Post-launch, users can purchase, hold, and transfer tokenized versions of blue-chip stocks, including Tesla (TSLAx) and Nvidia (NVDAx), across the TON ecosystem.
Kraken-owned tokenized stock framework xStocks is expanding its reach into the Open Network (TON) ecosystem. The platform announced that it will launch tokenized US stocks on the TON blockchain, supported by integration with Telegram’s non-custodial wallet, Wallet.
According to a press release sent to CryptoPotatoThe launch will give Telegram users on-chain and auto-custodial access to US stocks as well as hundreds of cryptocurrencies, all directly within the app.
xStocks will be launched on TON Blockchain
Post-launch, users can purchase, hold, and transfer tokenized versions of blue-chip stocks, including Tesla (TSLAx) and Nvidia (NVDAx), across the TON ecosystem. xStocks will also extend directly to TON wallets, expanding user access to stocks and exchange-traded funds (ETFs).
Telegram’s Wallet initially launched stocks and ETFs in late October. The initiative has attracted considerable interest from users, although it is available in a number of countries. The latest development is expected to accelerate growth as xStocks is integrated into TON Wallet.
“The full integration of xStocks into TON Wallet represents a major breakthrough for the adoption of real-world assets on TON… This breakthrough delivers real, tangible financial utility to everyday users and solidifies TON as the leading blockchain for regulated asset on-chain. It advances the entire ecosystem and accelerates the path to traditional, borderless finance,” commented Max Crown, Chairman and CEO of the TON Foundation.
xStocks continues its expansion
Since Kraken launched xStocks in partnership with Backed Finance in late June, the platform has grown rapidly. Already available on the Ethereum and Solana blockchains, TON will be the third network to witness the deployment of the platform. The tokenized equities platform is working towards a multi-chain future offering global accessibility and interoperability.
xStocks has accumulated over $180 million in on-chain assets, with nearly 50,000 unique wallet addresses. With the arrival of TON, it remains to be seen what growth will be recorded in the months to come.
Kraken co-CEO Arjun Sethi said: “For the first time, millions of people have on-chain access to US stocks in Telegram with the same ease as sending a message. Instantly, globally, and without traditional gatekeepers. This is the true promise of tokenization. As financial assets move to open networks, they become neutral, composable building blocks that anyone can use.”
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Meanwhile, Kraken is working on acquiring Backed Finance to unify the issuance, trading and settlement of tokenized stocks on xStocks. This is part of the stock exchange’s expansion plans.
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