Tokenization Moves Money Past Fiat As Kraken Exec Outlines Asset Shift

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Kraken says tokenization allows assets like stocks and crypto to act as stores of value.
Kraken tokenized stocks attracted over 80,000 wallets since launching in Q2.
Tokenized assets on-chain total about $415 billion, based on RWA.xyz data.
Kraken exec says blockchain transfers move assets faster than traditional brokers.

Tokenization is changing how money is defined, moving beyond cash and local currencies, according to Kraken. The crypto exchange says digital assets now allow people to store and move value in many forms. Stocks, commodities, and crypto assets are increasingly used like money on blockchain networks. Kraken says this shift reflects how users interact with assets across platforms as tokenization adoption continues to grow.

Tokenization broadens the meaning of money

Kraken Head of Consumer Mark Greenberg said money is no longer limited to fiat currencies. He made the remarks during an interview with CNBC this week. Greenberg said blockchain systems now allow many asset types to function as stores of value.

“I think we’re past the point where money only means fiat or your local currency,” Greenberg said. He added that tokenization allows people to hold value in assets they already trust or use.

Greenberg said users can save value in tokenized stocks, crypto assets, or stablecoins. He also noted that users can hold exposure to foreign currencies or commodities. These assets can be accessed and transferred using blockchain systems.

Tokenized stocks gain traction on crypto platforms

Kraken has expanded its offerings beyond crypto trading. The exchange introduced tokenized stocks under its xStocks product. These products allow users to trade shares in a tokenized format.

Greenberg said Kraken’s tokenized stocks are not available to users in the United States. Despite this, the product has seen strong activity since launch. He said more than 80,000 wallets have interacted with the offering.

Kraken reported roughly $14 billion in trading volume since the second quarter launch. Other exchanges have taken similar steps. Coinbase and Gemini have also introduced tokenized stocks and other non-crypto products.

These moves reflect a broader push by exchanges to widen user options. Tokenized assets allow platforms to offer exposure to traditional markets through blockchain systems.

Real-world asset tokenization continues to grow

Data from RWA.xyz shows nearly $415 billion in real-world assets are tokenized on-chain. These assets include bonds, funds, commodities, and equities. The figure reflects current blockchain-based asset records.

Forecasts suggest further growth over the coming years. Boston Consulting Group estimated tokenized assets could reach $16 trillion by 2030. McKinsey & Co offered a lower estimate of $2 trillion over the same period.

The wide range of projections shows uncertainty around adoption speed. Still, both estimates point to continued expansion of tokenized asset markets. Kraken says this trend supports a broader role for blockchain-based value systems.

Blockchain transfers offer faster asset movement

Greenberg said tokenization allows assets to move more easily between platforms. He compared blockchain transfers to traditional brokerage systems. In many countries, moving equities between brokers can take weeks.

“If you’re trading equities here in Canada, moving assets from one broker to another can sometimes take weeks,” Greenberg said. He added that crypto transfers can happen within seconds.

He said users can move assets between exchanges like Coinbase and Kraken quickly. This speed applies to crypto assets and tokenized products. Blockchain settlement reduces delays tied to legacy systems.

Kraken says this efficiency changes how users manage assets. Faster transfers allow users to react quickly to market changes. Tokenization, according to the company, supports flexible asset use across platforms.