Token2049 held in Dubai on April 30,2025 and May 01, 2025 has brought many gifts for the crypto market, and on May 01, the partnership of Ethena and The Open Network came into the spotlight.
As per available information, Ethena the decentralized stablecoins platform has joined hands with the TON network to broaden its usage case and make the stablecoin available to the wider user base of Telegram.
It is worth noting that with this alliance, the Ethena USDe and Ethena Staked USDe will be available for the user on the TON blockchain.
The Ethena Staked USDe will be listed under the name of tsUSDe, helping users of Telegram to directly access United States dollar-denominated savings directly with the Telegram.
Ethena eyeing a bigger spot in the stablecoin category
According to an X post by Ethena dated May 01, 2025, notes that, “Today we announce our partnership with the TON blockchain to power finance’s most powerful use case.”
Introducing the product for a billion people:Today we announce our partnership with @ton_blockchain to power finance's most powerful use case:To send, save and pay with a globally accessible dollarInternet money, now available for @Telegram's billion usersDetails below: pic.twitter.com/oFjUvVX1CN
— Ethena Labs (@ethena_labs) May 1, 2025
“This represents one of Ethena’s most meaningful launches to date. Telegram has truly global distribution across its billion users, with presence in emerging economies in regions like Asia, Africa, and Latin America,” the post notes.
The following threat of Ethena reads, “Users within these countries can now all benefit from a globally accessible dollar savings vehicle via Ethena’s USDe right within their Telegram app.”
Three major developments in May that are expected to take place are first, all of the main non-custodial TON wallets will incorporate Ethena.
This would facilitate the safe management and usage of cryptocurrency by enabling users of wallets like TON Space, Tonkeeper, and MyTonWallet to utilize Ethena’s capabilities from within their applications.
In the custodial Telegram Wallet, Ethena is being introduced. Through this connection, Ethena’s services will be available to millions of Telegram users directly within the app, thus increasing the accessibility and use of cryptocurrency.
On TON, Ethena will be included in important DeFi applications. This will make advanced use cases possible, including Ethena-powered lending, savings, and cryptocurrency trading.
Ethena and the TON Foundation will provide further details when each stage of these integrations’ phased debut in May comes to fruition.
Stablecoin market overview
Over the past few years, the stablecoin market has seen tremendous growth, as the popularity of cryptocurrencies continues to grow, stablecoins have become the cornerstone of the digital asset market.
Until publishing, the stablecoin market cap was $239 billion, and the trading volume is $79,550,610,059, with a surge of 19.92% in the past 24 hours.
In terms of dominance, volume, and market capitalization, USDT stands at the top, followed by USDC, DAI, and USDe.
