Kraken Parent Payward Lists 200+ Tokenized UK and European Stocks

Payward, the parent company of Kraken, has launched more than 200 tokenized UK and European stocks, bringing Shell, Siemens, SAP, Allianz, Deutsche Telekom and LVMH onto blockchain-based trading venues. The November 11, 2026 rollout covers the full FTSE 100 and Germany's DAX 40, though distribution restrictions keep the products off-limits to UK and US investors.

The listings are accessible through Kraken and partner xStocks Alliance venues. Deutsche Börse-backed 360X provides tokens covering all 40 DAX constituents plus Xetra-Gold, a gold-linked exchange-traded commodity.

How big is xStocks now?

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

The totals cover tokenized stocks, ETFs and IPO-related products — a big step beyond the US-focused equities available when xStocks launched in June 2025. Supported networks span Solana, Ethereum, TON, Ink and X Layer, and tokens can move between compatible wallets and decentralized finance applications.

Trading hours differ by platform. Kraken's European Economic Area offering runs 24 hours a day, five days a week; supported on-chain venues can offer round-the-clock trading. Execution and custody infrastructure comes from GTN, which signed its partnership with Payward in July to extend tokenized equities beyond US markets.

What's the Deutsche Börse connection?

The Payward–Deutsche Börse Group collaboration dates to December 2025. Since February 2026, 360X has facilitated xStocks trading under the European Union's DLT Pilot Regime — the bloc's sandbox for distributed-ledger market infrastructure.

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

Do token holders own the shares?

Not in the legal sense. Each xStock has one-to-one backing from a corresponding traditional security held through regulated custody arrangements, and Payward says minting 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 don't directly own the shares and receive no conventional shareholder rights, including voting rights. That structure limits the products to price exposure — a material distinction for institutional buyers weighing corporate governance and custody risk.

Where does the expansion go next?

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

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

The UK piece has its own timeline. Payward signed a September agreement with the London Stock Exchange to tokenize the 100 largest London-listed companies, with trading set to launch through LSE 24 in 2027 — pending regulatory approval, which remains the gate on when tokenized UK equities reach UK investors themselves.