Big news has emerged in the crypto space. Decentralized Stablecoin platform Ethena has announced a significant partnership with The Open Network (TON), aimed at providing Stablecoin facilities to Telegram’s more than one billion users. The partnership was officially announced at the Token2049 Dubai event on May 1.
Native integration of Ethena Stablecoin on TON
Under this collaboration, Ethena’s flagship Stablecoin USDe and its staked version sUSDe will be natively available on the TON blockchain. Interestingly, sUSDe will now be known as tsUSDe and will offer Telegram users US dollar-linked savings directly within the application.
Both custodial and non-custodial wallets will be supported
This partnership between Ethena and TON will be based on two major types of integrations.
Custodial Wallet Integration: Telegram’s in-built wallet, where users will be able to access tsUSDe directly.
Non-Custodial Wallet Integration: Wallets such as TON Space and TON Keeper that give users full control over their funds will also support tsUSDe.
Financial Access for Global Users
Athena calls this integration its most important launch to date. On its X (formerly Twitter) account, the company said:
“Telegram usage is very high around the world, especially in emerging markets such as Asia, Afric,a and Latin America. tsUSDe will give these users direct access to digital dollar savings.”
This initiative is considered a major step in the mainstream adoption of Web3 Finance.
The progressive rollout process will begin in May
According to Ethena, this partnership will be implemented gradually in the month of May. Its rollout will be across three major product lines.
- tsUSDe access via Wallet in Telegram
- Integration into wallets like TON Space and TON Keeper
- New opportunities for support and use in TON-based applications
What is the benefit of tsUSDe?
tsUSDe, i.e. staked USDe on TON Network, is a dollar-denominated stablecoin that will also allow users to earn returns on savings. It can become an alternative to traditional bank services for Web3 users.
The partnership between Ethena and TON could bring about a major change in the world of crypto and financial technology. The arrival of tsUSDe on a major platform like Telegram could make it an important step towards adoption at the billion-user level.