Tokenized RWAs Rise; Kraken Offers SpaceX IPO; Prediction Markets Top Gambling

Tokenized real-world assets have expanded sharply even as crypto markets cooled. Binance Research found the market for active tokenized RWAs surged 589% since early 2025, with bonds and money market funds adding $6.5 billion and tokenized stocks up 422%. Demand has broadened beyond equities: tokenized precious metals gained $1.5 billion, and firms such as Ondo Global Markets, Apex Group and initiatives like The Clearing House’s planned tokenized deposit network point to growing institutional engagement.

Kraken opened tokenized access to the SpaceX IPO this week through xStocks, making allocations available to eligible users in more than 110 markets. Investors who received an allocation will be issued SPCXx, a token backed 1:1 by the underlying equity and tradable 24/7 across participating platforms.

SpaceX targeted a $75 billion raise in its Nasdaq debut, and the offering was reportedly oversubscribed by roughly four times ahead of public trading, putting it on track to become the largest IPO in history.

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