Known as the TON Wallet, this self-custodial crypto wallet is now embedded directly within the Telegram app, enabling millions of American users to buy, send, and manage digital currencies without needing any extra downloads or logins.

Developed by The Open Platform (TOP) and powered by the TON blockchain, the wallet supports stablecoin transfers, token swaps, staking, and zero-fee crypto purchases through its partnership with MoonPay. It also allows users to engage with decentralised apps inside Telegram’s Mini Apps ecosystem.

This move into the U.S. market comes after years of regulatory challenges that had forced Telegram to restrict the wallet’s rollout to other regions. That has now changed, according to TOP’s CEO Andrew Rogozov.

“We started considering the U.S. as a more interesting opportunity for us,” he told CNBC, pointing to Telegram’s growing user base and what he described as a shift in regulatory conditions.

“Our goal, our mission here, is to remove as much friction as possible,” Rogozov said. “And this is basically what crypto is trying to solve, especially at the global scale, by removing all the borders.”

Until now, TON Wallet has seen adoption mainly outside the U.S., with over 100 million global users activating the service in 2024 alone, roughly 10% of Telegram’s 1 billion active users. Data from the TON blockchain shows it processes around 334,000 transactions daily.

The TON Wallet distinguishes itself by focusing on simplicity. It uses a split-key backup system, where part of the user’s security credentials are tied to their Telegram account and the other part to their email, taking out the traditional need to store complex seed phrases. 

Rogozov explained: “No need to download the wallet, no need to remember the seed phrase. This is how we simplify the whole thing.”

This development puts Telegram in direct competition with established crypto players like Coinbase and Cash App, especially as the company leverages its vast messaging user base to drive adoption of its crypto services. 

By embedding the wallet inside its app, Telegram removes typical onboarding barriers for new crypto users. Sending stablecoins or tokens to a contact now works much like sending a regular message.

Interestingly, this move also highlights Telegram’s evolving relationship with the TON blockchain. The company had originally distanced itself from TON after abandoning its crypto token project in 2020 under pressure from the U.S. Securities and Exchange Commission. 

However, over time, Telegram has re-integrated TON-based technologies such as tokenised usernames and blockchain-powered collectible marketplaces like Fragment.

While TON Wallet doesn’t directly offer regulated financial services in the U.S., it avoids potential legal risks by relying on partners like MoonPay for fiat on- and off-ramps, using debit cards and other payment channels.

Following a steep decline of nearly 20% after the arrest of Telegram CEO Pavel Durov, Toncoin has rebounded by 1.5% in the last 24 hours.

Toncoin, originally associated with Telegram’s blockchain project that was halted in 2020 due to legal challenges from the U.S. Securities and Exchange Commission (SEC), made a good comeback. 

The cryptocurrency, which is now available on several major exchanges, gained interest, further bolstered by an endorsement from Telegram’s founder.

After Durov’s arrest in France, The Open Network took to social media to communicate solidarity with its founder. In a statement released via X (formerly Twitter), the network reaffirmed its focus on free speech and decentralisation, core values championed by Durov. 

The message encouraged the TON community to remain united and continue supporting the project during this challenging period.

The statement read: “Following the recent news related to the Telegram’s founder Pavel Durov, we want to assure everyone that the TON community remains strong and fully operational.

As a community committed to freedom of speech and decentralization, we stand firmly by Pavel during this challenging time. Pavel has been a dedicated advocate for these values, and we believe his efforts to promote an open and decentralized internet will continue to inspire millions.

The TON community remains focused on our mission, and we will continue our work to uphold these principles globally. We encourage everyone to stay calm, united, and to keep building as we navigate this situation together. Thank you for your continued support.”

Durov was reportedly detained on Saturday at Paris Le Bourget airport upon arrival from Azerbaijan. Accompanied by a security guard and an unidentified woman, Durov now faces several serious charges, including allegations of terrorism, drug-related offences, fraud, money laundering, and facilitating illegal content on his Telegram platform, which has over 800 million users globally.

In response to his arrest, a social media movement under the hashtag #FreePavel has gained attention, with Elon Musk and journalist Tucker Carlson supporting the call for his release.

Toncoin experienced a fall in response to the news, with its value plunging by over 20% on the day of Durov’s arrest. The cryptocurrency has since recovered by 12% and has continued to stabilise, showing a modest 1.5% gain in the past 24 hours. 

As of now, Toncoin trades at approximately $5.66, although it remains 31.7% below its all-time high of $8.25.

The TON blockchain has become one of the fastest-growing networks, largely due to its integration with Telegram. This partnership is proving important in attracting new users to the Web3 space, with Telegram’s wide user base serving as a powerful tool for onboarding.

Notably, play-to-earn crypto games hosted on Telegram and supported by the TON blockchain, such as Hamster Kombat, have attracted millions of players globally, further bolstering TON in the crypto industry.