- Tether (USDT) is currently the only stablecoin live on TON, with nearly $900 million in usage.
- Ethena’s synthetic stablecoin, USDe, and its staked version (tsUSDe) will launch natively on TON.
- A debit card for spending tsUSDe via TON wallets is in the works, pending card provider approval.
- USDe has grown to a $4.6 billion market cap since launching in 2024.
A new stablecoin is making its way onto Telegram’s billion-user network.
Ethena Labs, the team behind the synthetic dollar USDe, has announced a partnership with The Open Network (TON), marking a push to integrate its stablecoin directly into the Telegram ecosystem.
While Tether’s USDT has been the only stablecoin on TON to date, Ethena’s entry could signal a major shift within the messaging giant’s growing blockchain platform.
Ethena’s Plan for Telegram Users
As per the announcement , the integration will see USDe and its yield-bearing version, Ton Staked USDe (tsUSDe), deployed natively on TON.
Users will be able to access these assets via both custodial and non-custodial TON wallets and use them in decentralized finance (DeFi) apps within the ecosystem.
Getting the tailor-made TON version of USDe is a little cumbersome. First, users must acquire USDe through one of TON’s DeFi partners and store it in a compatible wallet.
From there, staking that USDe will generate tsUSDe, essentially a version of the asset that earns Ethena rewards.
For a limited time, a 10% weekly APY is also being offered only to users holding tsUSDe in non-custodial wallets.
This is part of a broader rollout, with Ethena hinting at more products to come.
High on the list is a debit card for spending tsUSDe directly and potential Apple Pay integration.
Though card approval is still pending, the team expects to launch the payment solution later this year.
TON’s Growing Stablecoin Ecosystem
Ethena’s entry is a significant move that underscores increasing confidence in TON’s long-term capabilities.
Now, USDe is officially the second stablecoin to launch on TON following Tether’s (USDT) rollout in mid-2024.
USDT currently comprises 100% of all stablecoin activity on TON, commanding a market share of $898.79 million.
For its part, USDe’s market cap sits at a sturdy $4.6 billion. Though it doesn’t compare with Tether’s overwhelming $148.75 billion market cap, the USDe stablecoin is still young, having launched just over a year ago in February 2024.
Now, it’ll be looking to scoop up a share of USDT’s dominance. At present, USDT is leveraged for trade and cross-border transactions on Telegram, existing more as a service than a product.
USDe could be set to capitalize on this as it’ll seemingly be integrated at a deeper level, and its presence could trickle into Telegram’s blooming mini-app ecosystem.
