Kraken Parent Payward Expands xStocks to Hong Kong, UK, Europe
In brief
- Payward and GTN expand xStocks tokenized equities to Hong Kong, UK, Europe, and South Korea markets
- xStocks are blockchain tokens backed 1:1 by real company shares in regulated custody
- Platform has grown to 500+ tokenized assets and $35 billion transaction volume since launch
- GTN provides regulated infrastructure for trade execution and custody across 90+ markets
Expanding Beyond U.S. Borders
xStocks launched in June 2025 with a catalog limited to U.S. stocks and ETFs. The product has since grown to more than 500 tokenized assets and processed over $35 billion in transaction volume. xStocks are not available for U.S. residents, targeting international investors instead.
GTN is providing the global regulated infrastructure for trade execution and custody under the partnership. The deal is live at the infrastructure level, with distribution to GTN's institutional clients to follow once required licenses are in place. GTN's infrastructure supports trade execution and custody across 90+ markets and a full range of instruments, enabling rapid expansion into new geographies.
The Broader Tokenized Equities Landscape
Kraken isn't alone in this space. Robinhood launched its tokenized equities product through its own blockchain on July 1, while Coinbase is preparing a 1:1-backed tokenized equities offering through its Base network. In March, Payward and Nasdaq announced a tokenized equities gateway targeting early 2027.
Earlier, xStocks expanded to Telegram's TON Wallet to test mass-market distribution channels. The global expansion signals confidence that tokenized equities can move beyond niche crypto audiences into mainstream institutional and retail trading.
"Financial institutions want to move into new asset classes and markets without rebuilding their technology. Our infrastructure lets partners like Payward launch quickly across 90+ markets and a full range of instruments, and it includes the sub-accounting technology Kraken needs to offer tokenised products." — Ankit Shah, GTN's Global Head of FinTech
Frequently asked questions
What are xStocks?
xStocks are blockchain-based tokens, each backed one-to-one by a real company share held in regulated custody. They allow investors to trade tokenized versions of equities on blockchain networks.
Where can I buy xStocks?
xStocks are not available for U.S. residents. They're available to investors outside the United States through Kraken and other platforms like Telegram's TON Wallet.
Which markets will xStocks cover?
The partnership will initially launch with Hong Kong-listed equities and expand to U.K., European, and South Korean stocks. GTN's infrastructure supports trade execution and custody across 90+ markets.
