TON Blockchain Targets the US Market

In summary:

The Ton Foundation plans to expand into the US, anticipating crypto-friendly regulations under the Trump administration.

A leadership change brings Manuel Stotz as chairman, focusing on growth and innovation within the US market.

Despite challenges like decreased Total Value Locked (TVL) and poor token performance, TON aims to enhance utility beyond the Telegram ecosystem.

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TON

he TON Foundation is preparing for a major expansion in the United States, encouraged by expectations of a favorable regulatory environment under the upcoming administration. They have announced leadership changes as part of this strategy.

TON Foundation to Enter the US Market

TON has appointed Manuel Stotz, founder of Kingsway Capital Partners Ltd., as the foundation’s president. Stotz replaces Steve Yun, who will remain a member of the board.

“As the co-founder of Kingsway Capital, he has experience managing billions of dollars in assets and supporting key blockchain partners. Together with Steve Yun, Manuel will further the Foundation’s mission to enhance decentralization and forge new partnerships in the US,” the TON Foundation wrote on X (formerly Twitter).

The person who is set to take office on January 20th has pledged to make the United States a hub for digital assets. As BeInCrypto previously reported, he could issue a pro-crypto executive order on his first day in office. This order could reverse current SEC policies that restrict banks’ ability to custody Bitcoin and other cryptocurrencies

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This would mark a significant shift from the Biden administration’s restrictive approach.

“Not only a new American president can Make America Great Again… TON is coming to help too! TON will reach everyone. It’s just a matter of time!,” wrote Jack Booth, co-founder of TON Society.

The TON Foundation, which supports the development of the TON blockchain, aims to make crypto services accessible to Telegram’s 950 million users. The foundation was formally established in Switzerland in 2023. This followed a 2020 settlement with the SEC that blocked Telegram’s earlier fundraising effort for a blockchain project.

In December 2024, the foundation expanded to Abu Dhabi under ADGM’s distributed ledger technology framework. The move aims to provide legal support for decentralized projects in the MENA and APAC regions, with a goal of reaching 500 million users by 2028.

Declining engagement in Tap to Earn games

Despite its grand ambitions, TON has faced challenges. The blockchain saw record-high transaction volumes in 2024 due to the popularity of tap-to-earn games. However, its total value locked (TVL) has fallen from $760 million in July 2024 to $296 million in December.

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At the same time, Toncoin continues to struggle in the market. It has lost 15% in the past month and remains 35% below its all-time high in July. Waning interest in Tap to Earn games, such as Hamster Kombat, has contributed to these struggles.

Meanwhile, Telegram CEO Pavel Durov was arrested in France last year on charges related to the misuse of the platform. However, he denies all allegations.

Since integrating TON, Telegram’s revenue surpassed $1 billion in 2024. As TON seeks to expand beyond the Telegram ecosystem, efforts to increase utility and adoption will be key to reviving interest in the blockchain.

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