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Ethena LabsCustodian Attestations of Assets Backing USDe: November
In an effort to improve the transparency of the Ethena protocol’s backing assets beyond our current collateral and exchange breakdown provided on the dashboards, we are excited to share our thirteenth attestation reports from all integrated custodians, verifying the assets backing USDe reside off-exchange within institutional custodial solutions. Attestation reports will be released on a monthly basis to provide regular updates as to the amount and location of the assets backing the protocol....
Ethena LabsSeason 5 Update
Season 4 HighlightsToday marks the end of Ethena Season 4 and the beginning of Season 5. Season 4 saw meaningful expansion of USDe across major venues. USDe became the fastest dollar asset to reach $10B in supply and continues to grow on the back of deeper integrations and partnerships. USDe’s adoption across DeFi grew significantly. Notably, “Aavependlethena” (where Pendle’s interest rate derivatives on USDe and sUSDe are used as collateral on Aave) grew to $6B+ in scale, reflecting USDe’s e...
Ethena LabsENA Token Launch
The Holy Grail: Internet MoneyApril 1st marks the end of the Ethena Shard Campaign, which ran for a duration of just 6 weeks in total - one of the industry’s shortest pre-token campaigns yet. USDe supply grew to over $1.3bn today. This represents the fastest USD-denominated asset to reach >$1bn supply ever in crypto. Ethena’s USDe supply is now: >1.5x larger than the entire tokenized treasury RWA market >3x larger than the entire onchain ETH open interest for every DEX combined Higher than al...
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Ethena LabsCustodian Attestations of Assets Backing USDe: November
In an effort to improve the transparency of the Ethena protocol’s backing assets beyond our current collateral and exchange breakdown provided on the dashboards, we are excited to share our thirteenth attestation reports from all integrated custodians, verifying the assets backing USDe reside off-exchange within institutional custodial solutions. Attestation reports will be released on a monthly basis to provide regular updates as to the amount and location of the assets backing the protocol....
Ethena LabsSeason 5 Update
Season 4 HighlightsToday marks the end of Ethena Season 4 and the beginning of Season 5. Season 4 saw meaningful expansion of USDe across major venues. USDe became the fastest dollar asset to reach $10B in supply and continues to grow on the back of deeper integrations and partnerships. USDe’s adoption across DeFi grew significantly. Notably, “Aavependlethena” (where Pendle’s interest rate derivatives on USDe and sUSDe are used as collateral on Aave) grew to $6B+ in scale, reflecting USDe’s e...
Ethena LabsENA Token Launch
The Holy Grail: Internet MoneyApril 1st marks the end of the Ethena Shard Campaign, which ran for a duration of just 6 weeks in total - one of the industry’s shortest pre-token campaigns yet. USDe supply grew to over $1.3bn today. This represents the fastest USD-denominated asset to reach >$1bn supply ever in crypto. Ethena’s USDe supply is now: >1.5x larger than the entire tokenized treasury RWA market >3x larger than the entire onchain ETH open interest for every DEX combined Higher than al...
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Wallet in Telegram, Telegram’s custodial wallet app, is today launching yield functionality for dollars held within the application. This gives Telegram’s 1 billion users, and TON’s $750m dollars direct access to savings-like functionality on digital dollars for the first time, natively within Telegram’s Wallet app.
Ethena is integrated in the backend of the Wallet in Telegram earn product to power the dollar savings available to users.
Users will be able to earn rates aligned with other Ethena promotional programs, though at launch, there will be a boost such that USDT holders in Wallet can earn up to 15% APY for a limited period of time.
USDT Dominance on TON is one of the highest on any chain today, with a 90% share of stablecoin market cap, with the other 10% denominated in USDe. There is over $770m USDT on TON today with no earning facility available to users.
As of today, that $770m of USDT has the ability to earn up to 15% APY in just one step within the Telegram Wallet app.
This means that many of Telegram’s users can now touch a savings account-like experience directly within their phones, in an app they use every day.
Accessing the product will be as simple as using Wallet inside the Telegram messaging app, then acquiring USDT and depositing it into the “Dollars” section on the “Earn” page of the wallet. Rewards will be paid regularly and withdrawals will be settled near instantly.
See here for a video walkthrough of the Earn product in Telegram Wallet.
This launch within Wallet in Telegram sits alongside the integration of Ethena into non-custodial TON wallets like Tonkeeper and MyTonWallet, which are for more advanced users who want to directly interface with a DeFi environment, powered by USDe and tsUSDe.
Wallet in Telegram abstracts away a lot of the complexity of DeFi products and simplifies functionality into one click earn products. As a result, most Telegram users that touch crypto do so using Wallet in Telegram, and most of the >$750m dollars on TON are only accessible via Wallet in Telegram.
Earlier in 2025, Wallet launched trading and yield functionality for TON. As of today, one-click savings functionality and rewards for USDT holdings are introduced to the native Wallet in Telegram ecosystem for the first time.
Wallet in Telegram, Telegram’s custodial wallet app, is today launching yield functionality for dollars held within the application. This gives Telegram’s 1 billion users, and TON’s $750m dollars direct access to savings-like functionality on digital dollars for the first time, natively within Telegram’s Wallet app.
Ethena is integrated in the backend of the Wallet in Telegram earn product to power the dollar savings available to users.
Users will be able to earn rates aligned with other Ethena promotional programs, though at launch, there will be a boost such that USDT holders in Wallet can earn up to 15% APY for a limited period of time.
USDT Dominance on TON is one of the highest on any chain today, with a 90% share of stablecoin market cap, with the other 10% denominated in USDe. There is over $770m USDT on TON today with no earning facility available to users.
As of today, that $770m of USDT has the ability to earn up to 15% APY in just one step within the Telegram Wallet app.
This means that many of Telegram’s users can now touch a savings account-like experience directly within their phones, in an app they use every day.
Accessing the product will be as simple as using Wallet inside the Telegram messaging app, then acquiring USDT and depositing it into the “Dollars” section on the “Earn” page of the wallet. Rewards will be paid regularly and withdrawals will be settled near instantly.
See here for a video walkthrough of the Earn product in Telegram Wallet.
This launch within Wallet in Telegram sits alongside the integration of Ethena into non-custodial TON wallets like Tonkeeper and MyTonWallet, which are for more advanced users who want to directly interface with a DeFi environment, powered by USDe and tsUSDe.
Wallet in Telegram abstracts away a lot of the complexity of DeFi products and simplifies functionality into one click earn products. As a result, most Telegram users that touch crypto do so using Wallet in Telegram, and most of the >$750m dollars on TON are only accessible via Wallet in Telegram.
Earlier in 2025, Wallet launched trading and yield functionality for TON. As of today, one-click savings functionality and rewards for USDT holdings are introduced to the native Wallet in Telegram ecosystem for the first time.
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