The Ethereum-based synthetic dollar protocol Ethena Labs has partnered with the TON blockchain in an effort to boost USDe adoption. An official announcement by the platform this Thursday (May 1) revealed that USDe is now available for Telegram’s massive user base. Users can send, save, and pay with a globally accessible dollar on one of the most renowned messaging apps on the globe.
Ethena Labs Partners TON Blockchain
Ethena Labs’ recent X post revealed that it partnered with the Ton blockchain to empower its globally accessible dollar, USDe. Following the collaboration, the digital dollar coin is now among the stockpile of assets available for various uses on Telegram.
Meanwhile, the Ethereum-based synthetic dollar has already expanded its foothold across the sector, now available on over 20 chains. For context, USDe is a digital dollar crypto, powered by LayerZero’s OFT standard. Currently, it is standing as one of the most accessible, omnichain, yield-bearing stablecoins in the market.
With this partnership and with the TON blockchain weighing in, the synthetic dollar protocol has further expanded its dominance. Primarily, the partnership focuses on three major product lines, Ethena Labs clarified. These are:
- USDe integration into all major non-custodial TON wallets, such as TON Space.
- Integration into Wallet in Telegram, the custodial crypto wallet in Telegram.
- Integration into major TON DeFi applications, where the synthetic stablecoin entity will help to power trading, savings, and lending use cases.
Meanwhile, the protocol’s native cryptocurrency, ENA, has also garnered significant attention amid the update. ENA price is up nearly 3.5% over the day, in sync with the partnership announcement, trading at $0.033. The coin surged from a low of $0.3036 in the past 24 hours. However, a ENA price prediction by CoinGape revealed that the crypto is in bearish control, as per the 3-month bias indicator.
On the other hand, even Ton blockchain’s native coin, Toncoin, traded in the red zone despite the partnership. TON price was down nearly 3% in the past 24 hours, reaching $3.15. A TON price prediction by CoinGape further revealed that even this coin faces bearish dominance at the moment.
The post Ethena Labs Brings USDe to Telegram’s One Billion Users via TON appeared first on CoinGape.
