Ethena Eyes Neobank Status with USDe and Telegram Payments
In a recent development, synthetic stablecoin protocol Ethena plans a major expansion to become a neobank by combining its USDe stablecoin with innovative financial products and native payment solutions on Telegram. Ethena plans to launch a new U.S. dollar savings product and a token for institutional use, iUSDe, in 2025, aiming to integrate cryptocurrencies with traditional finance. The move comes as Ethena has been expanding its product range beyond its core USDe synthetic dollar, which introduces a novel trading mechanism to maintain the peg to the U.S. dollar. The protocol has experienced significant growth, capturing a significant portion of on-chain USD assets and integrating USDe with major cryptocurrency and CeFi markets.
