TON Foundation Prepares for US Market Entry, Names Manuel Stotz President

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 TON Foundation is gearing up for a major expansion in the United States, buoyed by expectations of a favorable regulatory climate under the incoming administration of Donald Trump.

As part of this strategic shift, the foundation has announced changes to its leadership.

Manuel Stotz, the founder of Kingsway Capital Partners Ltd., has been appointed president of the foundation by TON. Yun will continue to serve on the board of directors.

Stotz will collaborate with Yun to advance the Foundation's mission of fostering decentralization and forging new partnerships in the United States, according to an announcement made by the TON Foundation on X (formerly Twitter).

When Donald Trump takes office on January 20, he has promised to make the United States a center for digital assets. As previously reported by BeInCrypto, he might issue a pro-crypto executive order on his first day in office.

The order is anticipated to overturn current SEC policies that restrict banks from serving as custodians for Bitcoin and other cryptocurrencies.

This would mark a substantial shift away from the Biden administration's restrictive approach.

“It's not only a new US president that can make America great again… TON is coming to help too! Everyone will be reached by TON. 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, is aiming to integrate crypto services with Telegram's 950 million user base.

The foundation was officially 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.

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.