Kraken Parent Payward Expands xStocks Into Global Markets With GTN Partnership

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Payward, the parent company of crypto exchange Kraken and developer of the xStocks tokenized equities framework, has partnered with global investment infrastructure provider GTN to expand xStocks beyond U.S. stocks and ETFs. The initiative will begin with tokenized Hong Kong-listed equities before extending to UK, European and South Korean markets, subject to regulatory approvals.

The partnership represents the next stage of xStocks, transforming it from a platform focused on U.S. equities into a broader framework for global capital markets. Beyond international equities, Payward said the collaboration also creates a pathway to tokenize additional asset classes over time, enabling investors to hold multiple types of blockchain-based financial assets within a single on-chain portfolio.

Payward Shifts Focus From U.S. Stocks to Global Markets

Until now, xStocks has primarily provided tokenized access to U.S.-listed stocks and exchange-traded funds backed 1:1 by underlying securities. The latest expansion signals a move toward international market coverage, starting with Hong Kong before rolling out additional jurisdictions across Europe and Asia.

According to Payward, investors will eventually be able to access tokenized assets from multiple countries through a single framework while benefiting from extended trading availability in supported regions and interoperability across exchanges, wallets and decentralized finance applications.

Expansion roadmap

• Hong Kong-listed equities to launch first.
• UK-listed equities planned next.
• European markets to follow.
• South Korean equities included in the expansion roadmap.
• Additional asset classes planned over time, pending regulatory approvals.

GTN Provides the Infrastructure Behind the Expansion

Rather than acting as a token issuer, GTN will provide the regulated financial infrastructure supporting xStocks’ international growth.

Its responsibilities include:

• Execution of underlying securities transactions.
• Custody of traditional assets backing tokenized products.
• Ledgering and record-keeping infrastructure.
• Sub-accounting technology required for tokenized products.
• Distribution of xStocks to institutional clients once required licenses are obtained.

GTN currently connects financial institutions to more than 90 global markets across eight asset classes through a single API, giving Payward a scalable route to expand beyond U.S. securities.

Competition for Tokenized Capital Markets Intensifies

Payward’s announcement comes as tokenized securities move from niche crypto products toward mainstream financial infrastructure, alongside broader developments across the crypto market, including Kraken Listings for new digital assets. The expansion reflects the growing convergence between traditional financial markets and blockchain-based investment products.

• Payward (Kraken): Expanding xStocks beyond U.S. equities to international markets, starting with Hong Kong and later the UK, Europe and South Korea, with a focus on building a global tokenized equities ecosystem.
• Robinhood: Expanded its tokenized stock offering beyond its initial European rollout, targeting broader retail investor access to blockchain-based equities.
• Coinbase: Developing tokenized stock products and pursuing regulatory approval to integrate blockchain-based equities into its brokerage platform.
• DTCC: Testing blockchain infrastructure for tokenized securities to modernize settlement and post-trade market operations.
• Nasdaq: Advancing tokenization initiatives to connect traditional capital markets with blockchain infrastructure and enable regulated digital securities.
• NYSE: Exploring blockchain-based tokenized securities infrastructure to support future digital capital markets and 24/7 trading capabilities.

The growing activity reflects broader industry efforts to improve settlement efficiency, expand investor access and enable blockchain-based ownership of traditional financial assets.

xStocks Has Grown Beyond Its Initial Launch

The platform has expanded significantly since debuting in June 2025.

Platform timeline

June 2025

• Launch with tokenized U.S. stocks and ETFs.

2026

• Expanded to more than 500 tokenized assets, including equities, ETFs and IPOs.
• Processing more than $37 billion in transaction volume.
• Nearly 200,000 holders globally.
• International expansion announced through GTN partnership.

Growth Metrics

• 500+ tokenized assets available.
• $37 billion+ transaction volume across blockchain ecosystems.
• Nearly 200,000 global holders.
• 90+ accessible markets through GTN infrastructure.
• 8 asset classes supported by GTN’s investment platform.

Beyond Equities: A Multi-Asset Vision

One of the most significant aspects of the partnership is that it extends beyond international stocks. Payward said the infrastructure built with GTN creates an opportunity to introduce additional tokenized asset classes in the future. While the company has not disclosed which assets will be added first, the framework is designed to support a broader range of financial instruments under a unified on-chain ecosystem, subject to regulatory approvals.

Industry Debate Continues Around Tokenized Securities

As tokenized equities gain traction, questions remain over how these products should ultimately be issued and managed. Most current platforms, including xStocks, rely on traditional financial infrastructure where underlying shares are purchased and held before blockchain tokens are minted. Some market participants advocate for securities issued natively on blockchain networks, arguing this approach could reduce intermediaries and further modernize capital markets. The evolution of regulatory frameworks across major jurisdictions will likely influence which model becomes more widely adopted in the coming years.

What’s Next?

The partnership is already operational, while institutional distribution through GTN will begin after the necessary regulatory licenses are secured. Payward said it will provide additional details on future product enhancements in the coming weeks.

If the rollout proceeds as planned, xStocks could become one of the first tokenized securities frameworks to offer broad exposure across multiple international equity markets while laying the foundation for tokenized investing beyond traditional stocks.