Payward Adds 200+ Tokenized UK and EU Stocks to xStocks

Payward, the parent of Kraken, said Wednesday that its xStocks platform had added tokenized versions of more than 200 stocks listed in the United Kingdom and European Union, taking the offering to more than 1,500 tokenized assets.

Eligible users can trade the new tokens on Kraken and participating xStocks Alliance platforms, Payward said. Despite the inclusion of UK-listed stocks, Payward said the new tokens remain unavailable to investors in the United Kingdom.

Which stocks joined xStocks?

The expansion includes tokenized shares of all 40 companies in Germany’s DAX index, including SAP, Siemens, Allianz and Deutsche Telekom, Payward said. Deutsche Börse separately announced Wednesday that its affiliated 360X platform offers the tokens for trading, with 24/7 trading supported on select venues.

The DAX coverage means the new set spans Germany’s benchmark in full, not a sample. Combined with the UK- and EU-listed additions, it broadens xStocks’ catalogue, while 24/7 support on selected 360X venues extends trading hours for tokens available through those channels.

How are the new tokens backed?

Payward said each new token is backed one-to-one by shares held with a regulated custodian.

Kraken’s risk disclosure says xStocks tokens give holders exposure to the shares’ performance without voting rights or legal claims to the underlying stock. In operational terms, the token supplies economic exposure rather than the shareholder rights attached to direct stock ownership.

How large is xStocks?

Payward reported more than $45 billion in cumulative transaction volume and over 550,000 unique holders across xStocks. Those platform-wide figures provide the operating context for a catalogue expansion that now covers more than 1,500 tokenized assets.

Token Terminal data put xStocks’ market capitalization at $1.1 billion, representing about 22% of the $4.9 billion in tokenized stocks the data provider tracks. Within that segment, xStocks ranked third, behind Binance’s bStocks at $1.5 billion and Ondo Finance at $1.4 billion.

The ranking concerns measured market capitalization rather than Payward’s $45 billion cumulative transaction volume. The additions expand xStocks within a tokenized-equity segment that Token Terminal values at $4.9 billion overall.

What does the UK restriction change?

Payward said investors in the United Kingdom cannot trade the new tokens, limiting the launch despite the addition of UK-listed equities. Access remains available to eligible users in other markets served by Kraken and participating xStocks Alliance platforms.

That restriction creates a split between catalogue expansion and geographic access: a tokenized share can trade without being offered to every investor in the security’s home market.

What comes next?

Payward said it plans to add hundreds of Hong Kong-listed equities in the coming weeks. The planned cohort would extend xStocks beyond its UK-and-EU expansion and add another listing market to the platform’s cross-border catalogue.

Separately, Kraken has launched the xChange engine to power tokenized stock trading, according to a related company announcement. The release places the token rollout alongside a dedicated trading layer for tokenized equities.

Payward’s coming-weeks Hong Kong expansion is the next concrete market-structure change; the company has set a broad timetable but no exact launch date.