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Telegram’s TON Enters RWA Space With Libre’s $500M Tokenized Bond Fund

The Telegram Bond Fund will give accredited investors access to Telegram’s $2.4 billion debt, allowing it to be used as collateral in TON’s DeFi ecosystem.

Avatar image of Jonathan Agozie Jonathan Agozie•April 30, 2025
Ethena

Libre, an omnichain platform for real-world assets (RWAs), plans to tokenize $500 million worth of Telegram-issued bonds on The Open Network (TON). This marks the first time institutional players will gain decentralized access to Telegram’s fixed-income securities.

The initiative, called the Telegram Bond Fund (TBF), will offer accredited investors exposure to a portion of Telegram’s outstanding $2.4 billion corporate debt. This exposure will allow participants to use TBF as collateral across TON’s decentralized finance (DeFi) ecosystem. It will also unlock access to yield tools, as well as borrowing and lending options.

Connecting Traditional Assets to the TON Blockchain

Tokenized RWAs are gaining traction, with on-chain data showing over $18.9 billion in value, a sharp increase from $10 billion last April. Yet, corporate bonds still represent a small share of this segment.

Libre’s collaboration with the TON Foundation, the nonprofit that supports TON, aims to expand that share by linking traditional assets to the blockchain. The network is affiliated with Telegram, which has over 1 billion monthly active users, offering a large potential base for adoption and utility.

Building on its experience, Libre has already tokenized over $200 million in assets from institutions like BlackRock, Brevan Howard, and Hamilton Lane. These assets span multiple chains, including Binance-backed Injective. According to Libre Chairman Jez Mohideen, the firm now plans to bring these assets to TON as part of its broader strategy.

To further streamline access, Libre will enable users to invest using stablecoins and fiat currencies through TON-native wallets powered by its “Gateway” system.

Unlocking Use Cases Beyond Tokenization

Libre CEO Avtar Sehra described the product as a fixed-income fund that acquires bonds and then tokenizes the units of the fund on TON. These tokenized units provide access to the underlying bond yields and can be used as collateral or transferred within the network.

He explained that the goal goes beyond simply placing assets on-chain. The focus is on unlocking practical use cases, especially for clients interested in tokenized money market instruments or assets linked to ecosystems they already engage with.

Meanwhile, the TON Foundation sees the Telegram Bond Fund as a strategic step toward expanding blockchain use in traditional finance. Its CEO and MoonPay co-founder, Max Crown, described the launch as a key milestone in bringing regulated RWAs into the TON ecosystem.

“The launch of the Telegram Bond Fund marks a major step forward in bringing regulated real-world assets to TON’s ecosystem,” Crown stated.

Jonathan Agozie

Jonathan Agozie is a writer dedicated to delivering clear, well-researched, and technically accurate content on blockchain, cryptocurrency, and Web3 technologies. With a strong background in these fields, he simplifies complex topics for a broad audience, ensuring clarity without compromising depth.