Payward’s xStocks Framework Expands to UK and European Markets with GTN Partnership

Payward’s xStocks framework has expanded beyond US listings to include more than 200 tokenized equities from the United Kingdom and European Union. This move, powered by a partnership with GTN, allows global investors to access European capital markets via blockchain rails, marking a significant step in the convergence of traditional finance and decentralized ecosystems.

What was announced

The deployment introduces tokenized versions of the most actively traded companies listed in the UK and EU, bringing the total number of assets under the xStocks framework to more than 1,500. Each token is backed 1:1 by the underlying public shares, which are held at a regulated custodian for the duration of the token’s trade. This 1:1 backing ensures that onchain demand directly impacts the order books of the original publicly listed companies, as every token issued is matched by a purchase of the underlying share.

The new tokens are available for trading on the Kraken platform and through supporting xStocks Alliance partners. Furthermore, the assets are integrated into several decentralized finance (DeFi) ecosystems, including Solana, Ethereum, TON, Ink, and X Layer. Since its launch over a year ago with US-listed stocks and ETFs, the xStocks framework has reached over $1.1 billion in assets under management and processed more than $45 billion in total transaction volume. The framework currently serves approximately 550,000 unique holders across 110 markets. While the expansion targets international investors, xStocks remain unavailable to residents of the United Kingdom. Following this European expansion, Payward intends to tokenize hundreds of Hong Kong-listed equities in the coming weeks. This follows a strategic partnership with the London Stock Exchange, which plans to list and trade xStocks on its LSE 24 platform in 2027, pending regulatory approval.

“Tokenisation moves at the speed of the infrastructure beneath it. By combining GTN's global brokerage and custody infrastructure with the xStocks framework, we are bringing UK- and EU-listed equities to a broader global audience. We believe the future of investing will be defined by greater accessibility, interoperability, and efficiency, and this partnership demonstrates how traditional and digital financial ecosystems can work together to deliver that future at scale.”

Ankit Shah, Global Head of FinTech, GTN.

The companies involved

Payward, the developer behind the xStocks framework, is the operator of Kraken, one of the world’s most established cryptocurrency exchanges. Under the leadership of Mark Greenberg, who serves as Chief Commercial Officer and Head of Payward Services & Banking, the firm has increasingly focused on bridging the gap between digital assets and traditional capital markets. GTN, the partner providing the brokerage and custody infrastructure for this expansion, is a global fintech firm specializing in execution and custody services for traditional assets. The firm, where Ankit Shah serves as Global Head of FinTech, provides the underlying rails that allow digital platforms to offer traditional market access. The London Stock Exchange (LSE), a cornerstone of the global financial system and part of the London Stock Exchange Group, is also a key collaborator in this ecosystem. The LSE’s involvement signals a significant institutional shift toward accepting tokenized representations of public equities within regulated exchange environments. Together, these entities represent a consortium of traditional market infrastructure and crypto-native platforms attempting to modernize how global assets are distributed and settled.

What FF News has reported before

FF News has closely monitored the intersection of traditional banking and digital asset platforms. Recently, we reported on how Societe Generale-FORGE Lists EUR CoinVertible on Kraken for Institutional Crypto Trading, highlighting Kraken’s role in institutional stablecoin adoption. We also covered GTN’s expanding footprint in the digital wealth space when Rakbank Launches Digital Equities Trading with GTN Integration. Our broader coverage of the onchain economy includes analysis of how Sentora Data Debunks DeFi 'Hot Money' Myth as Onchain Yield Proves Durable, suggesting a maturing market for tokenized assets. Additionally, the security of these digital holdings remains a priority, as seen when Ledger Unveils Ledger Atom: A Security-First Device for AI Agents and Digital Ownership.

What this means

This expansion moves the needle by proving that tokenization is no longer a pilot-phase experiment restricted to US assets. By bringing UK and EU equities onchain, Payward and GTN are challenging the geographic monopolies of traditional regional brokers. The 1:1 backing model addresses the transparency concerns that often plague synthetic assets, but it also places immense pressure on traditional custodians to keep pace with 24/7 blockchain settlement. The exclusion of UK investors from UK-listed tokenized assets highlights a persistent regulatory friction: while the technology is ready for a "single global market," national regulators remain the final gatekeepers. The industry must now watch whether this onchain demand actually improves liquidity for the underlying public companies.