Ethena Labs has officially deployed its synthetic stablecoin, USDe, on The Open Network (TON), a blockchain ecosystem closely tied to the Telegram messaging platform, impacting society by redefining digital financial interactions.
This integration introduces a new layer of stablecoin functionality directly into Telegram’s extensive user base, potentially reshaping how users access and interact with decentralized finance (DeFi).
The launch also includes tsUSDe, a staked version of USDe that provides yield opportunities within TON-compatible wallets.
With over 900 million monthly active users on Telegram as of Q1 2025, the potential reach of this integration is substantial.
- It reflects a broader movement toward embedding financial services directly into communication platforms, creating an intuitive on-ramp for both new and experienced users to engage with DeFi without leaving familiar interfaces.
Key Takeaways
- USDe is now accessible via TON-native wallets, enabling in-app stablecoin access for Telegram users with minimal friction.
- tsUSDe allows users to earn yield on their stablecoin holdings without relying on centralized finance platforms or exchanges.
- This integration takes advantage of Telegram’s global user base to simplify DeFi participation at scale.
- Ethena’s move reflects a broader shift toward embedding financial utilities into everyday consumer platforms, potentially accelerating stablecoin adoption across non-traditional financial channels.
What Is USDe?
USDe is a synthetic, dollar-pegged stablecoin developed by Ethena Labs.
Unlike traditional fiat-backed stablecoins such as USDT or USDC, which depend on off-chain reserves held by custodians, USDe maintains its dollar peg through a delta-neutral derivatives strategy.
This involves holding a combination of long and short positions to offset volatility and preserve value in a market-neutral way.
The goal is to create a more decentralized and resilient stable asset that does not rely on banking partners or fiat backing, an approach that aligns with the core ethos of DeFi.
Since its inception, USDe has grown rapidly, reaching a circulating supply of over $2 billion across Ethereum and Arbitrum networks. Its expansion into TON marks the next phase of distribution and cross-chain adoption.
How USDe Compares to Other Stablecoins
| Feature | USDe | USDT | USDC | DAI |
|---|---|---|---|---|
| Peg Mechanism | Synthetic hedge | Fiat-backed | Fiat-backed | Crypto-backed |
| Custodian Risk | None | Yes | Yes | Partial |
| On-Chain Yield | Yes (tsUSDe) | No | No | Yes (via DeFi) |
| Native to TON | Yes | No | No | No |
Understanding tsUSDe
tsUSDe is the yield-bearing version of USDe.
- When users stake USDe, they receive tsUSDe, which passively accrues rewards.
The mechanism behind this yield relies on sophisticated trading strategies executed by Ethena, primarily based on funding rate arbitrage, a method that captures discrepancies between spot and perpetual futures markets.
tsUSDe removes the need for manual claim functions or active yield farming participation.
The process is seamless and designed to operate within the Telegram wallet interface. For users, this translates to passive income opportunities with a transparent and non-custodial structure.
Ethena’s launch campaign on TON includes an enhanced yield offer of up to 18% APY for 16 weeks, gradually tapering from a 10% bonus down to 5%, in addition to the 8% base yield.
- This initiative aims to incentivize early adoption and liquidity provision on the TON chain.
Why TON?
TON, originally developed as Telegram Open Network, is now maintained by the TON Foundation as a standalone Layer 1 blockchain.
Known for its low transaction costs and high throughput, TON is designed to support large-scale applications directly within Telegram, including payments, games, and financial services.
- Telegram’s integration of blockchain services through its native wallet bot allows users to store, send, and swap crypto assets within the chat interface.
Ethena’s decision to launch on TON takes advantage of this built-in infrastructure, opening access to hundreds of millions of users with minimal onboarding steps.
“This partnership enables scalable, in-chat access to decentralized finance for millions,” says a spokesperson from Ethena Labs.
This kind of embedded blockchain functionality reflects a long-term trend: the merging of messaging platforms and financial applications to streamline user access to digital assets.
Integration Mechanics
The deployment of USDe on TON is structured to ensure accessibility and ease of use.
Key components include:
Supported Wallets:
- TON Space (native Telegram wallet)
- MyTonWallet
- TonHub
- TonKeeper
Methods to Acquire USDe:
- Swapping TON-native tokens on decentralized exchanges such as STON.fi and DeDust
- Bridging from Ethereum via Stargate Finance
- Withdrawing directly from centralized exchanges like Bybit, MEXC, Bitget, and Gate.io
Staking and Yield Structure
The tsUSDe staking mechanism is engineered for passive, sustainable yield without the need for high-risk farming strategies.
