Kraken Parent Payward Takes xStocks Beyond US Shares With 200+ European Stocks

Payward, the parent company of Kraken, pushed its xStocks framework beyond US-listed shares on 11 November, tokenizing more than 200 of the most actively traded companies listed in the United Kingdom and the European Union. It is the framework's first batch of UK and EU equities, and Payward calls it the most significant broadening beyond tokenized US listings to date.

For anyone holding these assets outside the US and UK, that changes what a crypto wallet can carry. Tokenized shares in companies such as Siemens, Allianz and Deutsche Telekom now trade on Kraken and on DeFi venues including Solana, Ethereum and TON, and on Kraken in the European Economic Area they trade around the clock, five days a week. UK investors are still shut out, and the tokens are not registered with any local securities regulator.

• The news: Payward launched tokenized versions of more than 200 UK and EU-listed companies on 11 November, its first batch of European equities.
• The figure: Payward says xStocks now spans more than 1,500 tokenized assets and holds over $1.1 billion in assets under management, as of 11 November.
• What next: Hundreds of Hong Kong-listed equities are due in the coming weeks, and the London Stock Exchange intends to list xStocks on LSE 24 in 2027, subject to regulatory approval.

What Payward Actually Launched

The first wave covers 200+ of the most actively traded UK and EU-listed companies, with further listings to be tokenized on a rolling basis, according to Payward's release. Payward has been widening its market plumbing elsewhere too, such as its 24/7 settlement push with SGB Net.

The new tokens are available to trade on Kraken and through supporting xStocks Alliance platforms from day one, and are embedded in the DeFi ecosystems where xStocks already trade, including Solana, Ethereum, TON, Ink, X Layer and other chains.

How Each Token Is Backed

Each xStock is backed 1:1 by the underlying share. Payward says every token issued is matched by a purchase of the underlying share, held at a regulated custodian for as long as the token trades. The tokens are issued by Backed Assets (JE) Limited, a Jersey private limited company, and offered to eligible Kraken customers through Payward Digital Solutions Ltd, which is licensed by the Bermuda Monetary Authority.

GTN handles global execution and custody of the traditional shares behind each token, through six regulated entities: the FCA in the UK, the DFSA in the DIFC, the MAS in Singapore, the SEC and FINRA in the US, the FSCA in South Africa and the SFC in Hong Kong.

Mark Greenberg, Payward's Chief Commercial Officer, framed the pitch around access: "Access to capital markets is still drawn on a map, and it still depends on holding the right passport ... A portfolio should not have borders or trading hours."

Where They Trade, and Who Cannot Buy Them

xStocks are available in more than 110 markets. Distribution and eligibility are unchanged by the launch, and the tokens remain unavailable to investors in the United Kingdom. They are not registered with any local securities regulators and are not available in the US or to US persons. Trading hours vary by venue; on Kraken in the EEA, xStocks trade 24/5.

The DAX 40 Went Onchain Too

Payward also deployed tokenized equities for every constituent of the DAX 40, Germany's benchmark index, putting the largest blue-chip companies on the Frankfurt Stock Exchange onchain, according to its DAX release. They are available on 360X, a Deutsche Börse Group company, and as Xetra-Gold xStocks. Day-one names include tokenized SAP (SAPx), Siemens (SIEx), Allianz (ALV.DEx) and Deutsche Telekom (DTE.DEx).

Deutsche Börse Group and Payward have partnered since December 2025, and xStocks have traded on 360X, a venue regulated under the EU's DLT Pilot Regime, since February 2026.

The Totals Do Not Quite Add Up

Payward's own two releases, both dated 11 November, give different headline numbers. The UK and EU equities release says xStocks has passed 1,500 tokenized assets, over $1.1 billion in assets under management and more than 550,000 holders. The DAX 40 release says more than 1,300 xStocks, over $1 billion and more than 500,000 holders. Neither release explains the difference.

The exact number of new UK and EU tokens is not stated either: the figure is "more than 200" or "200+" everywhere. And the claim that the batch covers every constituent of the FTSE 100 does not appear in Payward's own release, which names only the DAX 40. Treat that line as unconfirmed.

What Comes Next

Hundreds of publicly traded Hong Kong-listed equities will follow in the coming weeks, Payward says, with further international markets after that. The next dated milestone is the London Stock Exchange: in 2027, subject to regulatory approval, it intends to list xStocks and start trading them on LSE 24. Until that approval lands, the UK stays closed to the product even as its companies trade onchain elsewhere.