Libre plans to launch a $500 million Telegram Bond Fund (TBF) on The Open Network (TON), marking one of the largest blockchain-based corporate debt initiatives to date. The initiative aims to tokenize portions of Telegram’s $2.35 billion in outstanding bonds, offering accredited investors institutional-grade yields while unlocking on-chain utility for traditional financial instruments.
The fund is a fixed-income vehicle that acquires bonds and then digitizes ownership through TON’s blockchain. This feature allows investors to purchase tokenized fund units, gaining exposure to bond returns while using them as collateral for decentralized finance (DeFi) activities, such as borrowing or yield farming.
The launch timing aligns with the explosive growth in RWA tokenization, a sector now valued at $18.9 billion—up 89% since 2021. However, corporate bonds have lagged behind tokenized assets, such as commodities and real estate. By leveraging TON’s deep integration with Telegram, Libre aims to disrupt this trend.
Libre Partnership with TON Ecosystem
Libre already has experience in tokenizing $200 million in assets from institutions such as BlackRock, Brevan Howard, and Nomura’s Laser Digital. For the fund, the TON Foundation partnership seeks to tap into the messaging platform’s vast user base. The network has aggressively onboarded Telegram users through features like built-in crypto wallets and a recent integration that allows gas fee payments via Telegram Stars.
Investors can access TBF using fiat or stablecoins through Libre’s “Gateway” infrastructure, with plans to expand collateralized lending services across TON’s decentralized finance (DeFi) protocols. The bonds themselves offer yields up to 9.4%, appealing to institutions seeking returns in a high-interest environment.
RWA Tokenization Competitive Landscape
The Libre announcement follows other companies’ ventures into RWA tokenization. For instance, Franklin Templeton launched a tokenized money market fund on Solana in March 2025, BlackRock’s BUIDL fund has amassed $2.5 billion in tokenized Treasuries on Ethereum, and JPMorgan and Fidelity are exploring similar blockchain-based bond products.
Nevertheless, TON’s unique position as a Telegram-affiliated chain gives it distribution advantages. If successful, TBF could catalyze the broader adoption of tokenized corporate debt—a market segment that remains underdeveloped compared to government securities or commodities.
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