Telegram logged more than 1 million new self-custodial wallets in 48 hours, a surge that underscores how the messaging app's built-in distribution is reshaping crypto onboarding. Founder and chief executive Pavel Durov disclosed the figure in a post on X, along with a dashboard tracking registrations over the two-day window. The GRAM token rose 10% in 24 hours, making it the top gainer among the 100 largest cryptocurrencies by market value, according to the post.
The mechanism behind the growth is unusual. Users do not have to set up a wallet in advance; one activates automatically the moment someone sends them Grams. That turns every transfer into a potential introduction to an on-chain wallet, and the recipient can hold or move assets without leaving the app. In practice, it strips out several familiar hurdles: no separate download, no exchange account, no seed-phrase tutorial before the first transaction.
Telegram's edge is that it does not have to convert anyone into a crypto user in the traditional sense. Its audience of more than 1 billion monthly users already includes traders, project founders, airdrop hunters and blockchain communities who treat the app as a daily workspace. Standalone wallet apps spend years and large marketing budgets trying to assemble a fraction of that reach.
The wallet activity sits on The Open Network (TON), the blockchain that powers Telegram's wallet. Network data for October showed average daily transactions of 4.06 million and roughly 2.73 million wallets added during the month, the strongest monthly gain since October 2024. Stablecoin usage also climbed: TON averaged 37,693 daily stablecoin users in October, up 23.44% from September, with stablecoin supply standing at $585 million. Total value locked in TON decentralized finance remained comparatively modest at about $44 million.
The wallet numbers matter most if registrations turn into real economic activity rather than one-off airdrop claims. Payments, stablecoin transfers, digital collectibles and Telegram's mini-app ecosystem are the most likely sources of repeat usage, and each could make a blockchain transaction feel like just another messaging feature.
On the corporate side, Nasdaq-listed TON Strategy reported third-quarter revenue of $13.1 million, down from $15 million in the prior quarter, with most of the total coming from staking rewards on its Gram holdings. The company held about 235.1 million GRAM at quarter-end, valued at roughly $348.5 million, and has staked about 232.9 million of them at an annualized gross yield of around 16%. GRAM is the renamed version of the former Toncoin (TON).
Note: The prior quarter included an $82.8 million unrealized gain on the same asset.
TON Strategy swung to a $24 million net loss as a $27.2 million unrealized markdown on its Gram position reversed the prior quarter's $82.8 million unrealized gain. The company has been winding down its legacy VERB Technology business to cut costs, bought back $5.7 million of its own shares and backed technical upgrades to the TON network. It became a TON-focused treasury company in August last year through a roughly $560 million raise led by Kingsway Capital. Its shares rose 2.4% in New York trading, bringing the year-to-date advance to nearly 25%.
Kevin Wilson, TON Strategy's chief executive, said Gram is already used for Telegram advertising payments and creator monetization, and argued that wider access to the in-app wallet will make payments and transfers more convenient while opening new opportunities for consumer services built on TON.
The tension in the story is that wallet growth and token prices are not the same thing. TON Strategy's loss shows how quickly mark-to-market swings can swamp operating revenue for a treasury-style holder, even with a double-digit staking yield. For Telegram, the question is whether a viral onboarding loop can be converted into durable payment volume. If it can, the company's distribution advantage becomes a moat for TON-based services; if registrations stay dormant after the first transfer, the milestone is a marketing number rather than an adoption curve.
