WisdomTree, BitGo, and Kraken Advance Tokenized Trading Infrastructure
Three separate developments in late February 2026 pushed tokenized trading infrastructure into new territory: WisdomTree launched 24/7 settlement for its registered tokenized money market fund, BitGo and Figure completed the first blockchain-native equity trades on a regulated ATS, and Kraken listed the world's first tokenized equity perpetual futures.
In a concentrated burst of infrastructure milestones during the final week of February 2026, three firms independently advanced the operational reality of tokenized securities trading. WisdomTree, Inc. (NYSE: WT) launched round-the-clock trading and instant settlement for its tokenized Treasury money market fund, BitGo Holdings, Inc. (NYSE: BTGO) and Figure Technology Solutions, Inc. (NASDAQ: FIGR) completed the first blockchain-native equity trades on a regulated alternative trading system, and Kraken listed the world's first tokenized equity perpetual futures contracts with regulated benchmarks [1][2][3].
Taken together, the three developments span the full lifecycle of tokenized financial products: primary-market fund shares settling against stablecoins, spot equity trading and custody on-chain, and derivatives layered on top of tokenized reference assets. Each operates within established regulatory frameworks, marking a departure from earlier tokenization experiments that skirted compliance boundaries.
WisdomTree: 24/7 Fund Settlement via SEC Exemptive Relief
On February 24, WisdomTree announced that its WisdomTree Treasury Money Market Digital Fund (WTGXX) received SEC exemptive relief and FINRA approval enabling 24/7 secondary-market trading with instant on-chain settlement. The structural innovation required coordinated regulatory approvals across multiple WisdomTree entities, a process the firm described as comparable in regulatory novelty to the introduction of exchange-traded funds [1][4].
WisdomTree Securities, Inc., the firm's broker-dealer subsidiary, will act as principal in bilateral transactions, providing liquidity from dealer inventory rather than directly from the fund. Trades settle against USDC at a fixed price of $1.00 per share, preserving WTGXX's existing primary-market structure, NAV process, and portfolio management while enabling continuous execution [1][4].
"This marks the first time registered tokenized mutual fund shares have been permitted to trade and instantly settle 24/7 within the U.S. regulatory perimeter via a dealer-principal liquidity model," WisdomTree stated in its announcement [1].
The fund also introduced continuous dividend accrual, allocating each day's income based on blockchain-timestamped ownership duration. Token holders who transfer shares intraday via peer-to-peer transactions receive a pro rata share of daily interest, a precision that traditional mutual fund structures cannot replicate [4].
Feature — WTGXX Detail
Fund Type — Registered 1940 Act money market fund
Trading Hours — 24/7 (including weekends and holidays)
Settlement Asset — USDC
Share Price — Fixed $1.00 (secondary market)
Liquidity Model — Dealer-principal (WisdomTree Securities as initial dealer)
Dividend Accrual — Continuous, based on blockchain timestamps
Regulatory Basis — SEC exemptive relief, FINRA approval
Initial Access — Institutional clients via WisdomTree Connect
BitGo and Figure: First Blockchain-Native Equity Trades
On February 20, BitGo and Figure announced the completion of the first blockchain-native equity trades executed through integrated infrastructure on Figure's alternative trading system. The trades occurred within Figure's Onchain Public Equity Network (OPEN), a regulated electronic trading venue operating on the Provenance Blockchain that launched in February 2026 [2][5].
BitGo Bank & Trust, N.A. serves as the qualified custodian for OPEN, maintaining separation between custody and execution, a structural safeguard that mirrors traditional market design. Trading and settlement occur within the Figure ATS, operated by FINRA/SIPC member Figure Securities, Inc., with trade records published on-chain in real time [2][5].
"At BitGo, our goal is to provide institutions the infrastructure and ability to trade, secure and build on anything on-chain," said Mike Belshe, CEO of BitGo. "Our partnership with Figure moves the industry in that direction with BitGo operating as the independent trust layer to reduce risk, increase transparency and instill confidence in continuous markets" [2].
The infrastructure eliminates layers of intermediated reconciliation found in traditional batch-based market systems. By combining Figure's blockchain-native trading venue with BitGo's regulated custody services, the model offers a repeatable integration framework for broker-dealers and asset managers seeking exposure to on-chain equity products [2].
