Crypto-enabled assets have been grouped alongside many other ideas in the crypto landscape: interesting, full of potential, but always with a "future-proof" feel. People have talked about putting stocks or gold on the blockchain, much like the popularization of crypto – both possibilities, but nobody knows exactly when.
It's now 2026, and this is no longer purely theoretical. Asset tokenization hasn't completely revolutionized the financial landscape, but it's no longer just a concept. The technology has appeared in real-world products and has become part of a market transformation after years of experimentation, failures, and considerable hype.
Crypto has also matured through this process. The previous cycle was full of big stories that didn't always come to fruition. More recently, things have become quieter: the market is focusing more on legal aspects, infrastructure development, and creating products that truly connect with assets people are already familiar with.
That's precisely the Vai of asset tokenization: connecting crypto with the types of assets people are already familiar with. Several major platforms have begun offering actual crypto asset products, Kraken being one of them, alongside the traditional crypto markets users are accustomed to.
Which assets are being Tokenize first?
Much of the activity in tokenizing assets to date has focused on assets that investors already recognize and trust.
Stablecoins are the clearest example: they are digital Token backed by real fiat currency and can be moved across blockchain networks. From this idea, expanding to other familiar asset classes is quite natural.
Crypto-backed US Treasury bonds are a prime example. This asset class is rapidly becoming an important part of the real-world asset market on the blockchain because it offers a simple solution: stable interest rates from the government in a digital, highly transferable version that can be stored alongside other cryptocurrencies.
Gold follows a similar path. Cryptocurrency leverages the inherent strength of Capital , transforming it into a Token that can be traded on the blockchain. In an environment where inflation and economic instability persist, it's not surprising that cryptocurrency is often discussed.
Now, stocks have also been incorporated into this model. Crypto-backed stocks are still in their early stages compared to stablecoins or bonds, but the trend is quite clear: more and more traditional assets are moving onto the blockchain within the same digital ecosystem.
This is also when things become more practical, because instead of just discussing crypto assets as a future trend, they are now appearing in places where people are trading – Kraken being among them. Late last year, Kraken agreed to acquire Backed Finance – the unit behind xStocks – as crypto stocks began to gain more attention. Kraken 's xStocks allows users to trade crypto versions of major US stocks and ETFs, with a portfolio including Tesla , Nvidia , exposure to the S&P 500 index via SPYx , and even Coinbase .
Stocks and ETFs with trading schedules more similar to the crypto market.
The interesting thing isn't just about putting Tesla stock or the S&P 500 ETF on the blockchain, but about the changes that will occur when these assets are present in the "24/7 digital world" like crypto.
Traditionally, stocks and ETFs have always had fixed trading hours: market open, market close, extended settlement periods, and everything has operated the same way for decades – even with popular indices like the S&P 500. Recently, Kraken has brought xStocks to Kraken Pro to enable continuous trading regardless of traditional market hours.
The simplest example is news. If Tesla announces its earnings after closing time, or if major economic news arrives at night, the traditional system would simply wait until the next day. Cryptography doesn't change the fundamental nature of the asset, but it allows investors to react instantly, much like how the crypto market operates continuously.
For those already familiar with investing in both crypto and traditional assets, this flexibility is most significant: bringing a piece of Wall Street into the 24/7 digital space of crypto.
Why this isn't just a passing trend
The topic of asset tokenization is frequently discussed, but it doesn't always have practical significance. Crypto often turns ideas into slogans, and "real assets on the blockchain" is one such phrase – appearing everywhere.
But upon closer examination, the reason this topic is "hot" is quite simple: traditional markets still have many inherent barriers. Stocks only trade during specific hours, and settlements can span many days. Access also depends on the country, the legal environment, the brokerage firm, and the laws of the investor's place of residence.
Crypto assets can't solve all problems, but they offer a new approach. They make familiar assets – like stocks, bonds, or commodities – easier to hold and move within the digital ecosystem that crypto has built over the years.
For many investors, this is the appeal: not because it's new or trendy, but because of the flexibility it offers with assets they already understand.
Of course, details are always important. A Token is only truly secure if it has a clear underlying structure: how it's backed, how it's held in custody, and how it will be protected in case of failure. Tokenizing an asset doesn't automatically make it more secure; it's just another way of packaging it.
Nevertheless, this is still a fairly clear signal about the current direction of the market. After years of primarily chasing speculative cycles, crypto is now dedicating more time and resources to practical products linked to traditional financial markets, instead of remaining on the sidelines as before.
