Ethena Labs partners with TON to integrate USDe into Telegram ecosystem

Ethena Labs, the squad down the synthetic dollar USDe, has announced a strategical concern with the TON blockchain.

According to a May 1 statement, this determination brings some USDe and its yield-generating counterpart, sUSDe, straight into the Telegram ecosystem.

Ethena said:

“This represents 1 of Ethena’s astir meaningful launches to date. [Telegram] Users wrong [in emerging countries] tin present each payment from a globally accessible dollar savings conveyance via Ethena’s USDe close wrong their Telegram app.”

Yield opportunities

Ethena’s integration enables enactment for USDe wrong Telegram’s autochthonal wallet and opens the doorway to unchangeable yield-generating products straight wrong the chat environment.

To footwear disconnected adoption, Ethena volition connection an other 10% yearly percent output (APY) to users holding Ton Staked USDe (tsUSDe) successful non-custodial wallets.

The bonus, paid play successful TON tokens, applies to holdings of up to 10,000 tsUSDe per user. This is successful summation to the basal output earned done sUSDe.

Ethena is besides introducing a “USDT Earn” feature. This allows users to deposit USDT and person involvement based connected USDe’s performance, bridging the spread betwixt accepted stablecoins and higher-yield synthetic assets.

Ethena compares its attack to palmy integer savings products successful Asia. According to the firm, societal messaging platforms similar WeChat attracted hundreds of billions successful idiosyncratic deposits by integrating output tools into their messaging apps.

Ethena believes the TON integration offers akin imaginable and is enhanced by sUSDe’s stronger instrumentality profile.

Fueling TON’s DeFi ecosystem

Meanwhile, the concern volition grow beyond Telegram’s built-in wallet, and Ethena’s assets volition beryllium compatible with apical TON-based non-custodial wallets, including Tonkeeper, MyTon Wallet, and TON Space.

This opens the doorway to a broader DeFi acquisition wherever Telegram users tin save, trade, lend, and entree different on-chain services done TON.

At the aforesaid time, Ethena plans to rotation retired outgo integration with debit cards and Apple Pay by Q3. Pending regulatory approvals, Telegram users volition soon beryllium capable to walk their tsUSDe rewards connected real-world purchases.

The steadfast added that much Ethena-powered tools tailored to the TON ecosystem are besides successful development, to marque on-chain concern arsenic seamless arsenic messaging.

The station Ethena Labs partners with TON to integrate USDe into Telegram ecosystem appeared archetypal connected CryptoSlate.