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Ton Foundation

Ethena and TON Foundation Partner to Launch USDe Stablecoin Across Telegram Wallets

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  • Ethena’s USDe and tsUSDe are now integrated natively across the TON blockchain ecosystem.
  • Telegram’s 1B+ users can access tsUSDe directly via Wallet in Telegram and TON Space wallet.
  • tsUSDe holders can earn 10% APY in TON plus rewards on up to 10,000 tsUSDe per wallet.

Ethena Labs and the TON Foundation have partnered to introduce Ethena stablecoin products, USDe and the staked variant tsUSDe, on the Open Network (TON). Integrating into Telegram aims to enhance access to decentralized finance (DeFi) with access to stablecoin-based dollar savings for over one billion users.

The launch supports native access to tsUSDe through Telegram wallets, providing a reward-bearing sUSDe version for TON users within the app’s wallet integration. Users access tsUSDe on Telegram’s custodial Wallet and the non-custodial TON Space wallet. 

Additional support through Tonkeeper, Tonhub, and MyTonWallet gives users access to tsUSDe functions. Telegram users can find wallet features through the application interface on mobile devices and desktop computers.

TON Ecosystem Welcomes tsUSDe for Broad DeFi Utility

USDe and tsUSDe are officially deployed on TON, allowing users to utilize the stablecoins throughout the blockchain’s DeFi infrastructure. Users can use these assets for decentralized lending activities, savings platforms, and other blockchain-based applications. USDe bridges from Ethereum to TON through the LayerZero interoperability protocol, while tsUSDe operates as a native TON-based smart contract asset.

Users who maintain tsUSDe in supported wallets will receive an annual percentage yield (APY) of 10% paid in TON alongside Ethena rewards for balances up to 10,000 tsUSDe. The incentive system is designed to attract first users and improve on-chain activity on TON’s financial ecosystem. The TON Foundation partnership intend to launch new reward systems to boost the APY capabilities of DeFi platforms operating on TON.

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Long-Term Collaboration Targets Neobanking and Payment Integration

Ethena and the TON Foundation partnership mark the start of an extended collaboration between the two sides. Future initiatives may include developing neo banking services, peer-to-peer payment features and interfaces for DeFi lending and trading, all powered by Ethena’s stablecoin infrastructure.

Ethena is expected to unlock new use cases across Telegram’s platform and DeFi ecosystem. The team is also working on a tsUSDe-linked debit card, with the card provider still awaiting approval. However, users could spend their US dollars, with support for services like Apple Pay expected later this year.

With Tether’s USDT currently dominating TON’s stablecoin activity at nearly $900 million, Ethena’s USDe, with a $4.6 billion market cap, enters the ecosystem as a major alternative. The official launch of tsUSDe is expected in the coming weeks, and further updates will be provided by Ethena and TON Foundation.

TON Foundation Appoints Maximilian Crown as CEO to Accelerate Growth

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  • Crown leverages his experience from MoonPay to boost TON blockchain
  • TON blockchain users surge to 41 million, despite token dip
  • TON Foundation aims to onboard 30% of Telegram’s active users by 2028.

The TON Foundation has selected Maximilian Crown, co-founder of MoonPay, as the new CEO. The foundation appointed Maximilian Crown after the former CEO, Manuel Stotz, became president of the board. This move seeks to strengthen the position of the TON blockchain in the market.

As the CEO of TON Foundation, Maximilian Crown will contribute his extensive experience from his position as CFO and COO at MoonPay. He spearheaded the company expansion and forged partnerships between MoonPay and banks, payment companies, as well as regulatory authorities. Crown’s business connections and experience could fuel the growth of the TON blockchain.

TON Foundation’s Global Expansion

The TON Foundation seeks to develop its blockchain services as well as increase its adoption among Telegram users. The TON blockchain plans to utilize its fast and scalable blockchain to onboard 30% of Telegram’s users by 2028. Crown believes TON’s distinctive integration with Telegram provides the blockchain with a competitive advantage to grow internationally.

The TON blockchain has experienced major growth, with an increase from 4 million to 41 million in its active users over the past year. However, the TON token encountered a 46% price drop in the same period. The increase in active users and investor interest indicates future potential in the blockchain.

Maximilian Crown’s appointment follows a major capital investment in the TON network. Furthermore, venture capital firms such as Sequoia Capital and Benchmark invested $400 million in the Toncoin cryptocurrency. The investment will drive further development and expansion of the ecosystem.

TON Eyes Payment Growth Under Crown

Crown will lead the development of foundation payment systems. His expertise to navigate complex regulatory challenges will be essential in TON’s integration of blockchain technology. His ability to obtain regulatory approvals in various jurisdictions makes him suitable to manage TON’s expansion hurdles.

