Exodus Movement Inc. (NYSE American: EXOD), a publicly traded financial technology company and developer of the Exodus wallet, has partnered with Ondo Finance to launch Exodus Markets, a platform for trading tokenized assets.

 

 

With Exodus Markets, users can now buy and sell more than 200 tokenized stocks, exchange-traded funds (ETFs), and real-world assets directly in the Exodus wallet app on the Solana blockchain.

 

"Tokenized stocks are one of the most important developments in modern finance," said JP Richardson, CEO and co-founder of Exodus.

 

"For the first time, our customers can trade and hold tokenized equities with the same direct control and global access they expect from crypto. Exodus is becoming the front door to every asset you hold, without compromising on trust and control."

 

The launch of Exodus Markets aligns with Exodus’s goal of transforming from a custodial wallet into a full financial platform that allows users to trade, earn rewards, send, spend, and manage money.

 

As part of its efforts to become a comprehensive financial app, Exodus launched Exodus Pay, a self-custodial payment feature within the Exodus app that enables users to transact with digital assets, including stablecoins, for everyday purchases. The company also launched XO Cash, a stablecoin pegged to the U.S. dollar.

 

The Tokenization Space

The tokenization space, particularly real-world assets (RWAs), has experienced significant growth over the past 1 to 2 years. Excluding stablecoins, the tokenization sector grew from roughly $5 billion to $6 billion at the start of 2025 to $27 billion to $31 billion or more by mid 2026, representing an increase of more than 400% over a period of 15 to 18 months.

 

Several institutions are also entering this growing sector, with Bitget most recently launching Reality, its real-world asset (RWA) platform. Kraken has also launched xChange, an on-chain trading engine designed for trading tokenized equities. MetaMask, Trust Wallet, Blockchain.com, and Robinhood have also made strategic moves to enter the sector, partnering with RWA firms and rolling out tokenized assets and stocks.

 

Given the level of growth and adoption the real-world asset and tokenization sector has seen so far, several projections have been made regarding its future potential. The Boston Consulting Group and Ripple have projected that the sector could be worth more than $15 trillion by 2030.

 

 

Digital Asset, the firm behind the Canton Network, has closed a $355 million funding round led by a16z crypto, pulling in a sprawling cast of Wall Street names and at least one sovereign wealth fund along the way.

 

Digital Asset, the company quietly building out the plumbing for tokenized capital markets, has just pulled off one of the bigger raises in cryptos institutional corner this year. The firm announced Thursday that it closed a $355 million round led by Andreessen Horowitz's crypto arm, a16z crypto, which alone wrote a $100 million check. The size of the raise, and the names attached to it, say a lot about where smart money thinks blockchain infrastructure is headed next ... and it's not toward retail trading apps.

 

The round's backer list reads like a who's who of global finance. Citadel Securities, Apollo, BNP Paribas, HSBC, S&P Global, CME Ventures, Coinbase Ventures, Optiver, SoFi, Tradeweb and SBI Group all participated, alongside a subsidiary of the Abu Dhabi Investment Authority, one of the world's largest sovereign wealth funds. Smaller but notable names like 7RIDGE, Polychain, Broadridge and William Blair rounded things out. It's a genuinely odd mix of old guard TradFi and crypto native venture money, which is sort of the whole point of Canton in the first place.

 

What Exactly is Canton, and Why Does Wall Street Care

Canton is a layer-1 blockchain, but it doesn't look much like the chains most crypto users are familiar with. It was designed from the ground up for regulated finance, with built-in privacy controls that let institutions keep sensitive transaction data hidden from competitors while still settling on a shared, synchronized ledger. Digital Asset describes it as a network of networks, meaning banks and asset managers can run their own permissioned systems that plug into the broader Canton ecosystem without giving up control over their own data or compliance processes.

 

This is basically the opposite of how chains like Bitcoin or Ethereum work. There's no anonymous validator set, no permissionless access, and institutions retain authority over the assets they issue. Some purists aren't thrilled about that. TD analyst Lance Vitanza wrote back in February that some experts consider Canton a glorified database in the cloud, and not really consistent with the open, trustless architecture that defines Bitcoin. Fair point, maybe, but it also might be missing why banks are actually showing up.

