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– Ethena Labs backed by Arthur Hayes reveals plans for a Telegram-based payment and savings tool – The Daily Hodl

BitMEX founder Arthur Hayes backs cryptocurrency project. A cryptocurrency project backed by BitMEX founder Arthur Hayes is looking to tap into a potential market for financial services on messaging platform Telegram –

A statement from Ethena Labs said it sees a $50 billion market for its USDE synthetic dollar, which could be created as early as this year. The company said it is considering building a savings and payments app based on Telegram.

“Instead of competing directly with payment companies, we plan to solve payments and savings problems with a dedicated app on Telegram and across the entire TON ecosystem. “

This tool will utilize USDe, a stable coin that seeks to maintain a peg to the U.S. dollar by opening a short futures position every time a user provides collateral to mine the token.

In 2025, a dedicated app for sUSDe will appear in the Telegram app, and users will be able to send, spend and save money using a mobile neobank similar to

.

Payments will be directly linked to Apple Pay, allowing users to go from saving money in sUSDe to making mobile payments directly from their cell phones. Ethena Labs says the popularity of Telegram will support plans to bring the product to a billion people.

Instant access through Telegram’s 900 million users will provide a platform for global distribution of the product.