SpaceX is conducting what's set to be the largest IPO in history, with shares listing on Nasdaq while Backpack Securities simultaneously launches SPCX, a tokenized version of SpaceX stock on the Solana blockchain that can be redeemed for underlying shares.
Citigroup has introduced Digital Depositary Receipts, a blockchain-based product that allows wealthy and institutional clients to trade tokenized shares of private companies. The platform will operate on SIX Digital Exchange and represents the bank's expansion of tokenization beyond deposits and treasury products.
Cryptocurrency exchange Bybit has launched IPO Express, a platform offering tokenized access to U.S. stock IPOs starting with SpaceX, which is set to go public on June 12 in what's expected to be the largest IPO in history with a $135 per share valuation. The service allows eligible retail investors to subscribe at official offering prices, bypassing traditional Wall Street pre-IPO access restrictions.
The SEC declared effective the Form S-4 registration statement for tokenization firm Securitize's merger with Cantor Equity Partners II, moving the BlackRock-backed company closer to a public listing on the New York Stock Exchange.
The U.S. Senate is moving forward with the Clarity Act, which blocks CBDCs while providing regulatory framework for stablecoins, as DTCC simultaneously announces integration of its tokenized securities platform with the Stellar blockchain, marking institutional adoption of public blockchains.
Payward, parent company of crypto exchange Kraken, plans to offer global retail investors access to U.S.-listed IPOs at offering prices through its xStocks tokenized equities framework, breaking down traditional barriers that typically limit retail participation in initial public offerings.
Citigroup forecasts the tokenized asset market will expand from approximately $17 billion currently to $5.5 trillion by 2030, with stablecoins alone generating demand for up to $1 trillion in onchain U.S. Treasury bills and $2.6 trillion for tokenized stocks.
Crypto exchange Bullish has agreed to acquire global transfer agent Equiniti in a $4.2 billion deal aimed at building tokenized securities infrastructure, marking a significant move toward traditional finance integration.
Ondo Finance has partnered with Broadridge Financial Solutions to allow holders of its tokenized stocks and ETFs to participate in on-chain proxy voting, bringing tokenized equities closer to traditional brokerage account functionality. The feature covers Ondo's $700 million in tokenized equities across 250+ stocks.
Securitize has partnered with transfer agent giant Computershare to enable public companies to issue blockchain-based shares, potentially bringing $70 trillion in U.S. equities onchain. The agreement allows companies to tokenize stocks without changing existing market structure.
On March 27, 2025, Intercontinental Exchange (ICE), the parent company of the New York Stock Exchange (NYSE), signed a memorandum of understanding (MoU) with Circle to explore integrating USDC and USYC.
Ondo Finance has announced the launch of Ondo Chain, a Layer-1 blockchain designed to facilitate institutional adoption of real-world asset (RWA) tokenization. Additionally, Ondo Finance introduced Ondo Global Markets (Ondo GM) to bring US securities; stocks, bonds and ETFs onchain.
