Ethena is integrating its sUSDe stablecoin into the TON blockchain, making it available for Telegram’s one billion users.
Announced during the Token2049 on Monday, Ethena (ENA) Labs founder Guy Young and The Open Platform CEO Halil Mirakhmed declared that Ethena’s synthetic stablecoin USDe and its yield-generating counterpart sUSDe will be available on the Telegram ecosystem.
As part of its collaboration with TON (TON) Foundation, USDe (USDE) and sUSDe will be directly embedded into Telegram’s native wallet as well as in the TON Space wallet, a self-custodial wallet integrated into the messenger.
Telegram users will be able to mint, burn, transfer, and stake Ethena’s synthetic stablecoins without having to leave the messaging app.
According to the official Ethena Labs’ announcement, its partnership with the TON Foundation will be rolled out in three phases throughout May.
First, is the integration of Ethena tokens into all major non-custodial TON wallets, including TON Space, Tonkeeper and MyTonWallet. The next phase will integrate Ethena into Telegram’s built-in custodial crypto wallet.
Finally, Ethena will be integrated into all major TON DeFi applications, where it will support trading, saving and lending use cases throughout the ecosystem.
“Starting in May, we will go live on TON with USDe and tsUSDe on TON Space, alongside other major TON wallets,” wrote Ethena Labs in its official post.
Not only that, eligible holders of Ton Staked USDe or tsUSDe will stand a chance to receive an additional 10% annual percentage yield paid weekly in TON on top of native sUSDe rewards. Each TON user can gain up 10,000 tsUSDe.
At press time, Ethena USDe is the fourth largest stablecoin by market cap, falling behind Tether’s USDT (USDT), Circle’s USDC (USDC) and Dai’s USDS (USDS). Its market cap currently stands at $4.6 billion. Meanwhile, TON’s market cap sits at $7.9 billion with a daily trading volume of $145 million. It is currently trading hands at $3.18.
