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Ethena has announced the integration of its synthetic stablecoin, sUSDe, into the TON blockchain. Rebranded as tsUSDe, this move will make the stablecoin accessible to Telegram’s massive user base of one billion people. This initiative, unveiled during the Token2049 event on May 1, 2025, marks a significant step in expanding cryptocurrency adoption within a widely used messaging platform.

Strategic Collaboration Between Ethena and TON

Ethena Labs’ founder, Guy Young, and The Open Platform CEO, Halil Mirakhmed, confirmed that Ethena’s stablecoins—USDe and its yield-generating counterpart, sUSDe—will soon be integrated into the Telegram ecosystem. As part of this collaboration with the TON Foundation, these stablecoins will be embedded into Telegram’s native wallet and the TON Space wallet, a self-custodial wallet built into the app.

This development aims to simplify cryptocurrency usage for Telegram users by enabling them to mint, burn, transfer, and stake Ethena’s synthetic stablecoins directly within the messaging platform.

Three-Phase Rollout Plan

The Ethena-TON partnership will be introduced in three phases throughout May 2025:

  • Phase 1: Ethena tokens will be integrated into major non-custodial TON wallets, including TON Space, Tonkeeper, and MyTonWallet.
  • Phase 2: Ethena will be incorporated into Telegram’s built-in custodial crypto wallet, expanding accessibility for users.
  • Phase 3: Ethena tokens will be integrated into major TON decentralized finance (DeFi) applications, supporting trading, saving, and lending use cases within the ecosystem.

Ethena Labs shared, “Starting in May, we will go live on TON with USDe and TON-native sUSDe (tsUSDe) on TON Space, alongside other major TON wallets.”

Incentives for tsUSDe Holders

To encourage adoption, Ethena is offering attractive rewards for holders of Ton Staked USDe (tsUSDe). Eligible users can earn an additional 10% annual percentage yield (APY), paid weekly in TON tokens, on top of the native sUSDe rewards. Each user can stake and earn rewards for up to 10,000 tsUSDe.

Market Position of Ethena and TON

As of now, Ethena USDe ranks as the fourth-largest stablecoin by market capitalization, trailing behind industry leaders such as Tether’s USDT, Circle’s USDC, and Dai’s USDS. Ethena USDe currently holds a market capitalization of $4.6 billion.

On the other hand, TON, the native cryptocurrency of The Open Network, boasts a market cap of $7.9 billion with a daily trading volume of $145 million. Its current trading price stands at $3.18.

What This Means for Telegram Users

This integration brings a new level of accessibility for Telegram’s global user base, allowing seamless interaction with cryptocurrencies. With the ability to send, save, and pay using a globally recognized stablecoin directly within the app, Telegram is poised to become a hub for crypto-based financial activities.

As the partnership between Ethena and the TON Foundation unfolds, it’s clear that this initiative could significantly enhance the adoption of blockchain technology and stablecoins, catering to a diverse audience ranging from beginners to experienced crypto users.

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