Ethena Labs Partners with TON to Deliver Dollar Savings to Telegram Consumers with $USDe and $tsUSDe

The partnership between Ethena and TON underscores a notable wave toward borderless and accessible financial services.

Ethena Labs, a prominent decentralized platform offering synthetic dollars, has announced a partnership with TON, an advanced L1 blockchain renowned for dApps, smart contracts, and more. This partnership aims to provide up to 1B users of Telegram, the globe's largest messaging platform, with dollar savings options in Latin America, Africa, and Asia.

Announcing 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 dollarInternet money, now available for @Telegram's billion usersDetails below: pic.twitter.com/oFjUvVX1CN

— Ethena Labs (@EthenaLabs) August 15, 2023

Ethena Labs Partners with TON to Deliver Dollar Savings to Telegram Consumers with $USDe and $tsUSDe

This partnership marks a significant step toward delivering accessible and borderless financial services. It brings $USDe and its staked form $tsUSDe to the TON ecosystem. For those unfamiliar, $USDe is Ethena's synthetic stablecoin pegged to the U.S. dollar. Through this integration, Telegram consumers in regions like Latin America, Asia, and Africa can now utilize dollar savings options in a more accessible and convenient manner.

The partnership will be rolled out in phases throughout this month. It includes three key components. Firstly, the integration of $USDe and $tsUSDe into well-known non-custodial wallets on TON such as MyTonWallet, Tonkeeper, and TON Space. Secondly, complete integration with the custodial wallet of Telegram. Finally, the deployment of these assets into prominent DeFi applications on TON for savings, lending, and trading.

This move comes at a time when over 3B people are struggling with inflation that has outpaced 4% in local currencies. The $USDe token offered by Ethena Labs provides a much-needed solution for consumers to maintain the purchasing power of their savings without leaving the Telegram platform. The collaboration also showcases Ethena Labs' transformative potential to deliver dollar-based tools to help a wider audience on their financial journey. Similar to how Alibaba and Tencent's money market projects attracted over $265B in deposits, this endeavor anticipates massive adoption of Ethena.

More Integrations and Features to Come in Near Future

According to Ethena Labs, the custodial wallet of Telegram will also provide a USDT Earn Vault. As part of Ethena Labs' collaboration with TON, the USDT Earn Vault will enable consumers to deposit their $USDT tokens to earn competitive returns through Ethena's rates. As this partnership progresses, anticipate more new features and integrations to be announced soon.