The TON blockchain will join the RWA tokenization trend by partnering with Librecap.

The TON blockchain will join the RWA tokenization trend by partnering with Libre, a specialized tokenization platform, to launch a $500M Telegram Bonds Fund, which will be tokenized with the TBF ticker.

The new tokenized fund will offer outstanding bonds issued by Telegram as on-chain ownership to institutional and accredited investors, who will be able to use the TON ecosystem for fully compliant yield products in a DeFi-compatible format. The availability of bonds as collateral and locked liquidity may boost the slow DeFi sector on TON Chain.

TBF tokens will have limited ownership, but will be available for on-chain borrowing on apps like EVAA Protocol. The new tokenized corporate bonds may not be available for retail ownership, but can be used to generate on-chain products with yield based on the bonds.

The offering is the largest minting of RWA tokens on TON so far, and one of the biggest in the crypto space in general.

“The launch of the Libre Protocol and the Telegram Bond Fund marks a major step forward in bringing regulated real-world assets to TON ecosystem,” said Max Crown, CEO of TON Foundation.

Libre will provide the compliance infrastructure for buying and redeeming the bond-based tokens. The Libre Gateway will roll out in several phases, offering compliant subscriptions, redemptions, and transfers for the tokenized funds. The TBF asset will not work as a freely available token, but will require special subscriptions from accredited investors.

TBF will be accessible for fiat or stablecoins, but will be fully manageable on TON chain’s native wallets.

RWA tokenization may boost value on TON Chain

The inflow of funds will boost the DeFi space on TON Chain. The latest market drawdown decreased total value locked on TON to $136.32M, down from a peak near $1B. The TON ecosystem slowed down significantly after the end of airdrop season.

TON Chain currently reports around 168K daily active wallets, down from a peak of 1.8M in September 2024, at the height of airdrop farming season. TON Chain aimed to boost activity by offering tokenized stickers. The chain is accessible only through the native TON wallet, removing other stablecoin or token payment options.

In the past quarter, the TON Chain aimed to reinvent itself while becoming compliant with the US market. The TON Chain still carries over $1B in stablecoin liquidity, from native USDT minting. The native TON token remains relatively resilient, trading around $3.19, the middle of its range for the past year.