 

Since launching nearly two years ago, Canton has reportedly supported around $6 trillion in tokenized issuance, and the network now counts more than 700 ecosystem participants according to Digital Asset CEO Yuval Rooz. That's a big number for a network most retail crypto traders have probably never interacted with directly. Its native token, CC, was trading around 16 cents at the time of the announcement, up roughly 12% over the prior week, though still well below its February all time high near 19 cents.

 

A Valuation That's Climbing Fast

This isn't Digital Asset's first rodeo with a16z. The new $355 million round comes on the heels of a previously reported $300 million raise from just a month earlier, which valued the company at close to $2 billion, again with a16z leading. Before that, in 2025, Digital Asset raised $50 million from backers including Nasdaq and Bank of New York Mellon. Add it all up, and Digital Asset has now raised somewhere north of $800 million across its various rounds, a pace that's hard not to notice in a sector where many infrastructure plays are still pre revenue.

 

Speaking of revenue, that's another detail buried in the announcement worth pulling out. According to reporting from ChainCatcher, Digital Asset says it has now reached profitability following this latest raise. For a blockchain infrastructure company, that's a fairly rare claim to make, and it's likely one reason institutional investors who don't typically touch crypto, like Apollo or HSBC, felt comfortable writing checks.

 

Where The Money is Going

Digital Asset says the fresh capital will go toward three buckets, forging new partnerships, pursuing mergers and acquisitions, and expanding the broader Canton ecosystem. There's also a developer angle here. Rooz has been fairly vocal about wanting to deepen engagement with the people actually building on Canton, not just the institutions issuing assets on top of it.

 

"Blockchain adoption will be defined by practical, production-grade applications in the world's largest markets," Rooz said in a statement tied to the announcement. "For capital markets to move onchain, institutions need infrastructure that reflects how they actually operate, with privacy, compliance, scale, and interoperability built in from the start."

 

Notably, this round also marks the formal start of a partnership between Digital Asset and a16z crypto, not just a check. Ali Yahya, a general partner at a16z crypto, framed it as a bet on a thesis that's been floating around crypto circles for years finally becoming real, real world assets and institutional workflows actually moving onchain, rather than just being talked about at conferences.

 

The bigger picture for RWAs

Zoom out a bit and this raise fits a pattern that's been building for a while now. Tokenization of real world assets, things like bonds, money market funds, equities and commodities, has gone from a niche talking point to something BlackRock, Franklin Templeton and a growing list of traditional asset managers are actively building around. Canton's pitch is that it can be the settlement layer underneath a lot of that activity, handling the messy parts around privacy and regulatory compliance that public chains generally weren't built to handle.

 

Whether Canton ends up being the dominant rail for this kind of activity, or just one of several competing standards, is still very much an open question. Other institutional focused networks and consortia are chasing similar territory, and banks have a long history of building their own private ledgers rather than relying on shared infrastructure. But with this round, Digital Asset has clearly bought itself runway, credibility, and a deep bench of new institutional relationships, which in this market counts for a lot.

 

Financial Technology Partners served as the exclusive financial advisor on the deal, according to the company's release. For now, the immediate market reaction has been modest, with CC ticking higher alongside a broader crypto rally this week, but the more interesting story here probably isn't the token price. It's the growing list of names from Citadel to ADIA who are now, at least on paper, aligned with Canton's success.

 

Bitget, a global cryptocurrency exchange, has launched Reality, a real-world asset (RWA) platform that gives users access to tokenized traditional financial assets.

 

With Reality, Bitget aims to bring tokenized U.S. stocks and exchange-traded funds into its trading ecosystem, enabling access to financial instruments that have traditionally been difficult to access due to geographic restrictions, market hours, and settlement barriers.

 

 

The launch aligns with Bitget’s Universal Exchange (UEX) roadmap, which aims to transform Bitget from a crypto exchange into a global trading platform that allows users to trade cryptocurrencies, tokenized stocks, exchange-traded funds, commodities, forex, and other real-world assets through a single account using cryptocurrencies.

