Kraken-backed xStocks launches on TON Wallet in ‘nearly all markets’

cointelegraphPublished on 2025-12-18Last updated on 2025-12-18

Abstract

Kraken-backed tokenized securities platform xStocks has launched on TON Wallet, a self-custodial wallet integrated with Telegram. The rollout makes tokenized U.S. equities available on The Open Network (TON) for the first time, offering assets like Circle, Coinbase, Robinhood, and TON Strategy. While the service is accessible in nearly all markets where TON Wallet operates, it excludes the U.S., EU, and Australia at launch due to regulatory constraints. xStocks aims to target users in developing markets initially, prioritizing global accessibility through digital platforms. In contrast, other firms like Securitize remain focused on the U.S., citing a clear regulatory pathway for tokenized securities there.

Kraken-backed tokenized securities platform xStocks is launching on TON Wallet, a self-custodial wallet on the Telegram messenger.

Following an initial rollout on Wallet in Telegram, xStocks is now live on TON Wallet, marking the offering’s official launch on Telegram-linked blockchain, The Open Network (TON), Kraken announced Thursday.

“Launching xStocks on TON brings tokenized equities onto truly open infrastructure,” Kraken co-CEO Arjun Sethi said in the announcement, adding that the launch marks the first time for Telegram users to access tokenized US equities onchain.

Wallet in Telegram’s previous integration of xStocks featured 35 tokenized stocks, including Circle (CRCLX), Coinbase (COINX), Robinhood (HOODX) and TON Strategy (TONx).

The offering is not available in the US, EU and Australia

“Stocks and ETFs will be accessible in nearly all markets where TON Wallet is currently available,” Egor Danilov, chief product officer at The Open Platform (TOP) and Wallet in Telegram, told Cointelegraph.

However, the offering will not be available at launch in key markets, including the US, the European Union, and Australia, he said, noting that the rollout aligns with regulatory requirements and xStocks’ existing framework.

“Access will expand gradually as regulatory guidance allows,” Danilov said, emphasizing that xStocks are not available in the US nor to US persons. “Distribution will continue to respect regional rules and licensing requirements,” he added.

US market still in focus for some tokenization firms

XStocks’ limited geographic rollout on TON reflects the company’s view that tokenized US equities should initially be targeted at customers in developing markets rather than in advanced economies.

“Bringing xStocks onto TON is part of that shift — real financial products becoming available to people globally through familiar digital tools, rather than only through financial institutions in developed markets,” Danilov told Cointelegraph.

Related: Coinbase adds stock trading, prediction markets in ‘everything app’ push

By contrast, some major tokenization providers have taken a more optimistic view of the US market. Securitize, one of the largest firms in the sector, has said it sees a viable regulatory pathway for tokenized securities in the United States, and that its tokenized stocks are already available to US investors.

On Dec. 9, Securitize CEO Carlos Domingo told Cointelegraph that the company’s experience shows there is a “clear regulatory path for issuers to natively tokenize assets for US investors.”

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