Kraken-backed tokenized equities platform xStocks officially launched on the TON (The Open Network) blockchain, integrated directly into Telegram’s self-custodial TON Wallet.
This allows millions of Telegram users to buy, hold, and transfer tokenized versions of U.S. stocks and ETFs, like Tesla – TSLAx, Nvidia – NVDAx, S&P 500 ETF on-chain, often as easily as sending a message. Available in “nearly all markets” where TON Wallet operates, covering significant global turnover, but excluded from the US, EU, and Australia at launch due to regulatory compliance.
xStocks are fully collateralized 1:1 with real underlying assets, issued by Backed Finance which Kraken plans to acquire. Since its initial launch on Kraken in June 2025, xStocks has grown to over $180 million in on-chain assets and nearly 50,000 unique holders.
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TON Wallet has ~100 million users, and Telegram overall has over 900 million, potentially accelerating adoption of real-world assets (RWAs) in emerging markets. This move positions TON as a leader in on-chain regulated assets, blending TradFi with crypto accessibility.
Kyle Samani’s Criticism of Ethereum
Kyle Samani, Managing Partner at Multicoin Capital, a major Solana investor, has been vocal in criticizing Ethereum’s progress.
In recent statements, he claimed Ethereum has “accomplished almost nothing in eight years” despite high expectations, pointing to persistent scaling issues, lack of urgency since 2017 and slower development compared to competitors like Solana.
Samani argues: Ethereum lacks founder-driven hustle, treating it more like open-source code valuable but not customer-focused than a competitive business. It has suffered from complacency, with no major scaling urgency post-2017 highs.
Solana, by contrast, has achieved “escape velocity” with better resilience, lower fees, and faster innovation. This fits Samani’s long-standing bullishness on Solana “flipping” Ethereum, emphasizing Ethereum’s challenges in capturing lasting value amid L2 fragmentation and competition.
The integration of Kraken-backed xStocks into Telegram’s TON Wallet marks a significant milestone in bridging traditional finance (TradFi) with crypto, particularly real-world asset (RWA) tokenization.
Telegram has over 900-1,000 million users globally, with TON Wallet reaching nearly 100 million. This exposes tokenized U.S. stocks and ETFs to a massive, non-crypto-native audience, especially in emerging markets. Users can buy, hold, and transfer these assets as easily as sending a message, with self-custody and low fees via TON’s scalable blockchain. No traditional brokerage account or complex onboarding required.
Initial rollout covers “nearly all markets” excluding US, EU, Australia for regulatory reasons, capturing ~95% of global equity turnover outside restricted regions. This prioritizes developing economies, democratizing access to U.S. markets previously limited by geography or capital.
Since June 2025 launch on Kraken, xStocks grew to >$180M in on-chain assets and ~50,000 holders. TON integration plus DeFi access via STON.fi swaps could accelerate this exponentially. Positions TON as a leader in regulated RWAs, ahead of competitors like Ethereum or Solana in mass-distribution channels.
TON’s speed, low costs, and Telegram embedding provide “real, tangible financial utility.” Tokenized assets hit ~$24B by mid-2025 ~380% growth in 3 years, with projections to $30T+ by 2030-2034. This launch aligns with institutional pushes and could drive TON’s TVL and user growth.
Challenges centralized brokers by offering 24/7 transfers though trading hours tied to underlying markets and composability with DeFi. Kraken’s vertical integration unifies issuance/trading/settlement, strengthening its push into global capital markets.
Overall, this could catalyze mainstream RWA adoption, making TON a key hub for on-chain TradFi and boosting Telegram’s role as a “super app” for finance.
Implications of Kyle Samani’s Criticism of Ethereum
Samani contrasts Ethereum’s open-source, decentralized approach valuable but slow, like Linux with Solana’s “founder-driven hustle,” engineering discipline, and customer focus.
He abandoned Ethereum in 2017 due to perceived lack of urgency, doubling down on Solana as the “fastest horse” for global finance. Solana’s resilience; lower fees, and “escape velocity” vs. Ethereum’s L2 fragmentation, high costs, and captured value leaking to layers.
Ethereum dominates TVL/developers but struggles with user experience/scalability; Solana gains in trading volume, DeFi activity, and real-time apps. Samani’s bias noted, but criticism resonates amid Ethereum’s challenges.
Could pressure Ethereum community to address “complacency” as echoed by others like Alex Svanevik, pushing faster innovation or risking market share loss by 2030. Reinforces “flippening” thesis, potentially boosting SOL sentiment/investment amid RWA and DeFi growth.