In a move that could reshape the way we use Telegram for financial transactions, Ethena Labs is partnering with the TON Foundation to introduce its synthetic dollar stablecoins—USDe and sUSDe—to the TON blockchain. Since Telegram connects over 1 billion users every month, this collaboration has the potential to offer a variety of new financial tools directly within the familiar messaging app.
A Closer Look at the Stablecoin Rollout
Rebranding for the TON Ecosystem
For the TON community, sUSDe will be rebranded as tsUSDe. Both USDe and tsUSDe will be supported across a range of Telegram-friendly wallets, including:
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Telegram’s Built-in Custodial Wallet: Ideal for users who want straightforward crypto management.
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TON Space: A self-custodial wallet for those who prefer full control over their assets.
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Third-Party Wallets (Tonkeeper, Tonhub, and MyTonWallet): Expanding accessibility and encouraging broader adoption within the TON ecosystem.
This multi-wallet strategy is designed to meet the varying levels of comfort people have with holding their own assets while making synthetic stablecoins more accessible to Telegram’s global community.
Earning Yield with tsUSDe
One highlight of this partnership is a 10% APY on tsUSDe holdings, offered through participating wallets. As of early May 2025, users with non-custodial wallets (like Tonkeeper or TON Space) already receive weekly TON token rewards, with more wallets scheduled to join soon. These incentives are in addition to Ethena’s usual sUSDe yield mechanisms, creating extra ways for users to earn.
Source Ethena
Introducing “USDT Earn”
On top of that, Ethena plans to roll out a “USDT Earn” feature. This will let people deposit their Tether (USDT) and collect returns tied to the performance of USDe. In other words, if you hold USDT but still want to tap into Ethena’s synthetic stablecoin ecosystem, you’ll have an opportunity to earn extra yield.
Boosting TON’s DeFi Scene
By bringing Ethena’s synthetic assets on-chain, the partnership aims to reinvigorate TON’s decentralized finance (DeFi) environment. Recent dips in user engagement have prompted the TON Foundation to focus on growing its ecosystem, and offering synthetic stablecoins and yield-earning opportunities could be a step in the right direction. Future development plans include:
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A TON debit card to turn crypto rewards into everyday purchases
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Payment integrations with Apple Pay and other debit services
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User-friendly tools to make peer-to-peer transactions and DeFi activities more accessible within Telegram
What Sets Synthetic Stablecoins Apart?
Unlike traditional stablecoins such as USDT or USDC—which are backed by fiat reserves—synthetic stablecoins like USDe rely on financial derivatives and hedging to stay pegged to the dollar. Ethena uses a delta-neutral strategy to keep its value stable and generatFe yield at the same time. This opens up flexible saving options and is especially appealing for users in economies dealing with inflation or volatile currencies.
Why Telegram’s Fintech Pivot Matters
This move by Telegram fits into a broader trend among messaging platforms, such as WeChat and Line, which have integrated payment features for convenience. Telegram, however, is diving deeper by embracing blockchain-based assets and decentralized wallets. Essentially, it’s aiming to be part instant messenger and part financial hub—all in one app.
Staggered Rollout Throughout May 2025
Ethena’s integration with TON will happen in stages. Initially, tsUSDe and USDe will be compatible with non-custodial wallets like Tonkeeper and TON Space. After that, support will extend to Telegram’s own custodial wallet. Later phases will focus on weaving these synthetic assets into more areas of TON’s DeFi ecosystem, giving users ample ways to trade, lend, and save.
For Ethena, teaming up with the TON Foundation means tapping into a massive user base that extends across the globe. For TON, offering yield-bearing synthetic stablecoins could help bring renewed energy to its blockchain scene.
For Telegram’s hundreds of millions of users—especially those in places dealing with currency risks—these new features may offer a practical way to save, earn yield, and transact in dollar-pegged assets without ever leaving the app they already use daily.