 

“Reality is built around Bitget’s 10% vision: by 2030, nearly 10% of financial assets could exist in tokenized form,” said Gracy Chen, Bitget CEO. “Stablecoins, faster blockchain settlement, and growing interest from major exchanges are pushing RWAs from experiment to market infrastructure. Reality is Bitget’s step toward making that future accessible to global users.”

 

How Reality Will Work 

Reality will be natively integrated into Bitget and serve as the exchange’s specialized arm for tokenizing traditional financial instruments. It will also serve as the primary layer for standardizing traditional market value in the crypto economy.

 

The Reality platform will issue rTokens to users, which are on-chain representations of publicly traded equities and exchange-traded funds (ETFs). Each rToken will be backed 1:1 by real shares held with a FINRA-registered, SIPC-protected U.S. broker-dealer.

 

To ensure the highest level of transparency, the Reality platform will be regularly audited by third-party auditors. These audits will provide a live proof-of-asset dashboard and CPA-level audit reports to ensure verifiable asset integrity at all times.

 

Reality will initially focus on providing tokenized exposure to selected U.S. stocks and ETFs, with the team introducing additional tokenized assets as the platform expands. However, access to the platform, including user eligibility, product availability, and trading features, will depend on applicable geographical laws and regional restrictions.

 

Bitget’s entry into the RWA tokenization industry comes as several institutions, including Payward, Bitwise, and Nasdaq, are tapping into the growing sector. The RWA tokenization market is currently valued at around $34 billion, with the Boston Consulting Group projecting it to reach $16 trillion by 2030.

 

 

There was a version of this story...told many moons ago that gets told as a prediction. Some future moment when the old guard of finance finally meets crypto on equal footing, when the suits and the degens find common ground, when a BlackRock executive and a DeFi protocol share the same balance sheet. Well that story is now pretty outdated...it's no longer some vision of an oracle peering into a crystal ball. We are already living in it. The future is here.

 

What we are seeing happen in global finance with tokenization is not some pilot program or a hedge. It is a structural transformation, and it is accelerating faster than most people outside of these two worlds seem to understand. Wall Street is no longer on the outside looking in, just dipping their toes in, to test the water. They have taken the plunge.

 

The Old System Was Always Broken

Here is something traditional finance never really wanted to say out loud: the infrastructure holding it together is ancient, slow, and held up largely by institutional inertia. Settlements that take days. Liquidity locked to six-and-a-half-hour trading windows. Layers of intermediaries, each one clipping a fee, each one adding time. For the largest players, those inefficiencies were baked into the cost of doing business. For everyone else, especially retail investors in markets outside the U.S., they were just walls.

 

Blockchain does not fix all of this overnight. But it offers something that legacy systems fundamentally cannot: a shared, programmable, real-time record of ownership that does not require three middlemen to reconcile. The World Economic Forum, in its 2025 report on asset tokenization, described the transition as potentially the next major phase in the development of financial market architecture, drawing a comparison to the shift away from paper certificates in the 1960s. That is not a crypto inside touting to his followers on X. That is the WEF stating how tokenization could transform finance. 

 

When even the most establishment-facing institutions are framing this as a generational infrastructure shift, it's probably worth paying attention to.

 

The Institutions Are Not Coming. They Are Here.

BlackRock has a tokenized fund on Ethereum. JPMorgan launched a second tokenized money market product backed by U.S. Treasuries. Fidelity brought its own Digital Interest Token on-chain. Franklin Templeton has been quietly building its tokenized money market fund, BENJI, across multiple blockchains for years. These are live products managing real capital. 

 

The total market for tokenized real-world assets crossed $75 billion in 2025. Projections from market analysts put the long-term ceiling at $18.9 trillion by 2033, and some estimates, citing the total addressable market of traditional finance, go much higher. Larry Fink has publicly stated, more than once, that he believes every financial asset can eventually be tokenized. When the CEO of the world's largest asset manager says that with conviction, the rest of the industry listens.The total crypto market sits at just shy of $2.6 trillion right now, to add some perspective to the type of volume tokenization can bring to the space.

