The crypto project backed by BitMEX founder Arthur Hayes wants to explore a potential market for financial services on the messaging platform Telegram.
In a statement, Ethena Labs says it’s mulling building a Telegram-based savings and payment application this year as it sees a $50 billion market for its synthetic dollar USDE.
“Rather than compete directly with payments companies on their own turf, we plan to address the payments and savings tool use case via building a dedicated application on Telegram and within the TON ecosystem.”
The tool will leverage USDe, a stablecoin that aims to maintain its US dollar peg by opening short futures positions whenever a user provides collateral to mint tokens.
“In 2025, we will be releasing a dedicated use case for sUSDe within the Telegram application where users can send, spend and save within a mobile neobank-like experience.
Payments will be connected directly to Apple Pay where you can move between a savings asset in sUSDe to direct mobile tap payments from your phone.”
Ethena Labs says Telegram’s popularity will support its plan to launch the product for one billion people.
“Immediate access via Telegram’s 900 million+ users provides the distribution platform to deliver this product to the world.
Together we can provide a billion people a payments and savings product which is as easy to access as sending your friend a message.”
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