The TON Foundation is preparing for a major expansion in the US, encouraged by expectations of a favorable regulatory climate under the incoming administration of Donald Trump.
The foundation has announced changes to its leadership as part of this strategic shift.
TON Foundation to Enter the US Market
TON has named Manuel Stotz, founder of Kingsway Capital Partners Ltd., president of the foundation. Stotz replaces Steve Yun, who will continue as a board member.
“As a co-founder of Kingsway Capital, he has experience managing billions in assets and supporting key blockchain players. Alongside Steve Yun, Manuel will drive the Foundation’s mission to enhance decentralization and forge new US partnerships,” TON Foundation wrote on X (formerly Twitter).
Donald Trump, who will take office on January 20, has pledged to position the US as a hub for digital assets. As BeInCrypto reported earlier, he may issue a pro-crypto executive order on his first day in office.
The order will likely reverse existing SEC policies that limit banks’ ability to custody Bitcoin and other cryptocurrencies.
This would mark a significant departure from President Joe Biden’s administration’s restrictive approach.
“It’s not only a new US president that can make America great again… TON is coming to help too! TON will reach everyone. It’s only a matter of time!,” wrote Jack Booth, Co-Founder of the TON Society.
The TON Foundation, which supports the development of the TON blockchain, aims to make crypto services accessible to Telegram’s 950 million user base.
The foundation was formally established in Switzerland in 2023. It followed a 2020 SEC settlement that halted Telegram’s earlier fundraising efforts for a blockchain project.
In December 2024, the foundation expanded to Abu Dhabi under the ADGM’s distributed ledger technology framework. This move aims to provide legal backing 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 ambitions, TON has faced challenges. The blockchain saw record-high transactions in 2024 due to the popularity of tap-to-earn games. However, its total value locked (TVL) dropped from $760 million in July 2024 to $296 million by December.
At the same time, Toncoin has continued to struggle in the market. It lost 15% over the past month and remained 35% below its July all-time high. Declining interest in tap-to-earn games, such as Hamster Kombat, has contributed to these setbacks.
Meanwhile, Telegram CEO Pavel Durov was arrested in France last year on charges related to platform misuse. However, he denies all allegations.
Since TON’s integration, Telegram’s revenue surpassed $1 billion in 2024. As TON seeks to expand beyond Telegram’s ecosystem, its efforts to increase utility and adoption will be key to revitalizing interest in the blockchain.
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