Ethena Labs and the TON Foundation Have Partnered to Introduce Ethena stablecoin products

Integrating into Telegram aims to enhance access to decentralized finance (DeFi) with access to stablecoin-based dollar savings for over one billion users.

Ethena Labs has partnered with the TON Foundation to introduce Ethena stablecoin products, USDe and the staked variant tsUSDe, on the Open Network (TON), integrating into Telegram for broader DeFi access.

The partnership, announced Wednesday, aims to enhance access to decentralized finance (DeFi) with the addition of stablecoin-based dollar savings for over one billion users of the messaging app.

Integrating into Telegram supports native access to tsUSDe through the app’s wallet integration, offering an sUSDe version with yield and Ethena rewards within the app. Users can access tsUSDe on Telegram’s custodial Wallet and the non-custodial TON Space wallet.

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

“We are thrilled to announce our partnership with TON Foundation to bring Ethena’s stablecoin to Telegram’s Open Network,” said Ethena CEO Konstantin Glushkov. “This partnership will introduce a powerful use case for Web3—a globally accessible dollar that can be sent, saved, and paid with, now available for Telegram’s billion users.”

ATON Ecosystem Welcomes tsUSDe for Broad DeFi Utility

USDe and tsUSDe are now 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 will also see the launch of new reward systems to boost the APY capabilities of DeFi platforms operating on TON.

“We are excited to welcome Ethena’s stablecoin to the TON ecosystem,” said TON Foundation CEO Evgeny Monakov. “Their innovative approach to DeFi, combined with the vast user base of Telegram, has the potential to revolutionize how people experience blockchain technology.”

Long-Term Collaboration Targets Neobanking and Payment Integration

The Ethena and TON Foundation partnership marks 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.