In a notable development for decentralized finance (DeFi), Ethena Labs has revealed that it has struck a strategic tie-up with the TON Blockchain. The union seeks to place Ethena’s synthetic dollar, USDe, and its savings version, sUSDe, within Telegram’s native wallet, TON Space. Through Telegram’s vast user base, this move plans to offer end-to-end financial services to an international clientele.
Adding Financial Tools to Telegram
The partnership between Ethena Labs and TON Blockchain is poised to revolutionize Telegram as a holistic financial platform. By integrating USDe and sUSDe directly into TON Space, sending, saving, and spending digital dollars will become accessible within the messaging app. The integration aims to provide a user experience akin to conventional banking but with decentralization and openness benefits.
The effort features a marketing promotion whereby participating users who possess tsUSDe in a TON wallet qualify for a 10% hike in yearly yield, boosting the popularity of the platform’s saving functionalities. The founder of Ethena Labs, Guy Young, stressed the importance of the partnership, mentioning the possibility of tapping into Telegram’s huge audience and offering them simple financial products.
Improve Cross-Chain Interoperability
In addition to the Telegram integration, Ethena Labs is also working towards increasing the interoperability of its stablecoins. With the use of LayerZero’s cross-chain technology, USDe and sUSDe will be available across various blockchain networks such as Ethereum, Solana, and Tron. The cross-chain facility is intended to solve liquidity fragmentation in the DeFi ecosystem, allowing easy fund transfers and increasing transaction efficiency.
The partnership with LayerZero not only increases the usability of Ethena’s stablecoins but also makes them generalist assets in the wider crypto space. This is likely to appeal to institutional traders and developers looking for secure and interoperable digital assets.
Aside from sUSDe and USDe, Ethena Labs has also launched USDtb, a stablecoin supported by BlackRock’s USD Institutional Digital Liquidity Fund (BUIDL). USDtb is meant to offer a secure and stable digital currency with 90% reserve collateralized in the BUIDL fund. Running on multiple blockchains through LayerZero, USDtb provides consumers with traditional dollar exposure with blockchain technology benefits.
The release of USDtb is the perfect addition to Ethena’s current portfolio, offering a variety of stablecoin solutions based on various risk profiles and use cases. Backed by institutional support and stringent security audits, USDtb will be a key player in the stablecoin sector.
Blockonomi
By undertaking these strategic efforts, Ethena Labs is furthering its goal of democratizing financial access, making use of the technological abilities of the TON Blockchain and the global reach of Telegram to bring innovative products to users everywhere.
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