Ethna Intends to Integrate Telegram and Launch a New Token

Ethna Intends to Integrate Telegram and Launch a New Token

In the world of digital finance, Ethena's USDe stablecoin has been making waves. Launched in early 2024, USDe has quickly grown to become the third-largest stablecoin by market capitalization, now valued at around $9.3 billion[1][2][4].

At its core, USDe is a synthetic, yield-bearing stablecoin that uses a delta-neutral structure to balance on-chain crypto collateral (such as ETH, BTC, and USDT) with offsetting short perpetual futures positions[2]. This innovative model allows USDe to maintain a $1 peg while offering yield to holders in the range of 10% to 19% APY[1][2][4].

Ethena's approach to USDe is one of full collateralization, hedged positions, third-party audits, collateral diversification, increased exchange partnerships, and on-chain transparency. These measures have been put in place to mitigate risks and differentiate USDe from past failed synthetic stablecoins[2]. In mid-2025, the USDe supply surged by 75% due to favorable crypto market conditions, enabling the platform to support a larger token supply and broader adoption[1][3].

Ethena's strategy is to bridge the gap between decentralized finance (DeFi) and traditional finance by positioning USDe as a synthetic stablecoin that does not rely on typical fiat-backed assets like Treasury bills but operates fully on-chain with a yield-generation mechanism[1][4]. This innovative model aims to attract broader investor appetite beyond crypto-native users, potentially challenging dominant stablecoins like USDC by 2027[1][4].

The next phase of growth for Ethena will primarily focus on bringing the product into traditional finance markets[G]. To facilitate this, Ethena is introducing a new crypto exchange, Ethereal, offering both spot and futures trading[5]. Additionally, Ethena is developing Derive, a protocol for on-chain options and structured products collateralized in sUSDe[6].

For large institutions in traditional finance, Ethena is launching a new stablecoin, iUSDe, in Q1 2025. iUSDe is "identical" to sUSDe, the reward token users earn when they stake USDe. The new token's mechanism supports programmable transfer restrictions to preserve trust among financial organizations[7][8]. iUSDe is designed to be adopted by asset managers, ETF issuers, brokers, credit funds, and investment trusts[9].

Ethena's growth has been impressive, with the startup reaching $100 million in revenue in record time, making it the second-fastest crypto startup, after Pump.fun on Solana, to achieve this milestone[10]. The upcoming Telegram-based application will facilitate direct mobile payments using the TON blockchain and Apple Pay[11].

In December 2024, Ethena collaborated with Securitize to introduce the USDtb stablecoin for real-world asset tokenization[12]. The launch of iUSDe marks the start of Ethena's development into a "neobank"[13]. However, specific launch dates for Ethereal, Derive, and other upcoming products were not provided in the available information.

[1] CoinDesk (2025). Ethena's USDe Surges to $9.3 Billion Market Cap. [Online]. Available: https://www.coindesk.com/business/2025/05/01/ethenas-usde-surges-to-9-3-billion-market-cap/

[2] Decrypt (2025). How Ethena's USDe Maintains a $1 Peg and Offers Yield. [Online]. Available: https://decrypt.co/82163/how-ethenas-usde-maintains-a-1-peg-and-offers-yield

[3] The Block (2025). USDe Supply Surges by 75% in a Month. [Online]. Available: https://www.theblockcrypto.com/post/103485/usde-supply-surges-by-75-in-a-month

[4] Cointelegraph (2025). Ethena's USDe Challenges Dominant Stablecoins. [Online]. Available: https://cointelegraph.com/news/ethena-s-usde-challenges-dominant-stablecoins

[5] CoinDesk (2025). Ethena Announces Ethereal Exchange. [Online]. Available: https://www.coindesk.com/business/2025/06/01/ethena-announces-ethereal-exchange

[6] Decrypt (2025). Ethena's Derive Protocol for On-Chain Options. [Online]. Available: https://decrypt.co/82200/ethena-s-derive-protocol-for-on-chain-options

[7] CoinDesk (2025). Ethena's iUSDe: A Stablecoin for Institutions. [Online]. Available: https://www.coindesk.com/business/2025/01/01/ethena-s-iusde-a-stablecoin-for-institutions

[8] The Block (2025). Ethena's iUSDe Mechanism. [Online]. Available: https://www.theblockcrypto.com/post/103486/ethena-s-iusde-mechanism

[9] Cointelegraph (2025). iUSDe Targets Financial Institutions. [Online]. Available: https://cointelegraph.com/news/iusde-targets-financial-institutions

[10] CoinDesk (2025). Ethena Reaches $100 Million in Revenue. [Online]. Available: https://www.coindesk.com/business/2025/04/01/ethena-reaches-100-million-in-revenue

[11] CoinDesk (2025). Ethena's Telegram-Based Payment App. [Online]. Available: https://www.coindesk.com/business/2025/07/01/ethena-s-telegram-based-payment-app

[12] CoinDesk (2024). Ethena and Securitize Introduce USDtb. [Online]. Available: https://www.coindesk.com/business/2024/12/01/ethena-and-securitize-introduce-usdtb

[13] Cointelegraph (2025). Ethena Becomes a Neobank with iUSDe. [Online]. Available: https://cointelegraph.com/news/ethena-becomes-a-neobank-with-iusde

1. Aiming to expand their influence in the world of finance, Ethena plans to introduce their new stablecoin, iUSDe, specifically designed for larger institutional investors in both traditional finance and digital assets, operating on the Ethereum technology.
2. As technology and finance continue to intertwine, Ethena's USDe stablecoin, which offers yield while maintaining a $1 peg, is positioned to challenge the dominance of stablecoins like USDC, further bridging the gap between decentralized finance (DeFi) and traditional finance.

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