Ethena and TON Foundation join forces to bring USDe stablecoin to Telegram's billion-User network

USDe is a synthetic, crypto-native stablecoin created by Ethena.

USDe is not backed by fiat reserves in banks. Instead, it is fully collateralized by crypto assets such as Ethereum (ETH), Bitcoin (BTC), and liquid staking tokens (LSTs).

Ethena uses a delta-neutral hedging strategy. When users mint USDe by depositing crypto collateral, the protocol takes a matching short position in derivatives markets.

This offsets price fluctuations in the collateral, helping USDe maintain its dollar peg even during market volatility.

Ethena, the decentralized stablecoin platform behind the fourth-largest stablecoin by market value, has partnered with the TON Foundation to deploy its USDe and sUSDe stablecoins across The Open Network (TON), enabling access to dollar-denominated savings directly within Telegram.

The partnership announced on May 1.

Unveiled at the Token2049 conference in Dubai, the strategic collaboration brings Ethena’s staked stablecoin, sUSDe, to TON under a new native asset called tsUSDe.

This integration will allow Telegram’s 1+ billion global users to earn yield on dollar savings through custodial and self-custodial wallets embedded directly within the messaging app.

Seamless Wallet Integration in Telegram

The launch features two major wallet integrations:

• Wallet in Telegram: A custodial solution for quick access and use.
• TON Space: A self-custodial wallet natively embedded in Telegram and developed by The Open Platform (TOP), the TON ecosystem incubator.

Support will extend to other major TON wallets including Tonkeeper, Tonhub, and MyTonWallet. Users can access these wallets through Telegram's mobile or desktop app by searching "@wallet."

“This is one of Ethena’s most meaningful launches to date,” the company said on X, citing Telegram’s vast reach in regions like Asia, Africa, and Latin America.

Yield and Rewards for tsUSDe Holders

Eligible tsUSDe holders across integrated TON wallets will receive:

• 10% annual yield paid in TON
• Ethena rewards on balances up to 10,000 tsUSDe per wallet

Additional incentive programs are in the pipeline, designed to boost DeFi activity and yield opportunities throughout the TON ecosystem.

USDe and sUSDe Go Ecosystem-Wide

Beyond wallet integrations, Ethena’s USDe and tsUSDe are being embedded into TON’s growing DeFi landscape. These stablecoins are positioned to power savings, payments, lending, and trading functions across the network.

The deployment will roll out gradually throughout May, with USDe arriving on TON via the LayerZero interoperability protocol and tsUSDe running natively on TON smart contracts.

A Long-Term Financial Vision

The partnership lays the groundwork for further collaboration between Ethena and the TON Foundation, including ambitions to enable:

• Neobanking services
• Peer-to-peer payments
• DeFi lending and trading interfaces

Guy Young, Founder of Ethena, called the integration “a significant milestone,” emphasizing the opportunity to bring “dollar savings and financial utility” to Telegram’s vast user base.

Max Crown, CEO of TON Foundation, added, “Bringing a reward-bearing dollar-adjacent asset natively to TON is a game-changer for unlocking the next phase of DeFi and PayFi on our network.”

With USDe’s current market cap at $4.7 billion, this move further solidifies Ethena’s position in the stablecoin market and signals TON’s rapid evolution into a mainstream financial platform.

More details on the tsUSDe rollout and rewards will be announced via Ethena and TON Foundation’s official X (formerly Twitter) accounts in the coming weeks.