Discover how Payward's xStocks platform offers tokenized UK European stocks with regulated custody and Deutsche Börse 360X trading integration.

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Kraken parent Payward has launched more than 200 tokenized UK and European stocks, bringing companies including Shell, Siemens and LVMH onto blockchain-based trading venues. The November 11, 2026 rollout covers the FTSE 100 and Germany’s DAX 40, but distribution restrictions keep the products unavailable to UK and US investors.

Summary

Key takeaways

  • xStocks now spans over 1,500 assets and more than $1.1 billion under management.
  • Deutsche Börse-backed 360X offers tokens covering every DAX 40 constituent.
  • Share-backed tokens provide economic exposure, not direct ownership or voting rights.

Payward expands trading in tokenized UK and European stocks

According to Payward, these new listings can be accessed via Kraken and partner xStocks Alliance venues, with the initial rollout covering the entire FTSE 100 and DAX 40 lineup. Among the companies included are SAP, Siemens, Allianz and Deutsche Telekom—tokenized respectively as SAPx, SIEx, ALV.DEx and DTE.DEx—alongside firms such as Shell and LVMH.

Through 360X, a platform backed by Deutsche Börse, traders can access tokenized shares of all 40 DAX-listed companies as well as Xetra-Gold, a gold-linked exchange-traded commodity. The collaboration between Payward and Deutsche Börse Group began in December 2025, and since February 2026, 360X has facilitated xStocks trading under the European Union’s DLT Pilot Regime.

Carlo Koelzer, who heads digital assets and foreign exchange at Deutsche Börse Group’s division, said the partnership would help connect trading across conventional and blockchain-based financial markets.

xStocks surpasses 1,500 tokenized assets across multiple blockchain networks

Payward’s figures put xStocks at more than 1,500 assets, with over $1.1 billion in assets under management. The platform has recorded more than $45 billion in cumulative transaction volume and has over 550,000 holders worldwide.

Those totals cover tokenized stocks, ETFs and IPO-related products, extending beyond the US-focused equities available when xStocks launched in June 2025.

The supported networks span Solana, Ethereum, TON, Ink and X Layer, and tokens can be transferred between compatible wallets and decentralized finance applications, though trading hours differ by platform. Kraken’s European Economic Area offering runs 24 hours a day, five days a week; supported onchain venues can offer round-the-clock trading.

The listings use execution and custody infrastructure supplied by GTN. Payward and GTN announced their partnership in July to extend tokenized equities beyond US markets.

Share backing does not confer shareholder rights

Each xStock has one-to-one backing from a corresponding traditional security held through regulated custody arrangements. Payward said issuing a token triggers a purchase of the underlying share, which stays with a regulated custodian while the token circulates.

Backed Assets (JE) Limited, based in Jersey, issues the tokens. Its legal documentation classifies them as tracker certificates: holders gain economic exposure to share performance, but do not directly own the underlying shares or receive conventional shareholder rights, including voting rights.

Despite the addition of tokenized UK and European stocks, UK and US investors remain excluded under existing distribution rules.

Plans for growth into Hong Kong and launch of London trading

In the coming weeks, Payward intends to bring hundreds of Hong Kong-listed firms onto its tokenization platform, with additional international markets to follow as the GTN partnership develops further. According to Mark Greenberg, Payward’s chief commercial officer, the company aims to extend access to more global equities through this same infrastructure.

This expansion puts xStocks in direct competition with comparable blockchain-based equity products from Ondo Finance and Robinhood. An August comparison of five leading tokenized equity platforms found Ondo ranked first by asset value, while Robinhood led in number of holders. Separately, data from RWA.xyz showed Binance‘s bStocks reaching roughly $1.4 billion in tokenized stock value in early November.

Payward’s launch in the UK follows a September agreement with the London Stock Exchange to tokenize the 100 largest London-listed companies. Under that deal, the exchange plans to launch xStocks trading through LSE 24 in 2027, pending regulatory approval.

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Article produced with the assistance of artificial intelligence and reviewed by the editorial team.

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