The Kraken-owned tokenized equities framework, xStocks, is expanding its reach to the Open Network (TON) ecosystem. The platform has announced it will launch tokenized U.S. equities on the TON blockchain, supported by integration with Telegram’s non-custodial wallet, Wallet.
According to a press release sent to CryptoPotato, the launch will give Telegram users on-chain, self-custodial access to U.S. equities alongside hundreds of cryptocurrencies, all directly within the app.
xStocks to Launch on TON Blockchain
Following the launch, users can buy, hold, and transfer tokenized versions of blue-chip stocks, including Tesla (TSLAx) and Nvidia (NVDAx), across the TON Ecosystem. xStocks will expand directly into TON Wallets as well, extending user access to stocks and exchange-traded funds (ETFs).
Telegram’s Wallet initially launched stocks and ETFs in late October. The initiative garnered significant interest from users despite being available to a select number of countries. The latest development is expected to accelerate the growth as xStocks is integrated into TON Wallet.
“Bringing xStocks fully onchain in TON Wallet represents a major advancement for real-world asset adoption on TON…This breakthrough delivers real, tangible financial utility to everyday users and cements TON as the leading blockchain for bringing regulated assets onchain. It moves the entire ecosystem forward and accelerates the path toward mainstream, borderless finance,” commented TON Foundation President and CEO, Max Crown.
xStocks Continues Expansion
Since Kraken launched xStocks in partnership with Backed Finance in late June, the platform has rapidly expanded. Already available on the Ethereum and Solana blockchains, TON will be the third network to witness the platform’s deployment. The tokenized equities platform is working towards a multichain future offering global accessibility and interoperability.
xStocks has amassed more than $180 million in assets on-chain, with almost 50,000 unique wallet addresses. With the arrival on TON, it remains to be seen how much growth will be recorded in the coming months.
Kraken’s co-CEO, Arjun Sethi, said: “For the first time, millions of people gain on-chain access to U.S. equities inside Telegram with the same ease as sending a message. Instantly, globally, and without traditional gatekeepers. This is the real promise of tokenization. As financial assets move onto open networks, they become neutral, composable building blocks that anyone can use.”
Meanwhile, Kraken is working toward acquiring Backed Finance to unify the issuance, trading, and settlement of tokenized equities on xStocks. This is part of the exchange’s expansion plans.
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