RWA

Payward, the parent of Kraken, says it will roll out a way for Kraken users and selected xStocks partners to access tokenized allocations of U.S.-listed IPOs at the offering price in the coming weeks. Users will be able to submit a pre-listing indication of interest, then receive tokenized shares on listing day, with the tokens backed 1:1 by the underlying stock.

In Q1 2026, the overall crypto market capitalization declined by nearly 20% and briefly dipped below $2.5 trillion, alongside more than $15.7 billion in liquidations. Bitcoin ended the quarter down 22.6% and Ethereum fell 35% to $1,820 at its February 6 low, while stablecoins hit a record $316.4 billion and RWA tokenization grew 38% to above $20 billion.

Franklin Templeton and Moonpay formed a strategic partnership linking the Benji Technology Platform with Moonpay Trade’s institutional execution stack. Eligible institutions can swap between supported stablecoins and Franklin Templeton’s tokenized money market funds onchain, adding liquidity and operational flexibility for treasury and collateral workflows. Franklin Templeton reported $1.74 trillion in AUM as of April 30, 2026, while Moonpay said it serves 30 million customers across 180 countries.

Citi says tokenized securities and real-world assets may expand from about $17 billion to $5.5 trillion globally by 2030, with a projected range of $2.7 trillion to $8.2 trillion. The bank highlights tokenized Treasury bills, digital stocks, and stablecoins as key building blocks, including an estimate of roughly $1 trillion in potential new Treasury demand tied to stablecoin growth.

Ondo Finance said it plans to roll out Ondo Perps within weeks, offering perpetual futures on tokenized stocks, ETFs, and commodities with up to 20x leverage for non-U.S. users. The planned launch follows the CFTC’s May 29 approval of Kalshi’s BTCPERP, described as the first U.S.-listed regulated perpetual futures contract. Ondo Perps’ key design is a collateral model that lets traders post tokenized securities rather than relying only on stablecoins.

Citigroup forecasts the tokenized-asset market could expand from about $17 billion to $5.5 trillion by 2030, with scenarios ranging from $2.7 trillion to $8.2 trillion. The bank also links tokenization momentum to stablecoins, projecting the stablecoin market could reach $1.9 trillion by 2030 and drive up to $1 trillion in on-chain Treasury demand.

On June 1, Stellar's XLM briefly moved above $0.27 and at one point showed 24-hour gains of 14% before a broader sell-off reduced the day's increase to 5% by 5:10 a.m. EST. XLM climbed from just under $0.243 to $0.271637, while the aggregate crypto market fell 1.4% and only HYPE (+6.5%) and TRX (+1.1%) also posted gains among Coingecko's top 20. Since Stellar announced a partnership with DTCC, XLM has nearly doubled, its market cap reached $8.5 billion, and the latest 24-hour move coincided with about $4.6 million in short liquidations and $3.76 million in long liquidations.

XRP finished Q1 2026 at $1.34, down 27.1% QoQ, and its $82.21 billion market cap left it behind BNB in the rankings. The period also saw U.S. spot XRP ETFs—launched in Q4 2025—reach $1 billion AUM within four weeks, alongside XRPL posting a $2.25 billion RWA market cap high. Ripple's RLUSD ended the quarter at a $340.3 million XRPL market cap, up 45% QoQ.

Ethereum still concentrates 50%+ of the $30 billion+ real-world asset (RWA) value on-chain, and also holds 50%+ of stablecoin liquidity, underscoring its role in institutional tokenization. Yet ETH has fallen over 30% so far in 2026, while leverage has built near the $2k support zone and Ethereum ETF products saw over $500 million in outflows in May. The gap between network-level dominance and weak price action is keeping the “ETH as a speculative asset” debate active.

In Q1, XRP underperformed even as the XRP Ledger's on-chain indicators strengthened. XRP's market cap fell 26% QoQ to about $82 billion and its price dropped 27% to $1.34, while average daily XRPL transactions rose 35% from 1.83 million to 2.48 million. The quarter also saw RLUSD reach a $340.3 million XRPL market cap and tokenized real-world assets climb 124% QoQ to $2.25 billion.