Kraken parent Payward adds 200+ tokenized UK and European stocks

What happened

Payward, the parent company of crypto exchange Kraken, said in a November 11 announcement that it has brought more than 200 tokenized UK and European stocks to market through its xStocks product. The rollout covers every constituent of Britain's FTSE 100 and Germany's DAX 40, according to the company. Among the companies included are Siemens, Shell, LVMH, SAP, Allianz and Deutsche Telekom, whose tokenized versions trade under tickers such as SAPx, SIEx, ALV.DEx and DTE.DEx.

The assets are available through Kraken and other platforms in the xStocks Alliance, and Payward said they can trade on supported centralized exchanges as well as blockchain networks including Solana, Ethereum, TON, Ink and X Layer. Tokens can be moved between compatible wallets and decentralized finance applications, with trading hours depending on the venue. Kraken's European Economic Area offering runs 24 hours a day, five days a week, while some onchain venues support round-the-clock trading.

Each token is backed one-to-one by a corresponding share held in custody, and Payward said the new listings rely on its partnership with GTN, which provides execution and custody for the underlying traditional securities. In a separate announcement, the company confirmed that tokenized versions of all 40 DAX constituents were available through 360X, a digital asset venue backed by Deutsche Börse Group, alongside a tokenized version of Xetra-Gold, an exchange-traded commodity linked to gold.

Despite the inclusion of London-listed names, the products remain unavailable to investors in the United Kingdom, and US investors are also excluded under existing distribution restrictions.

Why it matters

The launch moves xStocks beyond its original focus on US-listed equities and into European markets, widening the pool of companies that can be accessed through crypto rails. CoinGape reported that the tokens are available in more than 110 markets. Payward's chief commercial officer, Mark Greenberg, framed the expansion as a step toward removing geographic limits from equity trading, saying a portfolio "should not have borders or trading hours," according to the reports, and describing the tokenization of other international markets as the next step.

The move also places Payward in more direct competition with other platforms building blockchain-based products tied to traditional shares. The reports note that Ondo Finance and Robinhood are developing similar offerings, and that Binance's bStocks platform reached roughly $1.4 billion in tokenized stock value in early November, according to RWA.xyz data cited by Crypto.news.

What the data shows

Payward reported that xStocks now covers more than 1,500 tokenized stocks, ETFs and IPO-related products, compared with the US-focused selection available at launch in June 2025. The company put assets under management at over $1.1 billion, cumulative transaction volume above $45 billion and the number of holders at more than 550,000 worldwide. The new European release alone adds more than 200 companies, including all 40 DAX constituents and the full FTSE 100 index.

Background

xStocks launched in June 2025 with US-focused equities, and the reports describe the European rollout as a significant extension of that lineup. Payward and GTN announced their partnership in July with the aim of expanding tokenized equities beyond US markets, and the two firms have worked with Deutsche Börse since December 2025. According to the reports, 360X has supported xStocks trading under the European Union's DLT Pilot Regime since February 2026.

The UK element follows a September agreement between Payward and the London Stock Exchange to tokenize the 100 largest London-listed companies. Under those plans, the exchange intends to introduce xStocks trading through its LSE 24 venue in 2027, subject to regulatory approval. The tokens themselves are issued by Backed Assets (JE) Limited, a Jersey-based company whose documentation classifies them as tracker certificates. Holders receive economic exposure to the underlying shares but not direct ownership or conventional shareholder rights, and the issuer's documents state that voting rights are not passed on. Dividend-related benefits are handled through the product's token adjustment mechanism.

What to watch

Payward said it plans to tokenize hundreds of Hong Kong-listed companies over the coming weeks, with additional international markets expected as its work with GTN develops. On the UK side, the planned LSE 24 launch in 2027 depends on regulatory approval, and it is not yet clear when British investors might be able to access products tied to London-listed shares. Crypto.news said it contacted Payward for comment on the launch and had not received a response by publication.

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