Libre platform will tokenize part of Telegram’s $2,4 billion corporate debt

What’s new? The Libre platform will tokenize Pavel Durov’s Telegram bonds worth $500 million on The Open Network (TON) blockchain. In this way, institutional investors will have decentralized access to fixed-income securities of the messenger.

Material by The Block

In tokenization, ownership of assets (e.g., securities or real estate) is converted into digital coins on the blockchain that can be traded 24/7 without intermediaries, increasing liquidity, cost-effectiveness, and accessibility to a wide range of investors.

What else is known? The securities will be offered through the Telegram Bond Fund (TBF) to accredited investors. Investors will be able to use TBF shares as a collateral asset in an ecosystem of TON-based decentralized applications (dApps), including lending protocols.

Libre supports multiple blockchains and is designed to tokenize real-world assets (RWAs). It has received backing from fintech incubator WebN Group from Nomura Bank’s crypto unit called Laser Digital and Alan Howard, co-founder of asset manager Brevan Howard.

It has already tokenized over $200 million worth of assets from traditional financial services companies such as BlackRock, Brevan Howard, and Hamilton Lane across a variety of networks, including Binance’s leading crypto exchange-backed Layer 1 (L1) blockchain Injective and the NEAR network. Late last year, the platform began partnering with the UAE’s largest bank, First Abu Dhabi Bank.

Libre’s top manager Jez Mohideen clarified that previously issued assets will also be available on TON. In addition, the platform plans to add support for stablecoins and fiat currencies in TON-based wallets for investing in tokenized assets.

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According to RWA.xyz and The Block, the total capitalization of tokenized RWAs grew 89% year-over-year to $18,9 billion, but corporate bonds have historically held the smallest market share. Libre’s partnership with the TON Foundation, a non-profit organization to support the TON blockchain, could change that, given that the number of monthly active messenger users has crossed the 1 billion mark.

The foundation tokenizes only a portion of Telegram’s $2,4 billion in corporate outstanding debt.

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In March, the TON-based crypto wallet, Wallet, for Telegram introduced a number of new features, including revenue programs, multi-cryptocurrency trading, and buying, selling, and storing cryptocurrencies without on-chain escrow.

The native token of the TON blockchain ranks 18th in the overall cryptocurrency market capitalization ranking with over $8,1 billion and is trading at $3,24, having lost 0,2% overnight. Weekly growth was 3,8%, but the asset has lost 16% over the past month.