Ethena will natively integrate its sUSDe stablecoin into TON under the name tsUSDe, supporting both custodial and non-custodial wallets.
The decentralized stablecoin platform Ethena has partnered with the Open Network (TON) to offer its stablecoin to Telegram's user base of over 1 billion.
This partnership was announced on May 1st at Token2049 in Dubai, involving native deployment of Ethena's USDe and Ethena Staked USDe (sUSDe) on the TON blockchain.
The sUSDe variant will be integrated under the name tsUSDe, enabling Telegram users to directly access dollar-denominated savings within Telegram.
Source:Kirill Malev
This deployment involves two main Ethena integrations, one with a custodial wallet in Telegram, and another with theTON Space wallet(a self-custody wallet integrated into the messenger).
One of Ethena's "Most Meaningful Releases"
When announcing this news on X, Ethena described its integration with TON as "one of the most meaningful releases for Ethena to date".
The company added: "Telegram has a truly global distribution, with a billion users, with operations in emerging economies across Asia, Africa, and Latin America."
Ethena stated that this integration will be rolled out in phases during May, with deployment involving three product lines, includingWallet support in Telegram, non-custodial wallets like TON Space and TON Keeper, andDecentralized Finance(DeFi) applications on TON.
USDe Will Arrive on TON via LayerZero
This partnership marks the beginning of a long-term collaboration between Ethena and the TON Foundation, with future plans potentially focusing on new banking services supported by Ethena,peer-to-peer payments, andDeFi lendingand trading.
While Ethena's sUSDe has been completely redeveloped as a TON native smart contract, the plan is to introduce the native USDe stablecoin on TON through theLayerZero interoperability protocolin a new asset called tsUSDe.
Source:Ethena
Additionally, qualified tsUSDe holders in major TON wallets will receive a 10% annual yield on TON, along with Ethena rewards for each wallet with a balance up to 10,000 tsUSDe.
Ethena is the Fourth Largest Stablecoin
At the time of this announcement, Ethena's USDe stablecoin ranked fourth by market cap, behind Sky's(formerly Maker)USDS, Circle's USDC, and the world's largest stablecoin Tether's USDT.
According to CoinGeckodata, at the time of writing, USDE had a market cap of $4.7 billion, 39% lower than USDC and only 3% of USDT's market cap.
Top five stablecoins by market cap. Source: CoinGecko
The TON Foundation has been closely collaborating with Tether and connected TON to Tether's USDT ecosystem in February 2024 via LayerZero.
As part of its ambitious expansion plans, TON aims to connect its ecosystem toat least 100 chains, including Ethereum, Tron, and Solana.
