Crypto costs have spent a lot of the 12 months reacting to macro headlines and regulatory uncertainty, however tokenization has remained one of many business’s few constant development tales. Energetic real-world property are surging, banks are embracing blockchain infrastructure and tokenized equities are increasing into new markets.
That momentum was on full show this week as Kraken rolled out tokenized entry to the extremely anticipated SpaceX IPO, providing eligible customers in additional than 110 markets an opportunity to take part by way of xStocks.
Elsewhere, prediction markets surpassed onchain playing for the primary time, and former FTX CEO Sam Bankman-Fried formally requested US President Donald Trump for a pardon.
Tokenized RWAs continue to grow by way of crypto downturn
Tokenized RWAs proceed to achieve traction regardless of a weaker crypto market. In response to Binance Analysis, the marketplace for energetic tokenized RWAs has surged 589% since early 2025, with bonds and cash market funds including $6.5 billion in worth whereas tokenized shares jumped 422%.
The sector can also be changing into extra diversified. Platforms reminiscent of Ondo World Markets have fueled demand for tokenized equities, whereas tokenized valuable metals gained $1.5 billion as traders sought safe-haven property earlier this 12 months.
On the similar time, conventional monetary establishments are increasing their blockchain initiatives, from Apex Group’s tokenized fund companies to The Clearing Home’s deliberate tokenized deposit community, highlighting rising adoption past crypto-native firms.
RWA development by asset. Supply: Binance Analysis
SpaceX IPO will get tokenized
Crypto alternate Kraken gave eligible customers in additional than 110 markets entry to the SpaceX IPO by way of xStocks, permitting traders to buy tokenized shares of Elon Musk’s aerospace firm forward of its public debut.
In response to Kraken, traders who acquired an allocation might be issued SPCXx, a tokenized illustration backed 1:1 by the underlying fairness and tradable 24/7 throughout taking part platforms.
The launch comes as demand for tokenized equities continues to speed up. SpaceX focused a $75 billion elevate in its Nasdaq debut, with the providing reportedly oversubscribed by roughly 4 occasions forward of public buying and selling, placing it on observe to grow to be the biggest IPO in historical past.
Prediction markets surpass onchain playing
Prediction markets surpassed onchain playing for the primary time within the first quarter of 2026, producing $36.6 billion in quantity in contrast with playing’s $14 billion, in accordance with blockchain intelligence agency TRM Labs. The milestone comes after each sectors topped $50 billion in annual quantity in 2025, underscoring their speedy development.
Crypto playing, nonetheless, hasn’t misplaced momentum. Quarterly wagering quantity remained close to file highs regardless of the broader market pullback, with TRM attributing the resilience to a loyal and increasing consumer base. Whereas so-called excessive rollers – who averaged $13,558 per wager and $378,000 in lifetime playing quantity – nonetheless account for many betting quantity, informal bettors and each day customers are driving the quickest development, broadening participation throughout the sector.
Prediction markets eclipse onchain playing for the primary time. Supply: TRM Labs
Sam Bankman-Fried seeks Trump pardon
Former FTX CEO Sam Bankman-Fried has formally utilized for a presidential pardon from US President Donald Trump, including one other authorized avenue to overturn his conviction in reference to the crypto alternate’s multibillion-dollar collapse.
The request seems on the US Division of Justice Workplace of the Pardon Lawyer’s record of pending clemency functions. The pardon bid comes as Bankman-Fried continues to enchantment his 2023 fraud conviction and 25-year jail sentence after a separate request for a brand new trial was denied.
In current months, he has additionally posted a sequence of social media messages that seem more and more aligned with Trump, regardless of the president beforehand saying he didn’t plan to pardon the previous crypto govt.
Sam Bankman-Fried’s pardon request. Supply: Workplace of the Pardon Lawyer
Crypto Biz is your weekly pulse on the enterprise behind blockchain and crypto, delivered on to your inbox each Thursday.