited investors can purchase RWA bonds using either fiat currency or stablecoins. Participating investors will manage their assets directly from TON-native wallets.
The partnership will focus on institutional and accredited investors within the TON ecosystem, granting them access to “institutional-grade yield products in a DeFi-native format,” the TON Foundation stated in a blog post announcing the initiative.
We consider the launches of Ethena and Libre foundational to our 2025 vision: making crypto as effortless and straightforward as sending a text.” Key areas of focus, from savings and payments to games and AI, are beginning to take form.
Crown added that the TON Foundation’s partnerships have allowed it to move beyond mere hype.
He stated that “the focus is on creating real-world utility, meaning accessible value, within the apps that people use daily.”
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