Ethena on TON: Boosting rewards for users

As Telegram’s ecosystem rapidly grows, so too does the opportunity to bring decentralized finance (DeFi) to a wider global audience. The recent launch of Ethena on TON is a prime example, unlocking new ways for users to earn dollar-based yields while seamlessly tapping into Telegram’s enormous user base. In this article, we’ll learn about Ethena and TON, explore how they work together and show you how to earn with tsUSDe across the TON DeFi ecosystem.

Key Takeaways:

• Ethena has launched on TON and introduced tsUSDe, a reward-bearing, TON-native version of sUSDe, in order to bring passive earning opportunities to Telegram’s massive user base.

• Users can now earn with tsUSDe directly within the TON ecosystem across major wallets, DEXs and lending platforms, such as STON.fi, DeDust, EVAA Protocol and more.

• TON’s deep integration with Telegram gives Ethena instant reach to over 1 billion users, making it easier than ever to access DeFi and dollar-based rewards with just a few taps.



What is Ethena?

Ethena is a synthetic dollar protocol that offers a crypto-native alternative to traditional stablecoins through its USDe and sUSDe assets.

Ethena enables users to hold and earn with USDe, a stable asset backed by a delta-neutral hedging mechanism, and sUSDe, which adds a yield-bearing layer. Now, with its integration into the TON blockchain, Ethena is expanding its reach beyond Ethereum to tap into Telegram’s billion-strong community.

What is TON?

TON is a Layer 1 decentralized smart contract blockchain initially developed by Telegram and now maintained by the TON Foundation.

The Open Network (TON) supports a wide range of web3 applications, including DeFi, NFTs, payments and gaming. Its native token, Toncoin (TON), powers transactions and staking. Thanks to its close integration with Telegram, TON is positioned as one of the most user-accessible blockchains today.

TON distribution on Telegram

What sets TON apart is its direct access to Telegram’s user base. Since early 2025, Telegram has officially designated TON as its exclusive blockchain partner, solidifying a collaboration that began in 2023 with the rollout of TON-based mini apps.

Telegram’s distribution power, with over 1 billion monthly active users, gives any project built on TON instant visibility and scale. This makes the network a unique gateway to onboard Web 2.0 users into web3, especially in regions with high Telegram adoption.

Ethena’s launch on TON

Ethena’s integration with TON is more than just a technical milestone — it’s a strategic move to democratize access to DeFi and dollar-denominated yields. By launching on TON, Ethena makes it possible for users to interact with USDe natively within the Telegram ecosystem without needing to bridge across blockchains.

TON users can now:

• Access USDe and a TON-native version of sUSDe called tsUSDe

• Use Ethena in leading TON wallets, DEXs and lending protocols

• Earn passive rewards by staking directly on TON

Users on Bybit can also withdraw USDe directly into any TON-compatible wallet, making it even easier to participate.

tsUSDe: TON-staked USDe

As part of the launch, Ethena introduced a new token: tsUSDe (TON-staked USDe). This is a TON-native version of sUSDe, meaning it carries the same reward-bearing mechanism, but is minted on the TON blockchain.

To obtain tsUSDe, users can simply stake USDe via Ethena’s staking interface with their selected TON networks. This unlocks earning opportunities directly within TON, without needing to interact with Ethereum or other chains.

The benefits of tsUSDe include the following:

• Seamless earning experience for TON users

• No bridging or swapping needed to access sUSDe yields

• Compatibility with a growing number of TON DeFi apps

How Ethena is powering the TON DeFi ecosystem

Ethena’s entry into TON marks one of the most important integrations in the network’s DeFi growth to date. As tsUSDe spreads across the ecosystem, users can already interact with it across a range of platforms — from wallets to lending apps. 

Wallets

• TONkeeper

• TON Space (search “@Wallet” in Telegram, or access it via the app menu)

• MyTonWallet

• Tonhub

Decentralized exchanges (DEXs)

• STON.fi

• DeDust

Lending platforms

• EVAA Protocol

• Factorial Finance

Earning platforms

• FIVA Protocol

• Torch Finance

These integrations create a web of earning opportunities from staking and liquidity provision to lending and borrowing, all accessible through Telegram’s familiar interface.



Closing thoughts

The launch of Ethena on TON is more than just another chain expansion; it’s a step toward bringing stable DeFi opportunities to the masses, especially through the convenience of Telegram. With tsUSDe, users can now earn passively while exploring the TON ecosystem’s fast-growing DApps.

If you're looking to diversify your earning strategies, or simply want an easier way to access DeFi, this integration is worth checking out. As more platforms begin to support tsUSDe, Ethena is well-positioned to become a core building block in the TON DeFi landscape.



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