TLDR
- Payward, the parent entity of Kraken, has forged a strategic alliance with financial technology company GTN to bring xStocks tokenized securities to international territories.
- The international rollout begins with Hong Kong-listed securities, followed by markets in the United Kingdom, continental Europe, and South Korea.
- GTN will deliver trade execution, asset custody, and comprehensive record-keeping services spanning over 90 financial markets.
- The xStocks platform presently features more than 500 tokenized instruments, has processed $37 billion in trading volume, and serves close to 200,000 users.
- Market entry in each jurisdiction will be contingent upon obtaining necessary regulatory clearances.
On July 22, 2026, Payward, the organization behind Kraken, revealed a strategic collaboration with fintech infrastructure specialist GTN to bring its xStocks tokenized securities platform to markets across the globe.
This strategic initiative extends xStocks beyond its existing concentration on securities and exchange-traded funds listed in the United States. According to Payward, the objective is to simplify international access to equities from diverse countries and trading sessions for investors worldwide.
The collaboration will initially target securities traded on Hong Kong exchanges. Subsequently, the companies intend to penetrate markets in the United Kingdom, continental Europe, and South Korea, with additional territories to be added subject to regulatory authorization.
GTN will deliver the foundational infrastructure required for this international expansion. This encompasses trade execution capabilities, custodial services, ledger management, and comprehensive record-keeping operations spanning over 90 global financial markets.
Payward will maintain responsibility for the tokenization process. Every xStock is supported by a one-to-one ratio with the actual security maintained in custodial accounts.
According to Mark Greenberg, Global Head of Payward Services, this collaboration addresses a fundamental inefficiency that has plagued capital markets for years.
“We’ve tolerated fragmented capital markets divided by national borders, currencies, and trading hours for far too long,” Greenberg explained. “The largest asset category still awaiting tokenization is international equities.”
xStocks Platform Metrics
The xStocks platform has expanded to include over 500 tokenized instruments since its inception, encompassing individual equities, exchange-traded funds, and IPO-related offerings. The platform has facilitated more than $37 billion in aggregate transaction volume and serves nearly 200,000 users worldwide.
Payward completed its acquisition of Backed Finance, the original developer of xStocks, following an announcement in December 2025 and finalization in January 2026.
In recent months, Kraken introduced functionality allowing qualified users to pledge certain xStocks as collateral for futures contracts and leveraged trading positions. The platform additionally enabled eligible participants to express interest in initial public offering allocations for U.S.-listed companies and receive tokenized shares following their market debut.
Currently, xStocks tokens maintain compatibility with more than 100 cryptocurrency exchanges, digital wallets, and decentralized finance protocols, according to Payward.
The Tokenized Securities Landscape
Market data from RWA.xyz indicates approximately $1.94 billion in total tokenized equity value currently exists. xStocks represents $515 million of this total, positioning it as the second-largest platform after Ondo, which has tokenized $887 million in securities.
Additional competitors in this emerging sector include Robinhood, Coinbase, Backpack, and Superstate. Various platforms utilize different approachesāsome issue tokens representing securities held by third-party custodians, while others are developing systems to issue or record securities natively on blockchain infrastructure.
Ankit Shah from GTN noted that financial institutions seek access to international markets without repeatedly rebuilding their technology infrastructure. He emphasized that GTN’s platform can facilitate Payward’s operations across all 90-plus markets while delivering the sub-accounting frameworks necessary for tokenized financial products.
GTN will need to obtain appropriate regulatory licenses in each target jurisdiction before making xStocks available to its institutional client base. Both organizations confirmed that the partnership is already underway, with Hong Kong designated as the initial market for expansion.
The regulatory landscape surrounding tokenized securities continues to evolve. Securities transfer associations in the United States have petitioned the SEC to establish clearer regulatory distinctions between tokenized securities issued directly by companies and those created by third-party platforms.
Get 3 Free Stock Ebooks
Discover top-performing stocks in AI, Crypto, and Technology with expert analysis.
- Top 10 AI Stocks - Leading AI companies
- Top 10 Crypto Stocks - Blockchain leaders
- Top 10 Tech Stocks - Tech giants
