The TON Foundation is preparing for a major expansion plan in the United States, with expectations of a favorable regulatory environment under the incoming Donald Trump administration.
The Foundation has announced a change of leadership in the context of this strategy.
TON Fund prepares to enter the US market
TON already appoint Manuel Stotz, founder of Kingsway Capital Partners Ltd., serves as the fund’s new chairman. Stotz will replace Steve Yun, who will continue as a board member.
“As co-founder of Kingsway Capital, he has experience managing billions of dollars in assets and backing important blockchain companies. Together with Steve Yun, Manuel will advance the Foundation’s mission to promote decentralization and new collaboration in the United States,” TON Foundation write on X (formerly Twitter).
Donald Trump, who will take office on January 20, has pledged to make the United States a hub for digital assets. As TinTucBitcoin previously reported, it is likely that he will issue a pro-cryptocurrency executive order on his first day in office.
The order could reverse current SEC policies that limit banks’ ability to hold Bitcoin and other cryptocurrencies.
The move would mark a significant departure from the restrictive approach of the Joe Biden administration.
“It’s not just the President of the United States who can make America greater… TON is coming to help too! TON will come to everyone. Just a matter of time!,” wrote Jack Booth, Co-Founder of TON Society.
The TON Foundation, which supports TON’s blockchain development, aims to make the cryptocurrency service accessible to Telegram’s 950 million users.
The fund was officially established in Switzerland in 2023, following an agreement with the SEC in 2020 has stopped Telegram’s previous fundraising efforts for a blockchain project.
In December 2024, the fund expanded to Abu Dhabi under ADGM’s distributed ledger technology framework. The move aims to provide regulatory support to decentralized projects in the MENA and APAC regions, with the goal of reaching 500 million users by 2028.
Join Decline in Tap-to-Earn Game
Despite its ambitions, TON has faced many challenges. Blockchain recorded record high transactions in 2024 thanks to the popularity of tap-to-earn games. However, its total value locked (TVL) fell from $760 million in July 2024 to $296 million in December.
Meanwhile, Toncoin continues to face difficulties in the market. It has lost 15% over the past month and is 35% below its record high in July. Declining interest in games like Hamster Kombat has contributed to these setbacks.
Meanwhile, Telegram CEO Pavel Durov was arrested in France last year on charges related to misuse of the platform. However, he denied all accusations.
Since integrating TON, Telegram’s revenue surpassed $1 billion in 2024. As TON strives to expand beyond Telegram’s ecosystem, efforts to increase utility and adoption will be key to revive interest in blockchain.