Telegram Officially Supports Stablecoin Protocol Ethena’s USDe
With over 1 billion users worldwide, the messaging software Telegram will officially support the stablecoin USDe from the stablecoin protocol Ethena. This integration is achieved through the TON blockchain, allowing users to store, trade, and even earn an annualized stable return of 10% directly within Telegram, with a one-click option to deposit dollars and earn interest.
Ethena to Collaborate with TON for Native Deployment of USDe and tsUSDe
The Ethena team announced on May 1 at Token2049 in Dubai that it will collaborate long-term with The Open Network (TON) to deploy its dollar stablecoin USDe and its staked version, sUSDe, on the TON blockchain.
Among these, sUSDe will be named tsUSDe as a native asset on TON, which can be used directly within Telegram, operated through two types of wallets:
- Telegram Custodial Wallet: Similar to a centralized wallet, this option offers a simple user operation.
- TON Space Wallet: A decentralized self-custody wallet built into Telegram.
Integration Progressing in Three Phases, Expanding to TON DeFi Ecosystem
Ethena stated that the integration plan will advance in phases throughout May, covering three major product lines:
- Usage and access of USDe through the built-in Telegram wallet.
- Support for decentralized wallets such as TON Space and TON Keeper.
- Expansion into DeFi applications on TON, including lending and trading functionalities.
In the future, Ethena will also explore more application scenarios, such as TON’s new type of digital bank (Neobank), etc.
tsUSDe as a Native Asset on TON, USDe Introduced via LayerZero Cross-Chain
Notably, tsUSDe is a native smart contract asset developed entirely for TON, while USDe itself can be introduced to TON through the cross-chain protocol LayerZero, enabling cross-chain asset interoperability.
Furthermore, if users hold tsUSDe and store it in a designated TON wallet, they can earn an annual return of 10% in TON, along with additional Ethena points as rewards, capped at a maximum of 10,000 tsUSDe per wallet for reward calculations.
USDe Becomes the Fourth Largest Stablecoin Globally, TON Targets Integration across 100+ Chains
Currently, USDe issued by Ethena has become the fourth largest stablecoin globally, with a market capitalization of approximately $4.7 billion, second only to:
- Tether (USDT): First in market capitalization.
- Circle (USDC).
- Sky/Maker’s USDS.
According to CoinGecko, USDe is now the fourth largest dollar stablecoin by market capitalization.
Moreover, TON had already planned a collaboration with Tether back in February 2024 to connect its entire ecosystem across at least 100 blockchains, including Ethereum, Tron, and Solana.
In summary, in the future, users will only need to open Telegram to deposit dollars, earn interest, and transfer money to friends, without even needing a bank.
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