Key program details include:
- Base Yield: 8% APY, automatically applied to tsUSDe balances
- Promotional Bonus: Additional 10% APY, decreasing linearly over a 16-week promotional period
- Eligibility Requirements: Users must hold a minimum of 10 tsUSDe and 10 TON to receive the boosted APY
- Maximum Cap: The bonus yield applies to a maximum of 10,000 tsUSDe per wallet address
How the Staking Process Works
A simplified visual breakdown of the staking flow:
- Acquire USDe via DEX, bridge, or exchange
- Stake USDe in a TON-compatible wallet
- Receive tsUSDe automatically
- Hold tsUSDe to accrue weekly yield in TON tokens
No manual claiming is required.
All eligible balances automatically receive rewards.
Security and Compliance
Security remains a core focus of Ethena’s rollout, with a strong emphasis on the project’s history of rigorous testing and protocol development.
The smart contracts governing USDe and tsUSDe have been independently audited by third-party security firms for accreditation.
Public dashboards allow users and researchers to monitor real-time metrics, including peg deviations, collateral ratios, and staking balances.
- The synthetic nature of USDe places it in a regulatory gray zone, but Ethena has taken proactive steps to ensure transparency.
The Financial Stability Board (FSB) and BIS Innovation Hub have both highlighted the importance of real-time auditability in synthetic assets.
Ethena’s design aligns with these recommendations, offering visibility into collateral positions and exposure across platforms, and could potentially engage the department of education for outreach about synthetic assets.
Implications for Telegram’s DeFi Ecosystem
By integrating USDe into Telegram-linked wallets, TON establishes the foundation for a self-contained DeFi economy inside a widely used messaging app.
Users in Latin America, Southeast Asia, and parts of Africa, where banking access remains inconsistent, can now access digital dollars and on-chain yield from a familiar platform.
Example Use Cases:
- Retail User in Argentina preserves value in USDe amid inflation
- Crypto Trader uses STON.fi to swap TON for USDe and stake
- Institutional Desk integrates tsUSDe into a treasury yield strategy via API
This convergence of communication and finance removes onboarding friction and creates a culture that makes DeFi more approachable.
Institutional and Retail Impact
Retail users gain simplified exposure to dollar-pegged savings mechanisms.
- This may prove particularly attractive in inflation-prone markets, where local currencies rapidly lose value.
According to Chainalysis, stablecoin transaction volume in Latin America grew by 40% year-over-year in 2024, driven by demand for more stable and accessible financial tools.
On the institutional side, the programmable nature of USDe and its staking infrastructure supports integration into custody platforms, algorithmic treasury strategies, and white-labeled wallets.
Its compatibility with TON also presents opportunities for fintech and Web2 players to deploy blockchain-based yield products within consumer-facing apps.
Challenges and Risks
1. Depeg Events:
Although mechanisms are in place to maintain the peg, market volatility could stress the hedging strategy.
2. Liquidity Distribution:
As USDe expands across multiple chains, initial liquidity on TON may be limited or fragmented.
3. User Understanding:
Non-crypto-native users may require additional education to fully grasp staking conditions, wallet use, and reward mechanics.
Regulatory clarity is another challenge.
While synthetic stablecoins are innovative, their legal treatment varies significantly across states and jurisdictions, potentially limiting their usage or prompting restrictions in certain markets.
Future Outlook
Ethena has outlined plans for broader interoperability and ecosystem integrations.
Future developments may include:
- USDe support on additional blockchains including Solana and Base
- More advanced DeFi tools directly within Telegram, such as lending or liquidity provision
- Institutional access frameworks with APIs and reporting tools
The success of this integration may act as a case study for how messaging platforms can function as gateways for financial infrastructure, the growth that could have significant implications for both the fintech and Web3 industries.
Conclusion
The launch of USDe on TON is more than just another stablecoin deployment.
It represents a convergence of communication, finance, and on-chain infrastructure, brought together through a platform that already commands global user attention.
By simplifying access to stablecoin utility and passive yield, Ethena and TON are charting a path toward mainstream financial tools that operate natively in digital environments.
As synthetic stablecoins continue to gain ground, this integration highlights a new phase in how decentralized assets are distributed, accessed, and utilized worldwide.
FAQ:
1. What is USDe and how is it different from USDT or USDC?
USDe is a synthetic stablecoin that maintains its peg using derivatives-based hedging, not fiat reserves. It aims to offer decentralization and resilience beyond traditional custodial models.
2. How can I acquire USDe on TON?
Users can swap for USDe on TON-native DEXs, bridge from Ethereum via Stargate, or withdraw from centralized exchanges like Bybit and MEXC.
3. What is tsUSDe and how do I earn yield?
tsUSDe is the staked version of USDe. It automatically earns weekly yield paid in TON tokens when held in a supported wallet.
4. Is there a minimum amount required to participate in staking?
Yes. To qualify for the bonus APY campaign, users must hold at least 10 tsUSDe and 10 TON in the same wallet.
5. Is this integration secure?
Yes. Ethena’s contracts are audited, and wallet interactions take place through established TON-compatible platforms.
6. Can institutional users benefit from this?
Yes. tsUSDe supports programmatic access and can be integrated into larger DeFi strategies, custody platforms, or white-label applications.
