Kraken-Backed xStocks Go Live on Telegram via TON, Bringing Tokenized U.S. Stocks to Nearly 100 Million Wallet Users

Tokenized Equities Enter Telegram as xStocks Launches on TON With Kraken’s Backing

TL;DR

• Kraken-backed xStocks launched tokenized U.S. stocks and ETFs on the TON blockchain, integrated directly into Telegram’s self-custodial TON Wallet.
• More than 60 U.S. equities and ETFs are available as 1:1-backed tokens, excluding users in the U.S., EU, and Australia due to regulatory limits.
• The rollout positions Telegram as a distribution layer for on-chain equities, blending traditional markets with crypto-native infrastructure at global scale.

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Kraken-backed xStocks officially launched its tokenized U.S. equities platform on December 18, embedding stock-like assets directly into Telegram through the TON blockchain and the app’s self-custodial TON Wallet. The move enables users to buy, hold, transfer, and manage tokenized versions of U.S. stocks and exchange-traded funds without leaving the messaging app, marking one of the most mainstream integrations of real-world assets into consumer crypto infrastructure to date. The deployment targets a massive potential audience, with Telegram reporting more than 900 million global users and the TON Wallet ecosystem approaching 100 million users.

The xStocks rollout introduces more than 60 tokenized U.S. equities and ETFs, including representations of Tesla, Nvidia, Apple, Amazon, Alphabet, and an S&P 500 ETF. Each asset is issued as a blockchain-based token designed to track the price of the underlying security and is fully collateralized on a 1:1 basis through regulated custodial partners. Fractional ownership is supported by default, allowing users to gain exposure to high-priced stocks with smaller amounts of capital, while all balances remain on-chain and under user-controlled private keys. Trading, transfers, and custody occur entirely within the TON Wallet interface, placing tokenized stocks alongside cryptocurrencies and other digital assets.

Access to the platform is currently restricted by geography, with users in the United States, the European Union, and Australia excluded at launch due to regulatory considerations. Outside those regions, xStocks is available in most markets where TON Wallet operates, reflecting a strategy that prioritizes global distribution while navigating fragmented securities regulations. Despite being tokenized and transferable on a blockchain, the assets remain linked to traditional U.S. market mechanics, including corporate actions and standard trading schedules, rather than operating as 24/7 instruments like most crypto assets. That distinction underscores the hybrid nature of the product, which sits between traditional finance and crypto-native systems.

Kraken leadership framed the launch as a step toward open financial infrastructure rather than a replacement for existing markets. Arjun Sethi, Kraken’s co-CEO, said the integration brings tokenized equities onto open blockchain rails and places them inside a widely used consumer platform, allowing global users to access U.S. stocks with the same ease as sending a message. TON Foundation president and CEO Max Crown echoed that view, describing the deployment as a significant advance for real-world asset adoption on TON and highlighting the scale of users who can now interact with tokenized equities directly on-chain.

The launch also fits into Kraken’s broader strategy around tokenization. The exchange has agreed to acquire Backed Finance, the firm behind xStocks’ issuance infrastructure, signaling a push to consolidate the technology stack that underpins regulated, asset-backed tokens. Prior to the TON integration, xStocks had already expanded across other blockchains, including Ethereum and Solana, positioning the platform as chain-agnostic while leveraging TON’s deep connection to Telegram for distribution. That combination of exchange backing, regulated asset custody, and consumer-app integration differentiates the product from earlier tokenized stock experiments that struggled to achieve scale.

Market observers see the move as another signal that tokenized real-world assets are shifting from proof-of-concept to mass-market deployment. By embedding equities into a messaging app rather than a standalone trading platform, xStocks lowers the friction between users, traditional markets, and on-chain finance. The development arrives as interest in tokenized assets grows alongside broader crypto market indicators, with traders increasingly tracking the crypto price index, crypto price movements, and overall coin market cap as signals of risk appetite across digital and traditional assets. Whether regulatory access expands to major markets will determine how far this model can scale, but the TON launch already demonstrates how quickly tokenization can move once distribution and infrastructure align.

This article has been refined and enhanced by ChatGPT.