Tokenized RWAs Surge 589% as Kraken Launches SpaceX IPO Access

Tokenized Real-World Assets Surge 589% Since Early 2025 – Kraken Launches Tokenized SpaceX IPO as Prediction Markets Overtake Onchain Gambling

Key Takeaways

• The market for active tokenized real-world assets has grown 589% since early 2025, according to Binance Research.
• Kraken introduced tokenized access to the SpaceX IPO through xStocks for eligible users in more than 110 markets.
• Prediction markets generated $36.6 billion in Q1 2026 volume, surpassing onchain gambling at $14 billion, according to TRM Labs.
• Former FTX CEO Sam Bankman-Fried has formally applied for a presidential pardon from US President Donald Trump.

Tokenized Real-World Assets Expand Despite Crypto Market Volatility

Tokenized real-world assets, often referred to as RWAs, continue to grow even as broader crypto prices react to macroeconomic headlines and regulatory uncertainty. According to Binance Research, the market for active tokenized RWAs has surged 589% since early 2025.

Bonds and money market funds accounted for $6.5 billion in additional value, while tokenized stocks recorded a 422% increase over the same period. The data indicates that tokenization is not limited to a single asset class. Instead, multiple traditional financial instruments are being represented on blockchain infrastructure.

The sector has also diversified. Platforms such as Ondo Global Markets have driven demand for tokenized equities. At the same time, tokenized precious metals added $1.5 billion as investors sought safe-haven assets earlier this year. This suggests that tokenization is being used for both growth-oriented and defensive asset strategies.

Traditional financial institutions are also expanding blockchain-related initiatives. Apex Group has introduced tokenized fund services, while The Clearing House is planning a tokenized deposit network. These developments point to adoption beyond crypto-native firms and show that established financial entities are integrating tokenization into their existing frameworks.

For users evaluating crypto platforms, this growth highlights how tokenized assets are becoming a distinct segment within the broader digital asset market, separate from price movements in cryptocurrencies themselves.

Kraken Rolls Out Tokenized Access to SpaceX IPO via xStocks

Kraken has launched tokenized access to the anticipated SpaceX initial public offering through its xStocks product. Eligible users in more than 110 markets can participate by purchasing tokenized shares ahead of the company’s public debut.

Investors who receive an allocation will be issued SPCXx, a tokenized representation backed 1:1 by the underlying equity. According to Kraken, these tokens can be traded 24 hours a day across participating platforms.

The launch comes amid rising demand for tokenized equities. SpaceX targeted a $75 billion raise in its Nasdaq debut. The offering was reportedly oversubscribed by roughly four times before public trading, positioning it to become the largest IPO in history.

For crypto users, tokenized IPO access represents a structural shift in how equity exposure can be obtained. Instead of going through traditional brokerage channels alone, eligible participants can access tokenized representations that trade continuously. The 1:1 backing model means each token corresponds directly to the underlying share allocation.

Kraken’s move follows broader industry efforts to expand tokenized stock offerings across multiple jurisdictions, as exchanges seek to bridge traditional capital markets and blockchain-based infrastructure.

Prediction Markets Surpass Onchain Gambling in Quarterly Volume

Blockchain intelligence firm TRM Labs reported that prediction markets generated $36.6 billion in volume in the first quarter of 2026. During the same period, onchain gambling recorded $14 billion. This marks the first time prediction markets have surpassed onchain gambling in quarterly volume.

Both sectors exceeded $50 billion in annual volume in 2025, underscoring their rapid expansion. While prediction markets took the lead in early 2026, crypto gambling maintained near record quarterly wagering volumes despite the broader market pullback.

According to TRM Labs, resilience in crypto gambling activity is linked to a loyal and expanding user base. High rollers continue to account for a significant share of betting volume. On average, these users placed $13,558 per bet and accumulated $378,000 in lifetime gambling volume.

However, the fastest growth has come from casual bettors and daily users, broadening overall participation. For users of crypto betting and iGaming platforms, these figures indicate that activity levels remain elevated even during periods of crypto price volatility.

The shift in volume leadership toward prediction markets reflects changing user engagement patterns within blockchain-based wagering and event-based speculation platforms.

Sam Bankman-Fried Files Formal Pardon Application

Former FTX CEO Sam Bankman-Fried has formally applied for a presidential pardon from US President Donald Trump. The request appears on the US Department of Justice Office of the Pardon Attorney’s list of pending clemency applications.

Bankman-Fried is appealing his 2023 fraud conviction and 25-year prison sentence related to the collapse of FTX. A separate request for a new trial was previously denied.

In recent months, he has posted a series of social media messages that appear increasingly aligned with President Trump, although the president previously stated that he did not plan to pardon the former crypto executive.

The clemency application adds another legal avenue to ongoing appeal efforts connected to one of the largest exchange failures in the crypto industry.

Our Assessment

The latest data shows sustained expansion in tokenized real-world assets, with significant growth in bonds, money market funds, equities, and precious metals despite broader crypto market volatility. Kraken’s tokenized access to the SpaceX IPO demonstrates how exchanges are extending blockchain infrastructure into traditional capital markets across more than 110 jurisdictions.

At the same time, TRM Labs data indicates that prediction markets have overtaken onchain gambling in quarterly volume, even as crypto gambling maintains high activity levels. Separately, Sam Bankman-Fried’s formal pardon request introduces a new development in the ongoing legal aftermath of the FTX collapse. Together, these events highlight structural shifts across tokenization, wagering markets, and regulatory processes within the crypto sector.