Key Takeaways
tsUSDe is a stablecoin built for Telegram wallets on the TON blockchain.
It offers users 10% APY through Ethena’s yield strategy.
Users can access tsUSDe through Telegram’s Wallet or the non-custodial TON Space.
A STON.fi campaign adds up to an extra 10% APY via liquidity pools and staking.
Emerging projects in blockchain occur constantly, making strong partnerships essential. Key collaborations are crucial to building a solid, lasting ecosystem.
Ethena and The Open Network (TON) announced their partnership on May 1, 2025 at Token2049 in Dubai. The partnership combines stablecoin yield with Telegram’s global reach and brings tsUSDe to life.
What Is tsUSDe and How Does It Work On Telegram?
tsUSDe is the TON-based version of sUSDe, Ethena’s yield-bearing stablecoin. It stands for Telegram Synthetic USDe and gives users a way to earn on-chain yield directly inside Telegram.It combines sUSDe from Ethena Labs with TON blockchain infrastructure.
tsUSDe allows users to earn yield at 10% APY directly through Telegram crypto wallets. It aims to reach Telegram’s 1 billion users, making it a core element of its ecosystem.
Key Differences at a Glance
To understand how tsUSDe fits into the Ethena ecosystem, it helps to compare it with USDe and sUSDe.
The table below highlights the key differences between the three tokens, including their roles, value behavior, and typical use cases.
| Features | USDe | sUSDe | tUSDe |
| Type | Stablecoin | Staked, yield-bearing version | Tradable yield token |
| Value peg | 1 USDe ≈ $1 | Value increases vs. USDe over time | Market-based, trades near USDe |
| Yield | No yield | Earns yield through Ethena mechanisms | Earns yield through trading exposure |
| Use case | Payments, DeFi collateral | Saving, passive income | Trading, flexible DeFi positioning |
| Similar to | USDC, DAI | stETH, cDAI | aUSDC, yUSDC, other tradable yield tokens |
According to Max Crown, CEO of TON Foundation, “with Ethena’s integration, users now have seamless and secure access to yield-generating dollar savings via tsUSDe, right inside Telegram.” He considers it a big step in financial utility that strengthens TON.
How Users Earn 10% APY With tsUSDe
Holding tsUSDe in Telegram wallets linked to The Open Network (TON) can earn users a 10% annual percentage yield (APY).
The yield comes from Ethena’s strategy, which balances buying crypto and shorting it on exchanges to create steady returns.
Wallet in Telegram: A custodial solution built into the app.
TON Space: A non-custodial wallet developed by The Open Platform (TOP), also accessible inside Telegram.
Users can acquire tsUSDe using in-app Telegram bots and major TON wallets like Tonkeeper, TonHub (@yourholders), and MyTonWallet (@mytonwallet_io) without leaving the Telegram platform
Additionally, a debit card for spending tsUSDe through TON wallets is currently in development but has not yet launched.
What Is STON.fi Reward Campaign
In addition to the base 10% APY, STON.fi, the main DEX on TON, launched a 4-week campaign starting July 14, 2025.
Users staking USDe to mint tsUSDe or providing liquidity in the tsUSDe/USDe pool could earn an extra 10% APY in TON.
Rewards were distributed daily via TON airdrops.
Participation required one-time verification through TON ID.
This campaign showcased how tsUSDe is being actively integrated into TON’s DeFi ecosystem beyond simple wallet holding.
Expanding Ecosystem and Integrations
Beyond Telegram wallets, tsUSDe is being adopted across TON’s DeFi platforms:
STON.fi – liquidity pools and swaps.
DeDust, Evaa, Factorial, Fiva, and Torch Finance – offer lending, trading, and DeFi positioning opportunities.
This makes tsUSDe not just a savings tool but a growing part of TON’s broader financial ecosystem.
Risks and Considerations for tsUSDe Users
tsUSDe offers strong returns, but users must understand the risks before getting involved. The token connects multiple systems.
Ethena Labs is a crypto-native project built primarily on the Ethereum blockchain. TON and Telegram are also involved, which could expose it to several failure points.
Smart contract risk: A bug in any contract on Ethereum or TON could lead to lost or frozen funds.
Bridge risk: tsUSDe relies on a cross-chain bridge. If it fails or is exploited, funds may become inaccessible.
Custodial risk: Telegram’s wallet is custodial, meaning users do not fully control their private keys. However, users can opt for TON Space, which gives them full control over their funds inside the same app.
Market risk: If Ethena’s strategy breaks during extreme volatility or if a centralized exchange fails, rewards could stop or sUSDe could depeg.
Liquidity risk: As a new digital asset, tsUSDe may not have enough liquidity to support large trades or withdrawals.
Reward cap: The 10% APY and bonus rewards apply only to balances up to 10,000 tsUSDe per wallet.
Users should stay educated and informed through official updates and double-check wallet settings. It is better to avoid depositing more than what users are willing to lose.
Conclusion
tsUSDe brings together Ethena’s synthetic yield dollar and Telegram’s massive user base through TON. It allows users to earn 10% APY directly inside Telegram using integrated wallets like Wallet in Telegram and TON Space.
The system combines blockchain performance with real user access, aiming to make yield-bearing crypto savings mobile-first and straightforward.
The product is backed by Ethena’s delta-neutral strategy, which was bridged from Ethereum and hosted on TON. While the returns are attractive, users must understand the risks,a like smart contract exposure and reward caps. tsUSDe may be an early step toward Telegram becoming a fully integrated crypto banking layer for everyday users.
