Tokenized RWAs Boom, Kraken SpaceX IPO & SBF Pardon Bid

Crypto costs have spent a lot of the 12 months reacting to macro headlines and regulatory uncertainty, however tokenization has remained one of many trade’s few constant development tales. Lively real-world belongings 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 means 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 means of crypto downturn

Tokenized RWAs continue to gain traction regardless of a weaker crypto market. Based on 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 be changing into extra diversified. Platforms corresponding to Ondo Global Markets have fueled demand for tokenized equities, whereas tokenized precious metals gained $1.5 billion as traders sought safe-haven belongings earlier this 12 months.

On the similar time, conventional monetary establishments are increasing their blockchain initiatives, from Apex Group’s tokenized fund providers 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 access to the SpaceX IPO by means of xStocks, permitting traders to buy tokenized shares of Elon Musk’s aerospace firm forward of its public debut.

Based on Kraken, traders who obtained an allocation will probably be issued SPCXx, a tokenized illustration backed 1:1 by the underlying fairness and tradable 24/7 throughout collaborating platforms.

The launch comes as demand for tokenized equities continues to speed up. SpaceX focused a $75 billion increase in its Nasdaq debut, with the providing reportedly oversubscribed by roughly four times forward of public buying and selling, placing it on monitor to develop into the biggest IPO in historical past.

Prediction markets surpass onchain playing

Prediction markets surpassed onchain gambling for the primary time within the first quarter of 2026, producing $36.6 billion in quantity in contrast with playing’s $14 billion, based on 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, nevertheless, 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 guess 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 applied 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 Legal professional’s listing of pending clemency functions. The pardon bid comes as Bankman-Fried continues to appeal 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 collection 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.