CoinShares International has debuted a new exchange-traded product, the CoinShares Physical Staked Toncoin (CTON), on Switzerland's SIX exchange. The ETP began trading on Tuesday under the ticker CTON and offers investors exposure to Toncoin (TON) with a 2% staking yield generated from network validation rewards on The Open Network blockchain. Trades are available in US dollars, and the product is 100% physically backed with zero fees, providing secure access to the cryptocurrency.
The launch comes amid a challenging period for Toncoin, whose market capitalization has fallen 59% year-to-date to $5.7 billion, according to CoinGecko data. Despite this, CoinShares highlighted Toncoin's integration with Telegram's over 900 million active users and the blockchain's capacity of more than 104,000 transactions per second. Toncoin is also part of the CoinShares Altcoins ETF (DIME), a US-traded product that includes other cryptocurrencies like Solana, Polkadot, Cardano, and Cosmos.
In a related development, Wallet in Telegram expanded its services by offering tokenized stocks and ETFs through xStocks, adding 50 such assets with some providing dividends. Following the ETP announcement, Toncoin's price rose 5% to $2.30 and currently trades around $2.25, with a 24-hour trading volume of $183.39 million and a market cap of approximately $5.67 billion. Support levels are near $2.22, with resistance around $2.28 to $2.30.
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