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’s USDe and sUSDe were launched on the TON blockchain and made accessible throughout its ecosystem. Ethena’s sUSDe will be natively integrated on TON under the name tsUSDe. According to the official statement from the TON Foundation, this strategic collaboration involves 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 likewise embedded within the widely used messaging platform.
Since January, Telegram’s mini-app platform has been exclusively supported by the TON blockchain.
Ethena’s USDe, classified as a synthetic dollar and algorithmic stablecoin, is stabilized through derivative contracts that manage its peg and produce yield. When USDe is staked by users, sUSDe—Ethena’s yield-generating stablecoin—is received in return.
The importance of the integration was outlined by Max Crown, CEO of the TON Foundation, during his remarks to The Defiant:
“It is considered a significant advancement because Ethena functions as more than just a stablecoin,” Crown stated. He further added that, “For the first time, on-chain earning and saving will be made possible for users on TON. 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.
Wallet Integration Emerges as a Crucial Driver of Adoption
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, the stablecoin is also being made accessible through several major TON-compatible wallets, such as Tonkeeper, Tonhub, and MyTonWallet.
According to a March report by TechCrunch, it was revealed by Telegram that its Wallet app had reached 100 million sign-ups, the majority of which were from users unfamiliar with cryptocurrency.
A 10% yield paid in TON will be earned by eligible holders of tsUSDe 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, further reward initiatives are currently being planned.
Crown explained to The Defiant that by being integrated into Telegram’s Wallet, Ethena is immediately presented to 100 million active users, offering effortless access to interest-generating savings through a platform utilized 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.
In addition, it was noted by him that future phases of the partnership with the TON Foundation are expected to include the introduction of payment capabilities and neobanking features within Telegram by Ethena.
The TON Foundation’s swift expansion from 4 million to 41 million active accounts within the past year was cited by the team in March as a key factor that enabled the raising of $400 million from investors. Support was received from major venture capital firms, including Sequoia Capital, Ribbit Capital, Paradigm, Benchmark, Kingsway, and Draper Associates.
USDe is not the initial stablecoin to be introduced on the TON network and embedded within Telegram. That distinction belongs to Tether’s USDT, the largest stablecoin by market cap, which was launched on TON and integrated into the Telegram platform in April 2024, enabling users to transfer USDT on TON directly through the messaging application.
A market capitalization of approximately $4.7 billion has been reached by Ethena’s USDe, in contrast to the nearly $149 billion held by USDT.
Following in Libre’s Footsteps
News of the Telegram partnership was released one day after the TON Foundation disclosed its intention to tokenize $500 million worth of Telegram bonds through the launch of a tokenized Telegram Bond Fund ($TBF) on the TON blockchain.
The fund has been established through a collaboration with Libre, a provider of on-chain infrastructure for regulated real-world assets (RWAs). Through this initiative, institutional and accredited investors will be enabled to purchase RWA bonds using either fiat currency or stablecoins. Asset management will be facilitated directly from TON-native wallets for participating investors.
The focus of the partnership will be directed toward institutional and accredited investors within the TON ecosystem, granting them access to “institutional-grade yield products in a DeFi-native format,” as stated by the TON Foundation in a blog post announcing the initiative.
“The momentum is real,” was stated by Crown to The Defiant. “The launches of Ethena and Libre are considered 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.”
It was added by Crown that the partnerships of the TON Foundation 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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