Kraken-Backed xStocks Launches on TON, Introducing Tokenized US Stocks to Telegram

Summary:
Kraken-backed xStocks have officially launched on the TON blockchain, enabling users to trade tokenized versions of US stocks and exchange-traded funds (ETFs) directly through Telegram’s integrated TON Wallet. This innovative move aims to broaden the accessibility of tokenized equities, making them more user-friendly and potentially driving their adoption.

Key Takeaways:

xStocks offer tokenized US stocks and ETFs directly in Telegram via TON Wallet.
These tokens provide on-chain pricing exposure without direct ownership of shares, subject to jurisdictional restrictions.
The launch seeks to determine if mass accessibility can enhance the use of tokenized equities.

This initiative introduces tokenized equities to one of the largest messaging platforms globally, potentially increasing their reach beyond typical cryptocurrency trading venues, as announced on Thursday.

With this integration, users can purchase, hold, and transfer on-chain replicas of popular assets like Tesla, Nvidia, and the S&P 500 ETF without leaving the Telegram app.

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

Understanding xStocks: On-Chain Exposure Without Ownership

xStocks function as fully collateralized products, with each token backed one-to-one by actual equities and ETFs held by regulated partners.

While the tokens closely track the prices of their underlying assets, they do not grant direct ownership of the shares, offering users price exposure in an on-chain format instead. Notably, this service is unavailable to users in the United States and is limited to regions where such tokens can be legally distributed.

Since xStocks have not registered under the US Securities Act of 1933, their distribution relies strictly on jurisdictional regulations.

Tokenized equities, while not new, have often faced challenges in gaining traction due to liquidity issues, regulatory uncertainty, and limited reach, which typically confine earlier attempts to niche crypto platforms.

By placing tokenized stocks within a widely used messaging app, Kraken and its collaborators are testing whether simplified access and usability can enhance adoption rates.

The TON Foundation described the launch as a significant step towards integrating real-world assets into everyday digital interactions.

Max Crown, president and CEO of the TON Foundation, stated that this integration allows users to trade tokenized U.S. equities "as easily as sending a message," while maintaining self-custodial capabilities through TON Wallet.

For Telegram’s wallet ecosystem, this development builds upon previous experiments. The Telegram wallet previously offered custodial access to stocks and ETFs through its Crypto Wallet product, which garnered interest despite its limited geographic reach.

With over 900 million global users, Telegram, alongside close to 100 million TON Wallet users, offers xStocks a considerable audience.

The Rise of RWA Tokenization

Earlier this month, Libeara, a blockchain infrastructure platform backed by SC Ventures from Standard Chartered, launched a new tokenized gold investment fund in Singapore, bringing the stability of one of the world’s oldest safe-haven assets to the digital space.

This fund, developed in partnership with FundBridge Capital, provides professional investors the chance to gain exposure to gold using blockchain-based tokens issued on Libeara's ledger.

A recent study by Animoca Brands, a Web3 digital property firm, highlighted the potential of RWA tokenization, suggesting it could unlock a $400 trillion market in traditional finance.

Researchers Andrew Ho and Ming Ruan noted that the global markets for private credit, treasury debt, commodities, stocks, alternative funds, and bonds present vast opportunities for expansion.

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

Furthermore, according to the 2025 Skynet RWA Security Report, the market for tokenized RWAs is projected to reach $16 trillion by 2030.