Libre and TON Foundation Have Joined Forces to Tokenize $500M in Telegram Bonds

This ambitious initiative will deploy a tokenized Telegram Bond Fund (TBF) on the TON blockchain, offering institutional and accredited investors compliant,

TL;DR: Libre and TON Foundation have teamed up to tokenize $500 million in Telegram bonds. This will be deployed as the Telegram Bond Fund (TBF) on the TON blockchain, offering institutional and accredited investors compliant, on-chain exposure to a segment of Telegram’s nearly $2.35 billion in outstanding bonds.

The @Telegram Bond Fund ($TBF) on @TON_Blockchain represents the future of capital market:

1. Seamless transferability

2. Ease of use as collateral / reserves

3. Composable with other onchain protocols

4. Flexible for onchain native instrument manufacturing… pic.twitter.com/aVZYO8YpJj

— Avtar Sehra (@avtarsehra) April 30, 2025

The collaboration will see the creation of the Telegram Bond Fund (TBF), a tokenized fund focused on institutional investors. The initiative will be used to tokenize a portion of Telegram’s existing bonds, kicking off what is planned to be a broader capital light initiative to aggregate and tokenize fixed income instruments into the TBF.

This capital light strategy will see Libre handle the bulk of the administrative, technical and legal burdens in setting up additional funds on the TON blockchain throughout the year.

It is another indication of the growing industry appetite for institutional-grade, transparent crypto investment vehicles.

The move will also see the deployment of Libre’s multi-phase Libre Gateway infrastructure on the TON blockchain. The gateway will facilitate seamless subscriptions, bulk redemptions and token transfers, allowing institutions to subscribe using fiat or stablecoins and allowing them to manage their holdings in their own TON-native wallets.

This will be a key aspect of the partnership, as institutions will be able to seamlessly integrate the TBF tokens into their existing treasury management systems.

The partnership will also see the development of institutional-grade yield products presented in a fully DeFi-native format. Investors will be able to use the TBF tokens as collateral for on-chain borrowing and other yield-bearing strategies, ensuring that these tokens are more than just static investments.

This initiative is designed to be highly scalable and adaptable. The tokenization process is designed to accommodate future bond issuances by Telegram, and the platform will remain relevant as the bond markets evolve.

Industry leaders have hailed the partnership as a powerful merger of traditional finance with blockchain technology, promising to deliver both security and composability in financial products.