xStocks has launched its tokenized equities on the TON blockchain, enabling Telegram users to buy and trade fully collateralized versions of U.S. stocks and ETFs directly through the platform’s integrated TON Wallet.

The move expands onchain access to traditional financial assets for nearly 100 million users within Telegram’s growing ecosystem. xStocks announced its deployment on the TON blockchain, extending access to tokenized equities for users within Telegram.

Early this month, Kraken agreed to acquire Backed Finance, the platform behind the issuance of xStocks, bringing these tokenized products closer to the center of its trading business as the exchange prepares for a planned public listing in 2026.

xStocks are going live on @ton_blockchain.

Tokenized equities, built as a neutral public good, are now expanding to meet Telegram’s ecosystem of over 1 billion people.

Learn more ↓ pic.twitter.com/QcRQ9wd4gu

— xStocks (@xStocksFi) December 18, 2025

According to the company, the integration with TON Wallet, Telegram’s non-custodial asset hub, enables users to hold, transfer, and manage tokenized stocks and ETFs alongside their crypto assets in a single interface.

xStocks Brings Equities Onchain

Recently, Telegram announced that it was preparing to let users trade tokenized U.S. stocks directly inside its built-in crypto wallet, following a partnership with Kraken and tokenization Tokenization Tokenization represents the process of substituting a sensitive data element with a non-sensitive equivalent, i.e. token, which bears no extrinsic or exploitable meaning or value. In essence, the rights to the ownership of an asset are converted into a digital token. Tokenization can be used to own an entire unit of an asset. For example, one token that represents the ownership of a piece of real estate or to split ownership of a single unity of an asset such as 200,000 tokens, each one represen Tokenization represents the process of substituting a sensitive data element with a non-sensitive equivalent, i.e. token, which bears no extrinsic or exploitable meaning or value. In essence, the rights to the ownership of an asset are converted into a digital token. Tokenization can be used to own an entire unit of an asset. For example, one token that represents the ownership of a piece of real estate or to split ownership of a single unity of an asset such as 200,000 tokens, each one represen Read this Term provider Backed.

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“Launching xStocks on TON brings tokenized equities onto truly open infrastructure,” said Arjun Sethi, Kraken Co-CEO. “For the first time, millions of people gain onchain access to U.S. equities inside Telegram with the same ease as sending a message. Instantly, globally, and without traditional gatekeepers.”

Read more: Kraken Taps Alpaca for xStocks After Backed Finance Acquisition

The integration reportedly allows users access to more than 60 tokenized U.S. stocks and exchange-traded funds (ETFs). By embedding tokenized equities directly into the messaging platform, Telegram aims to let users buy and sell traditional market exposure without needing to switch apps or use a separate brokerage interface.

📣 We’re bringing @BackedFi, the company driving the issuance of xStocks, fully into Kraken.

Why? Because tokenized equities won’t reach global scale without unified rails.

With @xStocksFi now fully in-house, we’re accelerating the future of open, 24/7 capital markets 👇…

— Kraken (@krakenfx) December 2, 2025

Already live on Solana and Ethereum, xStocks continues its expansion as a multichain standard for tokenized equities. The TON rollout comes after steady onchain growth, surpassing $180 million in assets and nearly 50,000 wallets holding these instruments since its June 2025 launch on Kraken.

Expanding the Multichain Footprint

This interoperability – allowing assets to move freely between blockchain Blockchain Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned). In this sense, blockchain is immune to the manipulation of data, making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tamp Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned). In this sense, blockchain is immune to the manipulation of data, making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tamp Read this Term ecosystems – solidifies xStocks’ position as a cornerstone of the emerging onchain capital markets.

With additional deployments planned for Mantle and TRON, as well as the acquisition of Backed Finance, xStocks aims to unify the issuance, trading, and settlement of tokenized securities.

Meanwhile, Nasdaq is prioritizing approval for tokenized stocks and is preparing to address regulatory questions as soon as the U.S. Securities and Exchange Commission clarifies its position. The exchange aims to be ready to respond quickly to any feedback or requirements that emerge during the review process.