Kraken-Backed xStocks Launch on TON, Bringing Tokenized US Stocks to Telegram

Kraken-backed xStocks have gone live on the TON blockchain, allowing users to access tokenized versions of US stocks and exchange-traded funds directly inside Telegram through its built-in TON Wallet.

The move brings tokenized equities into one of the world’s largest messaging platforms, potentially expanding their reach beyond traditional crypto trading venues, according to a Thursday announcement.

Through the integration, users can buy, hold and transfer onchain representations of assets such as Tesla, Nvidia and the S&P 500 ETF without leaving the Telegram app.

xStocks Offer Onchain Price Exposure Without Direct Share Ownership

xStocks are designed as fully collateralized products, backed one-to-one by underlying equities and ETFs held through regulated partners.

The tokens track the price of the underlying assets but do not confer direct ownership of the shares, offering users price exposure in an onchain format.

The service is not available to US users and is restricted to jurisdictions where the tokens can be legally offered.

xStocks has not registered under the US Securities Act of 1933, meaning distribution relies on jurisdictional controls.

Tokenized equities are not new, but previous attempts struggled to gain traction. Liquidity constraints, regulatory uncertainty and limited distribution often confined earlier offerings to niche crypto platforms.

By embedding tokenized stocks inside a mainstream messaging app, Kraken and its partners appear to be testing whether access and ease of use can unlock broader adoption.

The TON Foundation framed the launch as a step toward bringing real-world assets into everyday digital activity.

TON Foundation president and CEO Max Crown said the integration allows users to hold and trade tokenized U.S. equities “with the same ease as sending a message,” while maintaining self-custody through TON Wallet.

For Telegram’s wallet ecosystem, the move builds on earlier experiments. Wallet in Telegram previously launched custodial access to stocks and ETFs through its Crypto Wallet product, which saw early demand despite limited geographic availability.

Telegram claims more than 900 million global users, while TON Wallet reports close to 100 million users, giving xStocks immediate exposure to a large consumer base.

RWA Tokenization Gains Momentum

Earlier this month, Libeara, the blockchain infrastructure platform backed by Standard Chartered’s venture arm SC Ventures, rolled out a new tokenized gold investment fund in Singapore, bringing one of the world’s oldest safe-haven assets onto digital rails.

The fund, launched in partnership with FundBridge Capital, allows professional investors to gain exposure to gold through blockchain-based tokens issued on Libeara’s ledger.

In a recent research, Web3 digital property firm Animoca Brands said that tokenization of RWAs could unlock a $400 trillion traditional finance market.

Animoca researchers Andrew Ho and Ming Ruan said the global market for private credit, treasury debt, commodities, stocks, alternative funds, and bonds represents a vast runway for growth.

“The estimated $400 trillion addressable TradFi market underscores the potential growth runway for RWA tokenization,” they wrote.

Meanwhile, according to the 2025 Skynet RWA Security Report, the market for tokenized RWAs could grow to $16 trillion by 2030.

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