TLDR
- Payward, the parent entity of Kraken, has forged a strategic alliance with fintech infrastructure company GTN to broaden xStocks’ global reach.
- The international rollout begins with securities traded in Hong Kong, followed by expansion into Europe, the United Kingdom, and South Korea.
- GTN will deliver execution services, custody solutions, and record-keeping systems spanning over 90 international markets.
- The xStocks platform currently features more than 500 tokenized securities, has processed $37 billion in transactions, and serves close to 200,000 users worldwide.
- Market entry in each jurisdiction is contingent upon obtaining necessary regulatory clearances.
On July 22, 2026, Payward, the corporate entity behind Kraken, revealed a strategic collaboration with fintech infrastructure specialist GTN aimed at bringing its xStocks tokenized securities platform to markets across the globe.
This initiative represents a significant shift from xStocks’ existing concentration on securities and exchange-traded funds listed in the United States. According to Payward, the objective is to streamline global access to equity markets regardless of geographic boundaries or trading hours.
The collaboration will kick off with securities from Hong Kong exchanges. Subsequently, the companies intend to introduce offerings from the United Kingdom, European markets, and South Korea, with additional regions to be added subject to regulatory authorization.
GTN’s role centers on delivering the technological and operational foundation for this global expansion. This encompasses trade execution, asset custody, ledger management, and comprehensive record-keeping capabilities across more than 90 financial markets internationally.
Payward will maintain responsibility for the tokenization process itself. Every xStock token represents a one-to-one claim on an actual security maintained in qualified custody.
Mark Greenberg, who leads Payward Services globally, characterized the partnership as addressing a fundamental inefficiency in traditional finance.
“We’ve tolerated fragmented capital markets divided by national borders, different currencies, and incompatible trading schedules for far too long,” Greenberg explained. “The largest asset category still awaiting tokenization is international equities.”
Expansion of the xStocks Ecosystem
The xStocks platform has experienced substantial growth since its inception, now hosting over 500 tokenized financial instruments encompassing individual stocks, exchange-traded funds, and IPO-linked products. Platform metrics show cumulative transaction volume exceeding $37 billion with a user base approaching 200,000 participants worldwide.
Payward completed its acquisition of Backed Finance, the original developer of xStocks, through a transaction announced in December 2025 and finalized the following January.
In recent months, Kraken introduced functionality allowing qualified users to pledge certain xStocks as collateral for leveraged trading and futures contracts. The exchange additionally enabled eligible participants to express interest in U.S. initial public offering allocations and receive tokenized equity upon listing completion.
Payward reports that xStocks tokens currently function across a network of more than 100 cryptocurrency exchanges, digital wallets, and decentralized finance protocols.
The Competitive Landscape for Tokenized Securities
Market data from RWA.xyz indicates approximately $1.94 billion in total tokenized equity value currently exists. Within this market, xStocks commands $515 million, positioning it as the second-largest provider after Ondo, which leads with $887 million in tokenized assets.
The tokenized securities sector includes additional competitors such as Robinhood, Coinbase, Backpack, and Superstate. These platforms employ varying approaches—some issue digital tokens representing custodied securities, while others are developing methods to record or issue securities natively on blockchain networks.
Ankit Shah from GTN emphasized that financial institutions seek seamless access to international markets without undertaking complete technology overhauls for each new jurisdiction. He noted that GTN’s platform can enable Payward’s operations across all 90-plus supported markets while simultaneously providing the sub-accounting infrastructure essential for tokenized financial products.
Before GTN can distribute xStocks to its institutional customer base, the firm must obtain appropriate regulatory licenses in each target market. Both organizations confirmed that collaborative work has already commenced, with Hong Kong designated as the initial deployment location.
The regulatory environment surrounding tokenized equities continues to evolve. Securities transfer associations in the United States have petitioned the SEC for more definitive guidance distinguishing between issuer-sponsored tokenized securities and third-party tokenization products.
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