Ethena Labs Plans Telegram-Based Savings and Payment App This Year, Targeting $50B Market for Its Synthetic Dollar USDE

The crypto project backed by BitMEX founder Arthur Hayes wants to explore a potential market for financial services on the messaging platform Telegram.

A crypto project backed by BitMEX founder Arthur Hayes is eyeing a potential market for financial services on the messaging platform Telegram.

In a statement, Ethena Labs said it is considering building a Telegram-based savings and payment application this year, aiming to capitalize on a potential $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 statement reads.

The tool will utilize USDe, a stablecoin that maintains its peg to the US dollar by opening short futures positions when 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,” Ethena Labs said.

“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 said Telegram's popularity will bolster 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,” the statement reads.

“Together we can provide a billion people a payments and savings product which is as easy to access as sending your friend a message.”