Even as crypto markets have spent much of the year swinging to macro news and regulatory uncertainty, tokenization has continued to move forward—pushing real-world assets (RWAs) into a more central role for the industry.
This week’s developments highlighted that divide: Kraken launched tokenized access to the SpaceX IPO through its xStocks offering, Binance Research pointed to rapid RWA growth, prediction markets crossed above onchain gambling by volume for the first time, and former FTX CEO Sam Bankman-Fried took another step in his legal fight by formally seeking a presidential pardon from Donald Trump.
Key takeaways
- Binance Research says active tokenized RWAs have grown sharply since early 2025, with money-market and bond products adding $6.5B and tokenized stocks up 422%.
- Kraken is offering eligible users in 110+ markets tokenized access to the SpaceX IPO via xStocks, with tokenized shares issued as SPCXx backed 1:1 by the underlying equity.
- TRM Labs reports prediction markets generated $36.6B in Q1 2026 volume, surpassing onchain gambling’s $14B for the first time.
- Sam Bankman-Fried has formally applied for a presidential pardon, with the request showing up in the DOJ Office of the Pardon Attorney’s pending clemency list.
RWA tokenization keeps expanding beyond crypto’s swings
Tokenized real-world assets have remained one of crypto’s most consistent growth narratives, even when broader market conditions soften. According to data cited from Binance Research, the market for active tokenized RWAs has expanded by 589% since early 2025.
The composition of that growth also matters. The same Binance Research update attributes $6.5 billion in value gains to tokenized bonds and money market funds, while tokenized stocks posted a separate jump of 422%—suggesting that both fixed-income-like products and equity exposure are finding demand simultaneously.
Just as important, the RWA ecosystem is diversifying across asset classes and use cases. The article notes that Ondo Global Markets has helped drive interest in tokenized equities, while tokenized precious metals added $1.5 billion as investors sought safety earlier this year.
Adoption is also spreading through traditional finance infrastructure. The coverage highlights blockchain-related moves from established institutions, including Apex Group’s tokenized fund services and The Clearing House’s planned tokenized deposit network—signals that tokenization is increasingly being treated as an operational capability rather than a niche crypto experiment.
Kraken adds SpaceX IPO access via tokenized shares
Kraken’s latest tokenization push focuses on primary market participation. Through xStocks, the exchange says eligible users in more than 110 markets can gain access to the SpaceX IPO.
Per Kraken, investors who receive an allocation will be issued SPCXx, described as a tokenized representation backed 1:1 by the underlying equity. Kraken further states that these tokenized shares are tradable 24/7 across participating platforms.
The rollout arrives amid unusually high attention around SpaceX’s planned public debut. The coverage points to SpaceX targeting a $75 billion raise on Nasdaq and notes that the offering was reportedly oversubscribed by roughly four times ahead of public trading—positioning the deal as potentially the largest IPO in history.
For market participants, this matters because it tests whether tokenized equity distribution can function as a practical bridge between traditional allocation processes and the liquidity expectations associated with crypto rails. The key detail to watch is how Kraken’s “allocation to token” workflow performs at scale, particularly for investors in jurisdictions that qualify for xStocks access.
Prediction markets overtake onchain gambling by volume
Another sign of shifting user behavior comes from prediction markets. TRM Labs data cited in the report shows prediction markets surpassed onchain gambling by volume for the first time in Q1 2026.
TRM Labs says prediction markets generated $36.6 billion in volume versus gambling’s $14 billion during the same period. The milestone follows both categories crossing $50 billion in annual volume in 2025, underscoring how quickly both sectors have grown.
At the same time, the report emphasizes that crypto gambling has not stalled. Quarterly wagering volume remained close to record highs, and TRM Labs attributes the resilience to a loyal—and expanding—user base. According to TRM’s analysis, “high rollers” still account for most betting volume, averaging $13,558 per bet and $378,000 in lifetime gambling volume, but the fastest growth is coming from casual and daily bettors. That participation shift—moving beyond a narrow set of top-volume users—could help explain why prediction markets can surge without gambling collapsing.
Investors and builders watching these markets may want to track how liquidity and user acquisition dynamics differ between prediction platforms and gambling venues. Volume leadership can reflect product-market fit, but it can also reflect changes in user mix and platform distribution.
Bankman-Fried seeks Trump pardon as appeals continue
In the US legal arena, former FTX CEO Sam Bankman-Fried has formally applied for a presidential pardon from Donald Trumpaccording to the coverage. The report states the request appears on the DOJ Office of the Pardon Attorney’s list of pending clemency applications.
The pardon bid adds another layer to Bankman-Fried’s wider legal strategy. The coverage notes he is still appealing his 2023 fraud conviction and 25-year prison sentence, and that a separate attempt to secure a new trial had been denied.
The report also points to recent social media activity that appears increasingly aligned with Trump, while recalling that Trump previously said he did not plan to pardon Bankman-Fried. That tension highlights the uncertainty surrounding clemency applications: even when a pardon request is formally filed, the political and procedural outcome remains far from guaranteed.
For the broader crypto industry, this matters less for immediate market mechanics and more for precedent. Outcomes in high-profile cases often influence how regulators, courts, and market participants think about accountability, risk disclosures, and the long-term relationship between crypto firms and enforcement.
Looking ahead, the main threads to follow are whether tokenized equities can scale smoothly from headline deals like SpaceX into a broader primary-market pattern, whether RWA growth continues to outpace crypto’s macro-driven volatility, and how quickly prediction platforms can sustain volume growth while the legal process around major exchange founders continues in parallel.