What is Ethena?

The Ethena project is planning to expand into the TON ecosystem, and its name is being mentioned more and more within the community. At the recent Web3 Festival, Alyona Shmalko noted that Ethena could benefit DeFi on TON, and in the Headliners podcast, Vlad Kamyshov (EVAA) cited Ethena as an example of a missing piece in the ecosystem. So, what exactly is this project?

At its core is the stablecoin USDe, which differs from traditional stablecoins in regard of backing model and yield opportunities. For context, stablecoins like USDT maintain their value through reserves of other assets held in banks. While this is convenient, it ties them to the traditional banking system. To move away from that, many aim to back stablecoins with cryptocurrencies instead. However, crypto’s volatility poses a challenge: the dollar value of such collateral constantly fluctuates.

USDe addresses this by using a hedging strategy: if you hold a cryptocurrency and simultaneously short it, you can offset the volatility. When the asset’s price falls, you lose money from holding it—but you gain from the short position. This allows you to “stay in place” and maintain stable collateral for the stablecoin.

On top of that, the strategy can generate profit. Crypto holdings can earn yield through staking, and short positions can be profitable in a bull market, when most traders are going long. Thanks to this setup, Ethena users can earn returns on their savings—sometimes over 10% annually. That’s why USDe is often called a “yield-bearing stablecoin”: the idea is for your savings not just to sit in a stablecoin (and slowly lose value due to inflation), but to actively work for you.

USDe was only introduced last year, so its performance across different market conditions is still untested. It also comes with some risks—for example, its funds are managed in a centralized way. However, the market is already showing confidence: USDe has entered the top 5 stablecoins by market cap.

Ethena originally launched on Ethereum, later expanded to Solana, and in 2025, two key updates emerged about TON. First, a press release on the LayerZero integration mentioned that Ethena would bring USDe to TON. Second, Ethena’s 2025 roadmap includes a goal titled “A product for a billion people,” which introduces a Telegram mini-app. The user experience is expected to resemble that of a neobank, allowing everyday users to access “interest-earning dollars.”

So, we’ll be watching closely to see how things unfold. Stay tuned.

@thedailyton