The TON Foundation’s leadership changes match its mission to transform Telegram into a multifunctional “Super App.” This approach seeks to improve user experience and add features such as blockchain-powered payments, games, and shopping. The partnership with Telegram will play a major role in the expansion of the ecosystem.

The TON blockchain continues to pursue its objectives despite fluctuations in daily fees and transactions.

TON Foundation Secures $400 Million Investment from Leading Venture Capital Firms

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  • TON Foundation secures $400M in Toncoin from major VCs to expand Telegram’s blockchain.
  • Telegram’s TON blockchain sees 41M active users and 121M unique Toncoin holders.
  • Venture capital interest grows as Telegram’s user base nears 1.5 billion by 2030.

The Open Network Foundation also known as TON Foundation obtained more than $400 million through funding from multiple high-profile venture capital companies. The funding directed to Toncoin as the native cryptocurrency of the TON blockchain demonstrates increased interest from investors in the Telegram ecosystem.

Sequoia, Ribbit Capital, Benchmark, Draper Associates and Kingsway compose the list of investors participating in this funding round. Other participants in the round include Vy Capital, Libertus Capital, CoinFund, SkyBridge, Hypersphere and Karatage.

Strategic Investments for Expanding the TON Ecosystem

The investments have been made in Toncoin rather than traditional cash or equity, reflecting a strong belief in the blockchain’s potential. The TON Foundation views these contributions as strategic partnerships that will help propel the TON ecosystem forward. Although specific details about the partnerships have not been disclosed, the foundation is optimistic about their future impact.

As Telegram grows, the TON blockchain supports a wide range of “Mini Apps” operating within the messaging platform. The creators of Telegram initially established TON but it now exists independently as a blockchain platform. The decentralization of Toncoin enhances its status as the main cryptocurrency for Telegram application functions in the broader ecosystems

Toncoin’s Growing Popularity and Telegram’s Expanding User Base

The TON blockchain has witnessed significant growth in the past year. The number of active users of the company increased from 4 million to 41 million monthly, while the Toncoin cryptocurrency has more than 121 million unique holders.  With millions of users, the TON Foundation plans to develop the blockchain further and attract 30% of the current Telegram active users within the next three years.

Benchmark partner Peter Fenton predicts Telegram will surpass 1.5 billion monthly active users by 2030, as it recently crossed the 1 billion threshold. This projected growth and rising Toncoin adoption patterns indicate that this blockchain system will establish dominance in the cryptocurrency industry. The integration of cryptocurrency on the Telegram platform offers an appealing solution which attracts developers and their users.

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The interest in Toncoin and the TON blockchain highlights a larger trend in the venture capital industry’s acceptance of blockchain and crypto projects. According to Simon Wu, a partner at Cathay Innovation, these projects are being recognized as viable solutions, especially in sectors such as asset management, transactions, and tokenization.

Blockchain project venture capital investment established a new high in February, surpassing $1.1 billion in crypto venture capital deals. The TON Foundation generated funding success as a part of an overall market shift demonstrating institutional investors’ growing interest in decentralized blockchain ecosystems like TON.

TON Foundation Sets Sights on U.S. Growth with New Leader Manny Stotz

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Key Takeaways

  • Manuel “Manny” Stotz becomes TON Foundation’s President, succeeding Steve Yun.
  • Manny aims to strengthen TON’s presence and adoption in the United States.
  • Manny’s experience with Kingsway Capital positions TON for growth and innovation.

Today, the TON Foundation welcomes a very important change in leadership as it ushers Manuel “Manny” Stotz into the role of President. On the back of this, it gears up for scaling in the US market, while further accelerating global blockchain adoption.

Manny replaces Steve Yun, who has played a critical role in shaping the vision and growth of the network. Steve remains on the Board to ensure continuity and to provide strategic guidance as TON enters this exciting phase.

Manny is a serious investor and known blockchain enthusiast who is a member of the TON Foundation – incorporated in Switzerland since its early days. He’s behind Kingsway Capital, too, a London-based firm investing billions on behalf of US institutional investors.

Kingsway has backed over 50 blockchain frontrunners like Animoca Brands and Blockchain.com, among other big players who believe in Manny’s influence in financial inclusivity and innovation.

Manny’s Vision for TON

Manny brings his leadership at a very pivotal time when the network has just started to focus on deepening its presence in the USA, a market ripe for blockchain growth. He is a perfect fit due to his vast network of global investors and institutions, and passion for blockchain as a key enabler of community empowerment that will further drive the network’s mission to push decentralized technologies forward.

Steve Yun expressed confidence in his successor, stating:

Manny’s extraordinary track record in investment and passion for leveraging blockchain to empower communities make him the ideal leader for this next chapter.

A New Era for Blockchain Innovation

The leadership transition signals continuity and renewed momentum for the network. With Steve Yun’s guidance as a Board member and Manny’s forward-looking leadership, the foundation is set to achieve greater heights. The team remains committed to fostering collaboration, driving adoption, and solidifying TON’s position as a leading player in the blockchain ecosystem.

