Ethena and TON Partner to Expand Stablecoin Access Through Telegram

Highlights:

• Ethena launches stablecoins on Telegram through TON to reach over one billion users with digital dollar access.
• Users can earn a yield on stablecoins held in Telegram wallets with a limit.
• USDe ranks third among stablecoins by supply after USDT and USDC with 4.67 billion in circulation.

Ethena Labs, a synthetic dollar protocol built on Ethereum, has entered into a partnership with the TON Foundation to bring synthetic stablecoins into the Telegram messaging platform. The collaboration introduces both USDe and Ethena Staked USDe into the TON blockchain. In addition, it enables Telegram users to hold and use these assets directly within the app. sUSDe will appear as “tsUSDe” on the layer-1 TON network. The move will make it accessible through Telegram’s wallet and other TON-compatible wallets.

@ethena_labs brings savings tech to Telegram’s 1 billion users via TON.

Starting this May, users of self-custodial wallets and Wallet in Telegram can earn dollar savings in just a few taps.

What’s Coming? pic.twitter.com/lYQL5RdmP7

— TON (@ton_blockchain) May 1, 2025

Through this initiative, users will be able to send, receive, and store tsUSDe without leaving Telegram. As TON powers several blockchain-based applications within the messaging platform, the availability of synthetic dollars to its over one billion users expands the reach of Ethena’s stablecoin products. This allows seamless interaction with stable digital assets while using familiar tools and interfaces on mobile devices.

Telegram’s native wallet will serve as the main access point. However, other wallets that support TON will also provide access to tsUSDe. This move supports Ethena’s wider goals by placing stable digital assets directly into a popular messaging ecosystem. The direct wallet access further allows the integration to offer both utility and convenience to a global user base.

Incentives Backed by 2025 Roadmap for Wider Adoption

Ethena has also introduced a rewards system to encourage early usage of tsUSDe within the TON ecosystem. Users who hold the new product, tsUSDe, in their wallets will receive a 10% annual percentage yield. Moreover, they will receive standard Ethena rewards. However, the incentive is capped at 10,000 tsUSDe per wallet to manage distribution and ensure fair participation across the user base.

The incentive structure matches Ethena’s long-term plans. The plans include expanding Telegram-based payment solutions and developing a dedicated application on the TON network. This step allows Ethena to explore new avenues for delivering synthetic stable assets. Moreover, it aligns its product strategy with a growing blockchain platform.

Guy Young, founder of Ethena, said, “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.”

Users can store assets and engage in various financial activities as per the roadmap. These include payments, savings, and transfers using synthetic dollar assets while operating fully within the messaging environment. This strategy enables users to carry out financial actions without switching between applications.

Market Strength of USDe Supports Integration Strategy

USDe’s current growth underpins the timing of this initiative. USDe has reached a market capitalization of $4.67 billion, according to CoinMarketCap data. Moreover, it has a trading volume of $146.23 million, a 98.19% rise in 24 hours. The supply of USDe stands at 4.67 billion, which places it third among all stablecoins in circulation, behind only USDT and USDC.

The partnership with TON comes shortly after Ethena became one of the quickest protocols to surpass $100 million in revenue. The synthetic dollar protocol now looks to build further momentum through new channels like Telegram and blockchain partnerships such as TON.