"With instant settlement on Provenance and the potential to meaningfully reduce market-structure friction and costs, this is a concrete step toward modernizing how public equities trade and settle," said Mike Cagney, Figure's Executive Chairman [2].
Kraken: Tokenized Equity Perpetual Futures
On February 24, Kraken launched the world's first tokenized equity perpetual futures contracts with regulated benchmarks on its derivatives venue. Built on the xStocks framework, the products are available to eligible non-U.S. clients in more than 110 countries and support leverage of up to 20x [3][6].
Asset — Ticker — Type
S&P 500 — SPYx — Equity Index
Nasdaq 100 — QQQx — Equity Index
Gold (ETF-backed) — GLDx — Commodity
Nvidia — NVDAx — Individual Stock
Apple — AAPLx — Individual Stock
Alphabet — GOOGLx — Individual Stock
Tesla — TSLAx — Individual Stock
Robinhood — HOODx — Individual Stock
Strategy (MicroStrategy) — MSTRx — Individual Stock
Circle — CRCLx — Individual Stock
xStocks are fully collateralized and 1:1 backed by underlying assets, trading on-chain 24/7 including weekends and public holidays. Unlike traditional equity or futures markets where price discovery halts when exchanges close, xStocks provide a continuous real-time reference price, giving perpetual futures an uninterrupted underlying benchmark [3][6].
"This is what it looks like when traditional markets are rebuilt for a crypto-native, always-on world, not a moment too soon given the volatility that all markets are exhibiting," said Mark Greenberg, Kraken's Global Head of Consumer [3].
Kraken simultaneously launched margin trading on xStocks through Kraken Pro, allowing users to amplify positions with up to 3x leverage on the same asset set. Institutional-grade safeguards include automated margin calculations, real-time liquidation logic, and position limits calibrated to market depth [6].
Converging Regulatory Context
These launches coincide with a broader expansion of the OCC's digital-asset trust charter pipeline. Crypto.com received conditional approval for a national trust charter in February, while Payoneer filed an OCC application to establish a national trust bank for stablecoin-enabled infrastructure [7]. The expanding regulatory perimeter gives tokenized trading platforms a growing roster of federally supervised counterparties for custody, settlement, and issuance services.
The pace of development in late February suggests that tokenized trading infrastructure is transitioning from isolated proof-of-concept demonstrations to interconnected production systems operating under recognized regulatory frameworks. The question for 2026 is no longer whether tokenized securities can trade on-chain, but how quickly liquidity, distribution, and institutional adoption scale around the infrastructure now in place.
References
[1] Nasdaq/Business Wire, "WisdomTree To Launch 24/7 Trading and Instant Settlement for Tokenized Money Market Fund," February 24, 2026. https://www.nasdaq.com/press-release/wisdomtree-launch-24-7-trading-and-instant-settlement-tokenized-money-market-fund
[2] Business Wire, "BitGo and Figure Complete First Tokenized Equity Trades on Figure's Alternative Trading System," February 20, 2026. https://www.businesswire.com/news/home/20260220153451/en/BitGo-and-Figure-Complete-First-Tokenized-Equity-Trades-on-Figures-Alternative-Trading-System
[3] Business Wire, "Kraken Lists the World's First Regulated Tokenized Equity Perpetual Futures Using xStocks," February 24, 2026. https://www.businesswire.com/news/home/20260224817384/en/Kraken-Lists-the-Worlds-First-Regulated-Tokenized-Equity-Perpetual-Futures-Using-xStocks
[4] MEXC News, "WisdomTree Debuts Round-the-Clock Trading for WTGXX with Real-Time Settlement," February 25, 2026. https://www.mexc.com/news/794505
[5] Investing.com, "BitGo and Figure complete first blockchain-native equity trades," February 20, 2026. https://www.investing.com/news/company-news/bitgo-and-figure-complete-first-blockchainnative-equity-trades-93CH-4516131
[6] Kraken Blog, "Announcing the world's first regulated, tokenized-equity perpetual futures," February 24, 2026. https://blog.kraken.com/product/xstocks/tokenized-equity-perpetual-futures
[7] JD Supra/BakerHostetler, "Tokenized Trading Infrastructure Developments," March 3, 2026. https://www.jdsupra.com