Payward (Kraken’s parent company) is taking xStocks global.
The firm has partnered with fintech infrastructure provider GTN to expand its xStocks tokenized-equity platform beyond U.S.-listed stocks and ETFs, starting with Hong Kong and then targeting the UK, Europe, South Korea and other markets. Payward says the rollout will depend on local regulatory approvals and licences, and the partnership could eventually broaden xStocks to other asset classes.
GTN will supply the traditional market plumbing—execution, custody, ledgering and record-keeping—across its 90+ market footprint, while Payward keeps responsibility for the tokenization layer that mints blockchain-based representations of underlying securities. By connecting xStocks to GTN’s global execution and custody network through a single infrastructure layer, Payward avoids the need to build separate traditional-finance systems in every country.
“For decades, we’ve accepted that capital markets should be fragmented by country, currency, and market hours,” Mark Greenberg, Global Head of Payward Services, said. “The biggest asset class that hasn’t been tokenized yet is the rest of the world, and our partnership with GTN is about changing that.”
Ankit Shah, GTN’s Global Head of FinTech, framed the deal as a scalability play: financial firms want access to new markets without rebuilding technology for each expansion. GTN says its tech can support Payward across more than 90 markets while providing the sub-accounting systems required for tokenized products. GTN also intends to offer xStocks to institutional clients once it secures the necessary licences in each jurisdiction.
The companies say the partnership is already underway, though GTN still needs regulatory sign-offs before distributing xStocks to institutional buyers. Payward expects the expanded assets to flow into the broader xStocks ecosystem—which already supports more than 100 exchanges, wallets and DeFi applications.
xStocks by the numbers and recent product moves
- The platform lists more than 500 tokenized assets (equities, ETFs and IPO-related products).
- Payward reports roughly $37 billion in total transaction volume and nearly 200,000 holders worldwide; each xStock is backed 1:1 by the underlying security.
- Tokenized stock trading activity in the sector is growing: transfer volume hit about $8.41 billion in a recent monthly period, with distributed value around $2.16 billion. xStocks ranks among the largest platforms in that market.
- During 2026, Kraken allowed eligible clients to use selected xStocks as collateral for futures and margin positions, and Payward opened IPO access for eligible Kraken users and xStocks Alliance members to register interest in U.S.-listed IPO allocations and receive tokenized shares post-listing.
- Payward strengthened its control over xStocks tech after agreeing to acquire Backed Finance in December 2025 and completing the deal in January 2026.
A crowded, evolving market—and regulatory questions
Payward’s international push comes as a wave of entrants and incumbents expand into tokenized equities. Ondo, Robinhood, Coinbase, Backpack and others have rolled out products, while exchanges and clearing firms test blockchain-based securities infrastructure. Competing approaches include tokens backed by custodial securities and projects that aim to issue or record securities directly on regulated blockchains.
Regulatory clarity remains a major factor. U.S. securities transfer groups have asked the SEC to distinguish issuer-backed tokenized securities from third-party-created products, and firms expanding overseas will need licences and approvals in each market.
What’s next
Payward and GTN will first pursue approvals and licences for Hong Kong, then move to other major financial centers. If successful, the partnership could give xStocks fast access to international markets and set the stage for tokenized products beyond equities as the platform expands its global footprint.
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