Ethena Labs Partners with TON Blockchain to Offer USDe to Telegram's One Billion Users

Ethena Labs has announced a strategic partnership with the TON blockchain to offer its synthetic stablecoin (USDe) to Telegram's one billion users.

Ethena Labs, a decentralized finance (DeFi) protocol on the Ethereum blockchain, is partnering with the TON blockchain to offer its synthetic stablecoin (USDe) to Telegram’s one billion users, the companies announced at Token2049 in Dubai on Monday.

The collaboration, through the interoperability protocol LayerZero, will allow users on the crypto-friendly social messaging platform to buy, hold, spend and send USDe on the TON blockchain, which stands for Open Network. TON is the blockchain that powers the Telegram messaging app, used by an estimated one billion people monthly, making it the second-biggest messaging application in the world, especially in emerging market regions like Latin America, Asia and Africa.

The partnership will also see the creation of a new asset, "Ton Staked USDe" (tsUSDe), which will be a combined asset of both Ethena's USDe and the TON network's native token, LUNA. Through staking USDe, Telegram users will be able to earn rewards, in the form of tsUSDe. Both Ethena's USDe and tsUSDe assets will be intrinsically accommodated into the TON blockchain.

Particularly, tsUSDe will enable Telegram users to access USD savings just right within their social media platforms and can even earn up to 10% APY depending on their savings (holdings).

The partnership is a significant development for both Ethena and TON. Ethena is known for its innovative DeFi products, while TON is a leading blockchain platform with a large and active user base. The two companies complement each other well, and their partnership is sure to create new opportunities for both companies and the cryptocurrency industry as a whole.

"We are excited to be partnering with Ethena Labs to bring USDe to the TON blockchain," said Valentin Gonzo, VP of ecosystem development at TON. "This partnership is a testament to our commitment to supporting digital asset projects that promote innovation and encourage widespread adoption."

"We are also grateful for the support of LayerZero in facilitating this integration. Their interoperability protocol is essential for connecting different blockchains and enabling seamless cross-chain interactions."

Ethena is focused on providing a cryptocurrency-focused alternative to traditional financial systems. The firm is the developer and operator of the USDe synthetic stablecoin and other native crypto assets. It is also building a suite of DeFi products, such as a decentralized exchange and a lending protocol.

TON is a modular blockchain that can be customized to meet the specific needs of different applications. The platform is known for its high throughput, low latency and low transaction fees. It is also fully open-source and decentralized.

Stablecoins, a crucial component of the wider cryptocurrency world, are a major area of focus for TON network. The blockchain is especially hopeful about the capability of USDe and Ethena's wider ecosystem to redefine the stablecoin world. The Ethena-based stablecoin operates to resolve the centralized challenges experienced by stablecoins.

Ethena, an Ethereum-focused DeFi protocol, does not just focus on building stablecoin. It is developing a holistic ecosystem around USDe. This partnership highlights TON's continued dedication to supporting digital asset projects that promote innovation and encourage widespread adoption.

Stablecoins contribute a vital role in the growth of the wider digital asset market, and TON is completely helpful for their advancements. As the demand for digital assets continues to surge, stablecoins are poised to experience higher adoption.

News data source: kdj.com

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