The Ethereum-based synthetic dollar protocol Ethena Labs has partnered with the TON blockchain in a move that could boost USDe adoption.
Announced by the platform this Thursday, May 4, the digital dollar, USDe, is now available for Telegram’s massive user base. Users can send, save, and pay with a globally accessible dollar on one of the most renowned messaging apps on the globe.
Ethena Labs Partners TON Blockchain For Global Dollar
According to Ethena Labs’ recent X post, it has partnered with Ton chain to empower its globally accessible dollar, USDe. Following the collaboration, the digital dollar coin is now among the collection of assets available for diverse uses on Telegram.
Moreover, the Ethereum-based synthetic dollar has already expanded its footprint across the sector, now available on over 20 chains. For context, USDe is a digital dollar crypto, powered by LayerZero’s OFT standard. Currently, it is emerging as one of the most accessible, omnichain, yield-bearing stablecoins in the market.
With this partnership and with the TON blockchain integration, the synthetic dollar protocol has further expanded its dominance. Primarily, the partnership focuses on three major product lines, Ethena Labs clarified. These are:
Meanwhile, the protocol’s native cryptocurrency, ENA, has also garnered significant attention amid the partnership announcement. ENA price is up nearly 3.5% over the day, in sync with the partnership announcement, trading at $0.033. The coin surged from a low of $0.3036 in the past 24 hours. However, a ENA price prediction by CoinGape revealed that the crypto is in bearish control, as per the 3-month bias indicator.
On the other hand, even Ton blockchain's native coin, Toncoin, traded in the red zone despite the partnership. TON price was down nearly 3% in the past 24 hours, reaching $3.15. A TON price prediction by CoinGape further revealed that even this coin faces bearish dominance at the moment.
