Ethena Labs to Launch Neobank-Like App on Telegram

Ethena Labs, the team behind the initiative, plans to develop a savings and payment app that leverages the platform’s massive user base, positioning it as a key player in a $50 billion market opportunity for its synthetic dollar, USDe.

Instead of competing directly with traditional payment companies, Ethena Labs aims to integrate its solution within Telegram’s ecosystem and The Open Network (TON). The proposed tool would use USDe, a stablecoin pegged to the US dollar through short futures positions backed by user-provided collateral.

The goal is to offer Telegram users a seamless, mobile-friendly experience for sending, saving, and spending funds.

Set for release in 2025, the app will function like a mobile neobank. It will allow users to move funds between a savings asset (sUSDe) and direct payment systems like Apple Pay, enabling convenient tap-to-pay options on their phones.

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With over 900 million active users, Telegram offers a massive distribution platform for Ethena Labs’ vision. The company sees this as an opportunity to provide easy-to-access financial tools for up to a billion people globally. Ethena Labs highlighted the simplicity of the integration, likening it to sending a message to a friend, making it both intuitive and widely accessible.

This ambitious move leverages Telegram’s popularity and TON’s capabilities to reshape how people interact with financial services in a digital-first world.

Alexander Stefanov