The tokenization of blockchain is reshaping the concept of money, moving beyond traditional fiat currencies like the US dollar, as highlighted by a Kraken executive.
“We’ve moved beyond the idea that money only refers to fiat or your local currency,” Kraken’s Head of Consumer Mark Greenberg stated in an interview with CNBC on Wednesday, emphasizing that “anything can be considered money” with tokenization.
“You have the option to save in Tesla stocks, Bitcoin, or — as a Canadian — save in US dollars, euros, euro-based stablecoins, or even gold.”
Kraken’s xStocks represent one of several tokenized stock products launched this year as cryptocurrency exchanges seek to diversify beyond just crypto trading. Coinbase and Gemini are also entering the tokenized stock space and have introduced betting via prediction markets to engage users.
Greenberg mentioned that Kraken’s tokenized stocks, which are unavailable in the US, have garnered over 80,000 wallets and approximately $14 billion in trading volume since their introduction in the second quarter of this year.
According to RWA.xyz, around $415 billion in real-world assets are currently tokenized on-chain. Boston Consulting Group projects this figure may rise to $16 trillion by 2030, while McKinsey & Co offers a more cautious estimate of $2 trillion for the same period.
Tokenization offers speed and flexibility over traditional finance
Greenberg pointed out that tokenization allows for easier asset movement between trading platforms.
“When trading equities in Canada, transferring assets from one broker to another can take weeks or even months. In contrast, moving crypto assets between platforms like Coinbase and Kraken can be done instantly,” he explained.
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Additionally, blockchain tokenization facilitates instant settlements for equity transactions, overcoming the limitations of traditional securities systems that have remained largely unchanged for over five decades, according to Greenberg.
Cryptocurrency emphasizes tokenization
Robinhood is also part of the trend, pursuing tokenization initiatives.
Robinhood is mainly focusing on tokenizing private stocks like OpenAI and SpaceX, while Coinbase is developing a tokenization platform for real-world assets aimed at institutional clients, aspiring to create an “everything app.”
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