Kraken-backed xStocks launched on the TON blockchain, making tokenized U.S. equities accessible inside Telegram to an estimated 100 million eligible users. The move combines tokenization benefits—24/7 trading, fractional ownership and instant settlement—with broad distribution. It immediately alters how global retail users can access major U.S. stocks.
xStocks initially lists more than 60 tokenized U.S. stocks and ETFs, including Apple (AAPL), Tesla (TSLA), Microsoft (MSFT) and the S&P 500 ETF (SPY). Backed Finance AG issues the tokens and Kraken provides backing and trading infrastructure. Commission-free trading is being offered through the end of 2025 to encourage uptake.
Tokenized equities are digital representations of traditional securities where each token corresponds to an underlying asset held by an issuer or custodian. Kraken framed the partnership as an effort to expand access; a Kraken blog post summarized that the mission is “make tokenized stocks and ETFs available to 1 billion Telegram users,” positioning the collaboration as distribution-focused rather than a new custody model.
Adoption, metrics and strategic moves
xStocks first launched on Ethereum and Solana around June–July 2025 and recorded rapid volumes after that debut: about $300 million in trading volume in four weeks and $10 billion in transactions four months after launch. Those figures illustrate fast adoption of tokenized equities in alternate trading venues and underpin the decision to expand onto TON.
Telegram’s Wallet on TON is the integration point for the offering and the platform already hosts other tokenized real-world assets, such as a Tether gold-backed token (XAUt0). Separately, Kraken is consolidating its tokenization strategy by acquiring Backed Finance, a move described as intended to unify issuance and trading under Kraken’s infrastructure.
Availability is explicitly limited by regulatory considerations: U.S. and EU users may be excluded because securities laws and investor-protection frameworks could restrict participation. The offering’s geographic scope and user eligibility are therefore constrained by securities regulation and related compliance assessments, and the platform’s non-custodial or custodial options will be shaped by those constraints.
The TON launch extends xStocks’ distribution into Telegram’s massive user base and tests whether tokenized equities can scale via mainstream messaging apps. For users and market participants, the key immediate implication is expanded access outside traditional broker channels, subject to the firm limits set by securities regulation.
