Ethena Labs, a well-known Ethereum-based, decentralized platform for synthetic dollars, has announced a new partnership with TON, an advanced L1 blockchain for dApps, smart contracts, and more. The partnership intends to provide up to 1B users of Telegram, the biggest messaging platform across the globe, with dollar savings in Latin America, Africa, and Asia. The platform took to social media to reveal this collaboration.
Ethena Labs Partners with TON to Deliver Dollar Savings to Telegram Consumers with $USDe and $tsUSDe
The partnership between Ethena and TON underscores a notable wave toward borderless and accessible financial services. Hence, the collaboration brings $USDe as well as its staked form $tsUSDe to the TON ecosystem. $USDe is Ethena’s synthetic stablecoin pegged to the U.S. dollar. With this development, the Telegram consumers in Latin America, Asia, and Africa can leverage the dollar savings in a borderless and more accessible way.
The partnership will unfold in phases during this month. It includes 3 key components, among which one is the integration of $USDe and $tsUSDe into well-known non-custodial wallets on TON like MyTonWallet, Tonkeeper, and TON Space. The 2nd phase deals with the complete integration with the custodial wallet of Telegram. In addition to this, the 3rd phase focuses on the deployment of these assets into notable DeFi apps on TON for savings, lending, and trading.
This move takes place at a point when more than 3B people around the world are struggling with inflation that has surpassed 4% in local currencies. The $USDe token of Ethena Labs delivers a much-demanded solution for the consumers to uphold value without leaving the Telegram platform. The collaboration also highlights Ethena Labs’ transformative potential to deliver dollar-based tools to assist a wider audience in their financial journey. Just like Alibaba and Tencent’s money market projects attracted more than $265B in deposits, this endeavor also anticipates massive adoption via Ethena.
More Integrations and Features to Come in Near Future
According to Ethena Labs, the custodial wallet of Telegram will additionally provide a USDT Earn Vault. As a part of Ethena Labs’ collaboration with TON, the USDT Earn Vault will let consumers deposit their $USDT tokens to earn notable returns through Ethena rates. As this partnership unfolds, many new features and integrations are to be witnessed soon.
