Ethena Teams with TON Foundation to Flood Telegram Wallets with USDe Stablecoin—Because the World Needed Another Dollar Peg

Stablecoin wars escalate as Ethena and TON Foundation make their play for Telegram’s 800M users. USDe enters the chat—literally.

Why it matters: This isn’t just another stablecoin launch. It’s a strategic land grab for the messaging app that became crypto’s sleeper hit. Telegram wallets are about to get a synthetic dollar injection.

The cynical take: Because nothing says ’decentralized future’ like replicating fiat on every possible blockchain. At least the yield farming opportunities will be... stable.

• Ethena’s USDe and tsUSDe are now integrated natively across the TON blockchain ecosystem.
• Telegram’s 1B+ users can access tsUSDe directly via Wallet in Telegram and TON Space wallet.
• tsUSDe holders can earn 10% APY in TON plus rewards on up to 10,000 tsUSDe per wallet.

Ethena Labs and the TON Foundation have partnered to introduce Ethena stablecoin products, USDe and the staked variant tsUSDe, on the Open Network (TON). Integrating into Telegram aims to enhance access to decentralized finance (DeFi) with access to stablecoin-based dollar savings for over one billion users.

The launch supports native access to tsUSDe through Telegram wallets, providing a reward-bearing sUSDe version for TON users within the app’s wallet integration. Users access tsUSDe on Telegram’s custodial Wallet and the non-custodial TON Space wallet. 

Introducing the product for a billion people:

Today we announce our partnership with @ton_blockchain to power finance’s most powerful use case:

To send, save and pay with a globally accessible dollar

Internet money, now available for @Telegram’s billion users

Details below: pic.twitter.com/oFjUvVX1CN

Additional support through Tonkeeper, Tonhub, and MyTonWallet gives users access to tsUSDe functions. Telegram users can find wallet features through the application interface on mobile devices and desktop computers.

TON Ecosystem Welcomes tsUSDe for Broad DeFi Utility

USDe and tsUSDe are officially deployed on TON, allowing users to utilize the stablecoins throughout the blockchain’s DeFi infrastructure. Users can use these assets for decentralized lending activities, savings platforms, and other blockchain-based applications. USDe bridges from Ethereum to TON through the LayerZero interoperability protocol, while tsUSDe operates as a native TON-based smart contract asset.

Users who maintain tsUSDe in supported wallets will receive an annual percentage yield (APY) of 10% paid in TON alongside Ethena rewards for balances up to 10,000 tsUSDe. The incentive system is designed to attract first users and improve on-chain activity on TON’s financial ecosystem. The TON Foundation partnership intend to launch new reward systems to boost the APY capabilities of DeFi platforms operating on TON.

Long-Term Collaboration Targets Neobanking and Payment Integration

Ethena and the TON Foundation partnership mark the start of an extended collaboration between the two sides. Future initiatives may include developing NEO banking services, peer-to-peer payment features and interfaces for DeFi lending and trading, all powered by Ethena’s stablecoin infrastructure.

Ethena is expected to unlock new use cases across Telegram’s platform and DeFi ecosystem. The team is also working on a tsUSDe-linked debit card, with the card provider still awaiting approval. However, users could spend their US dollars, with support for services like Apple Pay expected later this year.

With Tether’s USDT currently dominating TON’s stablecoin activity at nearly $900 million, Ethena’s USDe, with a $4.6 billion market cap, enters the ecosystem as a major alternative. The official launch of tsUSDe is expected in the coming weeks, and further updates will be provided by Ethena and TON Foundation.