Tokenized Equities on TON: A New Onchain Gateway to Global Capital Markets

The convergence of blockchain technology and traditional finance is accelerating, and few platforms exemplify this shift as vividly as Telegram's Open Network (TON). With over 100 million users in its TON Wallet ecosystem and a growing suite of tokenized equities, TON is positioning itself as a bridge between decentralized infrastructure and global capital markets. For investors, the question is no longer whether tokenized stocks are viable but how quickly they will dominate the financial landscape-and whether TON is the most compelling onchain gateway to this future.

The TON Ecosystem: A User Base with Explosive Potential

Telegram's 950 million monthly active users provide TON with a unique advantage: a massive, pre-existing audience for tokenized assets. As of late 2025, TON Wallet has reported 100 million signups and 35 million active wallets, with daily active wallets reaching 155,364 according to CoinLaw. These metrics suggest a user base that is not only large but also engaged. The integration of tokenized equities into TON Wallet-via Kraken-backed xStocks-has further amplified this potential. Users can now trade fully collateralized versions of U.S. stocks and ETFs directly within the Telegram app. This seamless access to traditional financial assets within a decentralized platform is a game-changer, particularly for the 100 million non-U.S. users who previously faced geographic or banking barriers to equity markets according to StockTwits.

Regulatory Tailwinds and Institutional Legitimacy

Regulatory clarity has been a critical hurdle for tokenized assets, but 2025 has seen significant progress. Nasdaq's proposed rule change to the SEC-allowing tokenized securities trading-signals institutional validation of blockchain-based equities according to GT Law. By aligning tokenized assets with traditional settlement frameworks, Nasdaq aims to ensure fungibility and investor protections, potentially enabling tokenized trading by late 2026 according to Carlton Fields. Meanwhile, the U.S. CLARITY Act and EU's MiCA framework have elevated TON's legitimacy, treating it as a compliant digital asset infrastructure according to CoinLaw. This regulatory momentum is attracting institutional capital: BlackRock, Robinhood, and Coinbase have all launched tokenized equity products, while the TON Strategy Company reported $588.2 million in digital assets under management as of September 2025 according to Morningstar.

Financial Performance and Market Dynamics

The financial metrics for TON's tokenized equities are equally compelling. Kraken's xStocks platform alone reported $5 billion in trading volume across centralized and decentralized exchanges, with on-chain transactions generating over $1 billion and attracting 37,000 unique holders according to The Block.

Tokenized stock volumes surged 450% post-earnings, reflecting growing demand for 24/7 fractional trading and real-time settlement according to Finance Magnates. While TON's native token (TON) has faced short-term volatility-slipping 3.3% to $1.59 amid broader crypto weakness-this underscores institutional interest in the underlying infrastructure rather than speculative frenzy according to CoinDesk.

Institutional adoption is further evidenced by RWA.xyz data showing $19.5 billion in tokenized assets (excluding stablecoins) as of March 2025, driven by products like BlackRock's tokenized Treasuries according to Grayscale Research. The TON Strategy Company noted that 76% of institutional investors now favor tokens combining governance with real-world utility according to Bitget, a trend that aligns with TON's focus on utility-driven tokenization.

Challenges and Risks

Despite its strengths, TON's tokenized equities market is not without risks. Whale dominance and declining total value locked (TVL) in some DeFi protocols highlight the need for continued innovation in yield-bearing models according to CoinLaw. Additionally, the broader crypto market's volatility-exacerbated by macroeconomic uncertainty-could dampen short-term adoption. However, the integration of smart contracts for automated compliance, dividend distributions, and real-time settlement mitigates operational risks according to DTCC, while Telegram's user base provides a buffer against liquidity fragmentation according to Finance Magnates.

Investment Thesis: A $1 Trillion Opportunity

The tokenized equities market is projected to surpass $1 trillion in value by the late 2020s, driven by demand for faster, cheaper, and more transparent trading according to LegalNodes. TON's unique position-leveraging Telegram's user base, institutional partnerships, and regulatory progress-positions it as a key player in this evolution. For investors, the combination of 100 million users, $5 billion in trading volume, and institutional-grade infrastructure creates a flywheel effect: greater adoption drives liquidity, which attracts more institutional capital, further legitimizing the ecosystem.

Conclusion

Tokenized equities on TON represent more than a niche experiment-they are a structural shift in how global capital markets operate. By embedding traditional financial assets into a decentralized, user-friendly platform, TON is democratizing access to equities while aligning with regulatory frameworks that ensure scalability. For investors, the question is not whether this trend will succeed but how quickly it will outpace legacy systems. With Telegram's ecosystem as its foundation, TON is not just a gateway to capital markets-it is a blueprint for the future of finance.