Kraken-backed xStocks has launched tokenized versions of U.S. stocks and ETFs on the TON blockchain, making them accessible directly within the Telegram messaging app through its built-in TON Wallet. The integration, which went live on December 18, 2025, allows Telegram's roughly 100 million TON Wallet users to buy, hold, and transfer tokenized equities such as Tesla (TSLAx), Nvidia (NVDAx), and the S&P 500 ETF (SPYx) without leaving the app.
The launch represents a significant move to bring tokenized financial products to mass-market distribution channels rather than confining them to crypto-native platforms. "Embedding tokenized U.S. stocks into Telegram Wallet is a massive UX unlock," said Dan Dadybayo, research and strategy lead at Unstoppable Wallet. He noted that for many users outside the U.S. or EU, this marks the first time equities are "one tap away: no broker account, no complex onboarding, fractional by default."
The xStokens are fully collateralized, with each token backed one-to-one by the underlying equities and ETFs held through regulated partners. They are designed to trade on-chain while tracking the price of the traditional assets. However, a key limitation is that trading remains anchored to U.S. market hours (24/5), not the 24/7 model familiar to crypto-native users.
The service is not available to U.S. users due to regulatory constraints, as xStocks has not registered under the U.S. Securities Act of 1933. Availability depends on local securities rules in other jurisdictions.
xStocks has shown rapid growth since its public launch via Kraken on June 30. Between November and December 2025, it added $60 million to its supply, bringing total on-chain assets to over $180 million held by nearly 50,000 unique wallet addresses. The platform already operates on Solana and Ethereum, with deployments underway on Mantle and TRON blockchains.
Kraken recently announced plans to acquire Backed Finance to consolidate the issuance, trading, and settlement of xStokens, as part of a broader strategy to build infrastructure for global capital markets. Arjun Sethi, co-CEO of Kraken, stated this move represents "the real promise of tokenization" where financial assets become "neutral, composable building blocks that anyone can use."
