Ethena Labs has partnered with the TON Foundation to introduce its USDe stablecoin to Telegram’s ecosystem, giving access to over 1 billion users globally.
The partnership aims to expand stablecoin reach within Telegram, leveraging its vast user base to enhance dollar savings options and drive cryptocurrency adoption.
USDe Stablecoin Deployed within Telegram Messenger
Ethena Labs announced a collaboration with the TON Foundation to deploy its synthetic stablecoin USDe within the Telegram messenger. The move aims to integrate DeFi technology into one of the largest communication platforms.
The partnership involves Ethena Labs introducing USDe and sUSDe on TON, offering Telegram users new savings and investment opportunities. This strategic venture targets increased adoption with Telegram’s extensive user base.
10% APY Incentive to Boost On-chain Liquidity
This collaboration is seen as a transformative step for stablecoin integration in mainstream platforms. Telegram’s massive reach offers potential for significant cryptocurrency usage growth, drawing attention from investors and developers.
The introduction of tsUSDe with a 10% APY incentive aims to boost on-chain liquidity in TON. Institutional backers like Franklin Templeton reinforce confidence in Ethena’s compliance and growth potential.
Stablecoin’s Potential Role in Telegram’s Financial Expansion
Stablecoins within messaging apps is novel, echoing earlier attempts like Diem, but leveraging TON’s positioning provides distinct advantages. Previous expansions like USDT’s into new L1s/L2s show similar adoption efforts.
Experts suggest Ethena’s integration could position USDe as a key crypto-dollar asset globally, especially with Telegram expanding its financial ecosystem. Historical trends indicate a likely shift in stablecoin utilization.
Guy Young, Founder, Ethena, said, “Our partnership with TON Foundation marks a significant milestone for Ethena and we’re excited to join forces with one of the largest distribution platforms and fastest-growing blockchain networks in the world. TON being natively accessible within Telegram and its billion plus users represents a perfect venue to distribute Ethena’s core product USDe as a dollar savings vehicle for global users.”
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