Ethena Labs Will Bring Its USDe Synthetic Dollar and Its Staking Counterpart, tsUSDe, to The Open Network (TON) Blockchain

Ethena Labs is bringing its USDe synthetic dollar and its staking counterpart, tsUSDe, to The Open Network (TON) blockchain, offering an opportunity for Telegram’s 1 billion users to access dollar-denominated savings through self-custodial wallets beginning in May 2025.

Announced via a blog post on Monday, the move will see USDe integrated into leading TON-compatible wallets and DEXs, including Telegram’s native Wallet, Tonkeeper, and Mytonwallet.

The integration is part of a broader collaboration with the TON Foundation to expand the blockchain's DeFi ecosystem and attract a wider user base.

At launch, users will be able to purchase and stake USDe in a manner similar to existing options like toncoin (TON) or Tether’s USDT, earning yield in the process.

To encourage early participation, those holding up to 10,000 tsUSDe in qualifying wallets by December 31, 2025, will receive an additional 10% APY boost in TON on their tsUSDe holdings.

Ethena Labs tailored tsUSDe specifically for optimal utilization within TON's decentralized finance framework, aiming to spur broader community engagement.

The companies also intend to introduce further reward initiatives designed to catalyze TON's DeFi expansion.

Ethena's USDe will be the first major asset to connect with TON using Layerzero's cross-chain messaging infrastructure.

Current USDe holders will be able to bridge their tokens to TON via Stargate Finance when the integration launches.

Designed with mainstream users in mind, the TON development team says the initiative enables Telegram users to earn dollar-denominated returns through simple, two-step interactions—no prior crypto knowledge required. More than a dozen TON-native platforms, including Dedust and Ston.fi will support USDe at launch.

The team says this development underscores TON's initiative to broaden its DeFi capabilities and expand the use cases for its blockchain. It builds on the integration of Chainlink Price Feeds in March 2023, which provided decentralized access to price oracles within the TON ecosystem.

With Ethena's addition, it is believed that TON further diversifies its stablecoin ecosystem, having previously announced support for Tether's USDT and Paxos Standard (PAX). This move positions the blockchain in the growing market for consumer-facing crypto savings tools.