Key Insights
- Kraken-backed xStocks are now live on TON through Telegram Wallet, enabling on-chain stock access
- Primary listings comprise large US equities whose trading is managed within the Telegram app.
- Access is restricted in the US, EU, and Australia due to regulatory requirements
xStocks backed by Kraken are now on the TON blockchain, and tokenized versions of U.S. stocks and ETFs are now easily accessible within the Telegram app through its native TON Wallet.
The rollout places tokenized equities inside one of the world’s largest consumer messaging platforms, marking a shift toward broader distribution beyond crypto-native exchanges.
Following an initial release through Wallet in Telegram, the product is now live on TON Wallet, marking the completion of its official launch on the Telegram-linked blockchain. Users can buy, hold, and transfer on-chain representations of equities without leaving the messaging environment, according to an announcement from Kraken on Thursday.
Kraken Positions Tokenized Stocks as Open Blockchain Instruments
According to the announcement, the initial offering includes 10 tokenized stocks, among them Apple (AAPL), Amazon (AMZN), Coinbase (COIN), Google (GOOGLx), and Strategy (MSTR). According to a TON Wallet spokesperson, these assets represent at least 95% of early trading turnover.
https://twitter.com/xStocksFi/status/2001610880153497631
Kraken co-CEO Arjun Sethi stated that the launch places tokenized equities on open blockchain infrastructure and marks the first time Telegram users can access on-chain representations of U.S. equities within the app. He described tokenized assets as modular financial instruments that can operate across networks and applications.
Additionally, Telegram claims to have more than 900 million users globally, while TON Wallet reports nearly 100 million users, according to project figures. The scale of that user base positions the launch as one of the most direct efforts to distribute tokenized financial products through a mainstream consumer platform.
Access Limited by Jurisdictional Rules
Despite the broad supply channel, access remains restricted by regional regulations. xStocks are not available in the United States or to U.S. persons, and they are also excluded at launch from markets including the European Union and Australia.
However, Egor Danilov, Chief Product Officer at The Open Platform and Wallet in Telegram, stated that stocks and ETFs will be accessible in most regions where TON Wallet already operates, with expansion tied to regulatory clarity. He added that Distribution will follow local licensing and compliance requirements.
The legal framework reflects the fact that xStocks have not been registered under the U.S. Securities Act of 1933. Such a legal framework is based upon strict jurisdictional restraints, which can restrict the overall distribution of the model as regulators apply greater attention to tokenized representations of traditional assets.
