Tokenized equities have pushed past $5.5B in market cap as stock tokens move from niche RWA experiment to real exchange product. Kraken and Bybit are using xStocks rails to offer eligible users SpaceX IPO exposure ahead of the expected June 12 listing, with tokens giving price exposure rather than direct shareholder rights. The trade is obvious: crypto venues are turning IPO access, 24/7 settlement, and global distribution into their wedge against traditional brokerage rails.

TLDR by @Benthic

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