Ethena Labs has partnered with the TON Foundation to deploy its stablecoins, USDe and sUSDe (now rebranded as tsUSDe on the TON blockchain). Announced at Token2049, the move brings Ethena’s yield-bearing products into Telegram’s ecosystem this May. It aims to unlock on-ramps for Telegram’s billion users through custodial and non-custodial wallets.
The firm launched USDe in March 2024 as a fully collateralized, synthetic stablecoin that maintains its dollar peg via on-chain crypto collateral and hedging derivatives, rather than bank deposits. The protocol also offers sUSDe, a staked variant that accrues additional Ethena rewards for users who lock their USDe into the protocol’s staking contracts.
USDe and sUSDe Debut on TON Blockchain
Ethena and TON Foundation have structured the May deployment into three overlapping phases. First, major non-custodial TON wallets, such as TON Space, Tonkeeper, MyTonWallet, and TonHub, will natively support USDe minting, redemption, and tsUSDe staking. On-chain bridges, like Stargate Finance, and swap services, like Ston.fi, will facilitate the acquisition.
Shortly thereafter, Telegram’s in-app Wallet will integrate USDe and tsUSDe directly, allowing users to mint, redeem, and stake within the familiar chat interface. The wallet will also launch a “USDT Earn” vault, enabling holders of Tether’s USDT to earn Ethena’s yields by converting their balance into USDe savings, all within the Telegram app.
Finally, integrations with TON protocols will bring Ethena’s trading, savings, and lending products to decentralized exchanges and lending platforms within the TON ecosystem. It will pave the way for liquidity pools, fixed-rate swaps, and derivative services in late May and beyond.
Interestingly, early tsUSDe stakers will earn a promotional 10% APY in TON, paid weekly, on up to 10,000 tsUSDe per user. The promotional APY on tsUSDe and the convenience of in-app staking are designed to entice first-time crypto users, lowering the friction for DeFi experimentation.
Ethena Faces European Hurdles
Recall that in mid-April 2025, Ethena Labs agreed with Germany’s BaFin to wind down all activities of its local subsidiary, Ethena GmbH. It ceased USDe minting and redemption as of March 21 and transferred European users to its British Virgin Islands entity after the regulator froze reserves due to MiCA compliance concerns.
Fast forward to barely two weeks later, and the firm has announced the latest partnership with TON Foundation. Meanwhile, a few months ago, it launched its USDtb stablecoin to capture market share as the stablecoin sector becomes more competitive.