 

And the whole idea behind this is not ideological. It is practical. Blockchain cuts settlement time, removes redundant intermediaries, enables fractional ownership, and allows assets to be composable across different financial products. For institutions moving hundreds of billions, those efficiency gains compound into something very significant, very quickly.

 

xStocks and the Part Where It Gets Really Interesting

Tokenized treasuries and money market funds are the institutional on-ramp. But the development that best captures where all of this is truly heading is xStocks, and it is worth understanding why it matters as much as it does.

 

Launched in June 2025 by Backed Finance, a Swiss RWA issuer, xStocks put more than 60 fully collateralized U.S. equities on Solana as SPL tokens. Apple. Tesla. Nvidia. Amazon. Each one backed 1:1 by real shares held under regulated custody. Not synthetic. Not a derivative. The actual stock, on-chain. Available the same day on Kraken and Bybit to users in over 185 countries, and within hours, live across Solana's DeFi ecosystem on Raydium, Jupiter, and Kamino.

 

The numbers since launch have been hard to argue with. Over $25 billion in total transaction volume. More than 80,000 unique on-chain holders. The platform has since expanded to 100 fully backed listings, and xStocks recently launched xChange, a unified execution layer for tokenized equities running 24/5 across Ethereum and Solana with atomic settlement built in. And we'll go back to the numbers. xStocks is amazing. It's done over $25 billion in volume. But daily stock market volume just in the U.S. is roughly $500-700 billion. Daily. Just in the U.S. Starting to get the big picture here? The much, much bigger picture?

 

What makes this genuinely different from everything that came before it is composability. With a brokerage account, you own a stock and that is more or less the end of the story. With xStocks inside Solana's DeFi ecosystem, you can use Nvidia as collateral in a lending protocol, provide liquidity with Apple against a stablecoin, or swap Tesla for SOL without touching a broker, a clearinghouse, or a trading window. That kind of programmable financial infrastructure does not exist in traditional markets. It simply never has.

 

Who This Actually Opens the Door For

For investors in the U.S., this is interesting. For investors everywhere else, it is potentially transformative. Access to U.S. equity markets has historically required meeting regulatory hurdles, working through licensed brokers, and navigating banking infrastructure that many parts of the world simply do not have. xStocks changes that math entirely. Trading starts at one euro. Dividends reinvest automatically. No broker required. No minimum account size. Just a wallet and a connection.

 

Franklin Templeton's partnership with Kraken, announced in early 2026, is another data point worth noting here. The two are exploring on-chain versions of Franklin's financial products, including tokenized stocks, yield instruments, and compliant custody solutions. A legacy asset manager and a crypto exchange building joint infrastructure is the kind of thing that a few years ago would have sounded like a very optimistic projection. Now it is a press release.

 

The Narrative Has Shifted. Permanently.

Crypto spent a long time fighting to be taken seriously by traditional finance. That fight is over, and crypto won it on the merits. What is replacing it is something more interesting: a negotiation over what the merged system actually looks like, who controls it, and how fast it scales.

 

The regulatory environment is improving. Interoperability between chains is being worked out. Liquidity in tokenized asset markets is growing month over month. The WEF framed the barriers as real but solvable, pointing to legacy infrastructure integration, inconsistent global standards, and cross-chain friction as the remaining friction points. None of those are permanent problems. They are engineering and coordination challenges, and the talent and capital now focused on solving them is enormous.

 

The General Manager of xStocks said it about as cleanly as it can be said: the question is no longer whether equities belong on-chain, but how fast they can be scaled. With 100 listings and $25 billion in volume already behind the platform, the model is proven. The next stage is expansion to every major U.S. equity and, eventually, global equities across international markets.

 

That is not a roadmap for some distant future version of crypto. That is the roadmap for the next few years. And if the last twelve months are any indication, it will probably move faster than anyone is currently projecting, including myself. As bullish as I am on all of this, I have a feeling that the transition to tokenize the world will be bigger than anything I could ever imagine.