Over the next few months, the network is going to implement a number of strategic initiatives that will leverage the potential of the U.S. market while continuing its international presence. With his experience and vision, Manny will be able to position the foundation to unlock new opportunities in service of its mission to make blockchain technology available for all.

Nevertheless, this transition renews the commitment of the TON Foundation to innovation, growth, and financial inclusions into a new future in the blockchain space.

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Tether’s USDt Goes Live On TON: A New Era in Digital Finance Begins

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The TON foundation has announced the launch of the largest stablecoin in the world on the first blockchain integrated with Telegram. With the introduction of USDt on The Open Network, the foundation aims to provide the 900 million monthly active users of Telegram with an entirely new Web3 experience centered around global peer-to-peer payments.

This collaboration represents a significant stride towards making digital currencies practical and accessible to the global population. By enabling peer-to-peer payments without intermediaries, borders, or limits, this initiative seeks to streamline financial transactions on an unprecedented scale.

Paolo Ardoino, CEO at Tether, expressed excitement about the partnership and said:

The launch of USDt on TON will allow seamless value transfer globally in a simple experience that can match even the traditional financial system. This furthers our mission of powering open financial infrastructure across the blockchain space. However, it’s important to note that USDt on TON will not be available to users based in mainland US, US territories, or US citizens and Prohibited Countries as defined under Tether’s Terms of Service.

USDt, also known as Tether, stands as the most utilized and renowned stablecoin in the market, boasting a daily volume exceeding $85 billion and a total market cap surpassing $106 billion. With each token pegged 1-to-1 with USD and backed fully by Tether’s reserves, USDt offers stability crucial for various financial activities, including hedging against cryptocurrency price volatility, everyday transactions, and cross-border payments.

Benefits For the Community: TON’s USDt Integration

The integration of USDt into the Telegram ecosystem represents a pivotal moment in digital finance, offering unparalleled advantages to users. With seamless Telegram integration, lower transaction fees, faster processing times, and scalability, USDt on TON promises to deliver a user-friendly experience unmatched by other blockchain solutions.

Moreover, the launch comes with significant incentives for early adopters, including Toncoin rewards for USDt Earn programs, liquidity pool boosts on TON’s largest decentralized exchanges, and free withdrawals across major centralized exchange partners.

However, the introduction marks an important step forward in digital finance development that provides a unique chance to close the gap between traditional financial systems and decentralized ones while giving users incomparable accessibility and utility in cryptocurrencies.

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TON-Hashkey Alliance Expands Cryptocurrency Access Globally Amid Market Surge

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TON Foundation, the driving force behind the innovative Telegram Open Network (TON) blockchain, has forged a strategic partnership with HashKey Group, a leading digital asset financial services firm based in Hong Kong. This collaboration aims to enhance accessibility to fiat on- and off-ramps for users of the Telegram wallet, while also fostering support for early-stage projects within the foundation.

Livio Weng, the Chief Operating Officer of HashKey Group, expressed the shared vision, stating,

“By streamlining the fiat on-and-off ramp experience, we aim to make cryptocurrency a seamless part of everyday life, driving forward accessibility and innovation within the TON ecosystem.”

This commitment underscores the importance of facilitating effortless transactions in the digital asset space, propelling mainstream adoption.

Moreover, the Foundation is exploring treasury management options with HashKey Group, signaling a deeper integration of financial infrastructure within the crypto ecosystem. This collaboration not only strengthens the operational framework but also underscores the commitment to sustainable growth and development.

HashKey Group’s recent expansion initiatives in Asia, including the co-organization of the Web3 Festival conference and the launch of its global crypto exchange, further solidify its position as a key player in the digital asset landscape. The unveiling of its Ethereum Layer-2 chain underscores its dedication to technological innovation and scalability.

Ton’s Market Action

In parallel with these developments, Toncoin (TON) had witnessed a remarkable surge, nearing its all-time high of $5.8 recorded in November 2021. This resurgence, fueled by positive project developments and the association with Telegram, has propelled the token to the eleventh position in market capitalization, exceeding $18 billion. The widespread adoption of Telegram as a messaging platform contributes to TON’s growing popularity, amplifying its reach across diverse user bases, as reported by TWJ.

The recent announcement regarding the Kaspersky Securities partnership and the anticipation surrounding a potential $30 billion valuation have further bolstered investor confidence in the long-term prospects of the token. Additionally, the introduction of perpetual futures trading on Binance, coupled with plans to incorporate the token trading, reflects the growing demand and interest in the TON ecosystem.

As TON continues to evolve and expand its ecosystem, partnerships like the one with HashKey Group play a pivotal role in enhancing accessibility, liquidity, and overall user experience. These collaborative efforts underscore the collective commitment to driving innovation and mainstream adoption in the dynamic world of digital assets.