TON Foundation and Libre Tokenized $500M Worth of Treasury Bonds

The TON Foundation, in partnership with Libre, a decentralized infrastructure firm specializing in real-world assets (RWAs), has launched a $500 million Telegram Bond Fund (TBF) to tokenize a portion of Telegram’s $2.35 billion in outstanding corporate bonds on The Open Network (TON) blockchain. This initiative, announced on April 30, 2025, targets institutional and accredited investors, offering compliant, on-chain access to institutional-grade yield products with yields up to 9.4%.

The TBF allows these investors to use tokenized bonds as collateral for on-chain borrowing and to develop yield-bearing DeFi products within the TON ecosystem. Libre, which has already tokenized over $200 million in assets from institutions like BlackRock and Brevan Howard, will deploy its multi-phase Libre Gateway infrastructure to manage subscriptions, redemptions, and transfers using fiat or stablecoins via TON-native wallets. This move marks TON’s entry into the growing RWA tokenization sector, bridging traditional finance and DeFi, and is one of the largest institutional RWA deployments to date.

Tokenizing corporate bonds on the TON blockchain enables institutional and accredited investors to access traditional financial instruments (bonds yielding up to 9.4%) within a decentralized finance (DeFi) ecosystem. This creates a hybrid model, blending the stability of traditional finance with the flexibility and innovation of DeFi. Tokenized bonds can be used as collateral for on-chain borrowing or integrated into DeFi products, enhancing liquidity. This allows investors to leverage these assets in ways not possible with traditional bonds, potentially attracting a broader range of participants to the TON ecosystem.

The involvement of Libre, which has tokenized assets for major institutions like BlackRock, signals growing institutional confidence in blockchain-based RWA tokenization. This could accelerate adoption of blockchain technology in traditional finance, particularly for high-value assets. As one of the largest institutional RWA deployments, this move strengthens the real-world asset tokenization sector, projected to grow significantly (some estimates suggest a $10 trillion market by 2030). It sets a precedent for other corporations to tokenize their assets, potentially transforming capital markets.

The focus on accredited and institutional investors, coupled with Libre’s compliant infrastructure, underscores efforts to align with regulatory frameworks. This could pave the way for broader acceptance of tokenized assets, though navigating global regulations remains a challenge. By integrating high-yield, institutional-grade products, TON enhances its appeal to sophisticated investors and developers, potentially increasing transaction volume, wallet adoption, and DeFi innovation within its network.

This positions TON as a competitor to other blockchains like Ethereum, Polygon, and Stellar, which also support RWA tokenization. TON’s ability to leverage Telegram’s user base and Libre’s infrastructure could give it a competitive edge. Tokenization introduces risks such as smart contract vulnerabilities, regulatory uncertainty, and market volatility. The success of the Telegram Bond Fund will depend on robust security, investor trust, and seamless integration with TON’s infrastructure.

This initiative could reshape how high-value financial assets are managed and traded, driving innovation in both blockchain and traditional finance while positioning TON as a key player in the RWA tokenization space. The tokenization of $500 million in Telegram’s treasury bonds by the TON Foundation has significant impacts on the real-world asset (RWA) ecosystem on The Open Network (TON).

The $500 million Telegram Bond Fund (TBF) is one of the largest institutional RWA deployments on TON, demonstrating the blockchain’s capacity to handle high-value financial assets. This could attract more institutions to tokenize assets on TON, expanding the RWA ecosystem. Tokenized bonds can be used as collateral for on-chain borrowing or incorporated into yield-bearing DeFi products. This creates new use cases for RWAs within TON’s DeFi ecosystem, fostering innovation in lending, staking, and other financial primitives.

By enabling tokenized bonds to be traded, transferred, or used in DeFi protocols, the TBF enhances liquidity for RWAs on TON. This makes high-yield, institutional-grade assets more accessible to accredited investors and developers building on the network. Partnering with Libre, which has tokenized over $200 million in assets for firms like BlackRock, lends credibility to TON’s RWA infrastructure. This could draw more institutional players, such as asset managers or corporations, to explore tokenization on TON.

The introduction of high-value RWAs like corporate bonds strengthens TON’s appeal to sophisticated investors and developers. This could drive higher transaction volumes, wallet adoption, and the development of RWA-focused dApps, boosting the overall TON ecosystem. The TBF’s focus on compliance for institutional and accredited investors highlights TON’s commitment to regulatory standards. This could encourage the development of compliant RWA tokenization frameworks, making TON a preferred platform for regulated financial products.

The TBF positions TON as a strong contender in the RWA tokenization space, competing with blockchains like Ethereum, Polygon, and Stellar. Leveraging Telegram’s user base and Libre’s infrastructure could give TON a unique advantage in attracting RWA projects. While the TBF expands RWA opportunities, it also introduces risks such as smart contract vulnerabilities or regulatory hurdles. Addressing these through robust security and compliance measures will be critical to sustaining RWA growth on TON.