TronWeekly

Crypto World News

You are here: Home / Archives for USDe Stablecoin

USDe Stablecoin

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

by

  • 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.

image 7 3
Source: X

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.

Ethena Labs Exits Germany After BaFin Blocks USDe Stablecoin Operations

by

  • Regulations and compliance difficulties led Ethena GmbH to suspend activities.
  • USDe stablecoin, with a $4.92B market cap, is now managed under a BVI-based entity.
  • MiCA challenges force Ethena Labs to cease German subsidiary activities.

Ethena Labs decided to discontinue its German company, Ethena GmbH, after facing regulatory hurdles regarding the USDe stablecoin, which is dollar-pegged. The move follows Germany’s Federal Financial Supervisory Authority (BaFin) detecting major compliance issues related to the stablecoin.

As part of the agreement with BaFin, Ethena Labs will no longer pursue authorization under the European Union’s Markets in Crypto-Assets Regulation (MiCA). This move highlights the growing European scrutiny on crypto assets, particularly for stablecoin issuers.

BaFin’s Regulatory Action Against Ethena GmbH

According to BaFin, on 21 March 2025, Ethena GmbH had to stop all USDe minting and redemption activities. The regulator expressed security law concerns and compliance-related failure issues related to the stablecoin’s operations. The German financial watchdog also froze the reserves associated with the stablecoin and prohibited any further customer onboarding. Ethena Labs confirmed that all USDe minting and redemption processes have since been transferred to its British Virgin Islands (BVI) entity, Ethena Limited.

This regulatory action comes as stablecoin regulation is becoming a focal point in the European Union. The MiCA framework ensures stablecoins meet stringent standards, including maintaining adequate reserves and segregating users’ assets. Ethena’s failure to comply with these standards led to the company’s decision to wind down its operations in Germany.

MiCA’s Impact on Stablecoin Issuers in the EU

Ethena Labs is not the only company facing challenges under the EU’s MiCA regulations. Tether (USDT) and Binance’s BUSD stablecoin have also encountered significant hurdles. Both failed to meet MiCA’s reserve backing requirements, resulting in Tether’s exclusion from EU markets and Binance’s delisting of BUSD from EU exchanges.

Despite these challenges, Circle’s USDC has remained operational within the EU after receiving MiCA approval. However, Circle has scaled back its USDC offerings in the region, further reflecting the regulatory constraints that stablecoin issuers face in Europe.

The decision of Ethena to exit the German market represents the third stablecoin issuer, that failed to secure MICA approval, leading to its EU operations’ termination. The regulatory requirements of MiCA are becoming more complex for crypto projects because they show a rising challenge in meeting the framework’s consumer protection and financial stability objectives for the European Union’s crypto landscape.

The EU regulatory push toward stricter oversight threatens to indefinitely prolong future challenges for Ethena Labs and other stablecoin issuers. EU officials are increasingly worried about U.S. dollar stablecoins dominating the market, which has led to discussions about launching a central bank digital currency (CBDC) such as the digital euro. Stricter EU regulations will likely transform the stablecoin market because compliance challenges will be more challenging for non-compliant projects within the EU territory.