Kraken-backed xStocks launched on TON Wallet on December 18, enabling Telegram users to trade tokenized U.S. equities within the messaging app.
The integration excludes users in the United States, European Union, and Australia despite TON Wallet's nearly 100 million user base.
Telegram users can now access tokenized versions of Tesla (TSLAx), S&P 500 ETF (SPYx), and Nvidia (NVDAx) through the self-custodial wallet.
What Happened
xStocks went live on The Open Network blockchain through Telegram's TON Wallet, marking the platform's third blockchain deployment after Solana and Ethereum.
Egor Danilov, chief product officer at The Open Platform, told Cointelegraph the service is "accessible in nearly all markets where TON Wallet is currently available."
However, he confirmed exclusions for the U.S., EU, and Australia at launch due to regulatory requirements.
"Access will expand gradually as regulatory guidance allows," Danilov stated.
Since launching on Kraken on June 30, 2025, xStocks has grown to $180 million in on-chain assets across approximately 50,000 wallet addresses.
The platform added $60 million in supply between November and December.
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Why It Matters
The geographic exclusions highlight ongoing regulatory challenges for tokenized securities.
Major developed markets remain inaccessible due to securities registration requirements.
Dan Dadybayo, research lead at Unstoppable Wallet, told Decrypt the integration represents "a massive UX unlock" but noted a critical limitation.
"These assets still trade 24/5, not true 24/7," Dadybayo explained, meaning tokenized stocks remain tied to traditional market hours despite residing on-chain.
The strategy targets users in developing markets where access to U.S. equities faces significant barriers.
Kraken recently announced plans to acquire Backed Finance, the platform issuing xStocks, to consolidate operations.
Additional blockchain deployments are underway on Mantle (MNT) and TRON (TRX).
The integration allows users to hold tokenized stocks alongside cryptocurrency in a single Telegram interface.
xStocks has generated over $4.5 billion in combined exchange volume since launch, according to Kraken.
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