Tokenized real-world assets (RWAs) continue to defy broader crypto market volatility, with active tokenized RWAs surging 589% since early 2025, according to Binance Research. This week, Kraken launched tokenized access to the highly anticipated SpaceX IPO through its xStocks platform, offering eligible users in over 110 markets a chance to purchase SPCXx tokens backed 1:1 by the underlying equity. Meanwhile, prediction markets surpassed onchain gambling for the first time, generating $36.6 billion in Q1 2026 volume, and former FTX CEO Sam Bankman-Fried formally requested a presidential pardon from Donald Trump.
Tokenized RWAs gain momentum despite crypto downturn
According to Binance Research, the market for active tokenized RWAs has grown 589% since early 2025. Bonds and money market funds added $6.5 billion in value, while tokenized stocks jumped 422%. Platforms like Ondo Global Markets have fueled demand for tokenized equities, and tokenized precious metals gained $1.5 billion as investors sought safe-haven assets earlier this year. Traditional financial institutions are also expanding blockchain initiatives, including Apex Group’s tokenized fund services and The Clearing House’s planned tokenized deposit network, signaling adoption beyond crypto-native companies.
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Kraken tokenizes SpaceX IPO ahead of public debut
Kraken gave eligible users in more than 110 markets access to the SpaceX IPO through xStocks, allowing investors to purchase tokenized shares of Elon Musk’s aerospace company. Investors who received an allocation are issued SPCXx tokens, which are tradable 24/7 across participating platforms. SpaceX targeted a $75 billion raise in its Nasdaq debut, with the offering reportedly oversubscribed by roughly four times ahead of public trading, positioning it as potentially the largest IPO in history.
Prediction markets eclipse onchain gambling
Prediction markets surpassed onchain gambling for the first time in Q1 2026, generating $36.6 billion in volume compared to gambling’s $14 billion, according to TRM Labs. Both sectors topped $50 billion in annual volume in 2025. Crypto gambling wagering volume remained near record highs despite broader market pullback, with TRM attributing resilience to a loyal user base. While high rollers averaging $13,558 per bet still dominate volume, casual bettors and daily users are driving the fastest growth.
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Sam Bankman-Fried seeks Trump pardon
Former FTX CEO Sam Bankman-Fried has formally applied for a presidential pardon from US President Donald Trump, appearing on the Department of Justice Office of the Pardon Attorney’s list of pending clemency applications. The request comes as Bankman-Fried continues to appeal his 2023 fraud conviction and 25-year prison sentence after a separate request for a new trial was denied. He has recently posted social media messages increasingly aligned with Trump, despite the president previously stating he did not plan to pardon the former crypto executive.
Conclusion
The tokenization sector continues to expand despite crypto market headwinds, with major platforms like Kraken bringing institutional-grade equity access to retail investors. Prediction markets are reshaping onchain activity, while legal developments around Sam Bankman-Fried add another layer of complexity to the crypto market. These trends underscore the industry’s maturation and growing intersection with traditional finance and politics.
FAQs
Q1: What are tokenized real-world assets (RWAs)?
Tokenized RWAs are digital tokens representing ownership of traditional assets like stocks, bonds, or precious metals, traded on blockchain networks. They offer 24/7 trading and fractional ownership.
Q2: How does Kraken’s xStocks SpaceX IPO work?
Kraken issues SPCXx tokens backed 1:1 by SpaceX equity. Eligible users in over 110 markets can purchase these tokens, which are tradable 24/7 across participating platforms.
Q3: Why did prediction markets surpass onchain gambling?
Prediction markets generated $36.6 billion in Q1 2026 volume, driven by growing user adoption and major event-driven trading, while onchain gambling saw $14 billion. Both sectors remain significant, but prediction markets are expanding faster.
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