STON.Fi, a prominent decentralized finance protocol on the TON blockchain, has announced the integration of Ethena’s USDe stablecoin into its platform. This move is aimed at expanding yield-generating opportunities and encouraging broader participation in the TON DeFi ecosystem, especially among users connected via Telegram-based wallets and externally owned accounts (EOAs) compatible with the TON network.
The deployment of USDe on TON is being positioned as a strategic step to support DeFi growth on the network. It combines Ethena’s delta-neutral yield model with additional incentive programs funded by the TON Foundation. The structure allows users to potentially earn up to 18% in annual percentage yield (APY), with an added 10% yield available on a capped basis — up to 10,000 tsUSDe per qualifying wallet.
Strengthening DeFi on the Telegram-Connected Chain
STON.Fi is currently recognized as the second-largest DeFi protocol operating on the TON blockchain, with more than 40% of the network’s total value locked (TVL). The protocol manages approximately $66 million in assets, contributing to a collective TVL of $158 million for the broader TON ecosystem. This significant share highlights STON.Fi’s influence within the network.
Despite its dominant position, both STON.Fi and the TON network have witnessed substantial declines in TVL compared to their peak figures recorded in August 2024. STON.Fi’s TVL has reportedly dropped by 82% from a previous high of $370 million, while the overall TON network has seen a 79% reduction from its $775 million peak.
The introduction of USDe is being described as more than a standard stablecoin integration. It is framed as an effort to bring reward-bearing assets into the TON ecosystem that preserve user autonomy and asset flexibility. The inclusion of USDe offers users a mechanism to earn yield without relinquishing control, aligning with broader DeFi principles of decentralization and self-custody.
Delta-Neutral Strategy Meets TON Incentives
The collaboration leverages Ethena’s delta-neutral approach, which aims to generate consistent yields while minimizing exposure to market volatility. This strategy, when paired with TON Foundation’s incentive model, is intended to attract both seasoned DeFi participants and newcomers, including those active on Telegram.
This dual approach — combining stablecoin yield mechanics with blockchain-native incentives — is expected to inject renewed interest into TON’s DeFi sector. By offering competitive APYs, the platform may draw users looking for sustainable, on-chain income opportunities amid a wider backdrop of fluctuating yields across DeFi protocols.
Reviving Momentum in a Contracting Market
STON.Fi’s integration of USDe comes at a time when the protocol is seeking to regain momentum after notable declines in network capital. The yield enhancements and added functionality are being positioned as part of a broader recovery strategy to stimulate user engagement and liquidity within the TON ecosystem.
With this latest development, STON.Fi reinforces its role as a central player in the TON DeFi landscape, leveraging stablecoin innovation and incentive structures to reinvigorate activity on the Telegram-linked blockchain.
