Kraken Parent Payward Partners With GTN to Expand xStocks Tokenized Stocks Globally

TLDR

• Kraken parent Payward has partnered with fintech firm GTN to expand its xStocks tokenized equity platform internationally.
• The expansion starts with Hong Kong-listed stocks before moving to the UK, Europe, and South Korea.
• GTN will provide execution, custody, and record-keeping infrastructure across more than 90 markets.
• xStocks currently holds over 500 tokenized assets, $37 billion in transaction volume, and nearly 200,000 holders.
• The rollout depends on regulatory approvals in each target market.

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Kraken parent company Payward has announced a partnership with fintech infrastructure provider GTN to expand its xStocks tokenized equity platform into international markets. The deal was announced on July 22, 2026.

A new (global) chapter for xStocks.

After pioneering tokenized US equities, xStocks is expanding into international markets, starting with assets listed in Hong Kong.

One integration.
Greater distribution.
Direct access to global markets at scale.https://t.co/M4g7VRxazr pic.twitter.com/yT0wziIRGJ

— Payward Services (@PaywardServices) July 22, 2026

The move takes xStocks beyond its current focus on U.S.-listed stocks and ETFs. Payward says the goal is to make it easier for traders around the world to access equities across different countries and time zones.

The two companies will start with equities listed in Hong Kong. After that, they plan to expand into the UK, Europe, and South Korea, with other markets to follow depending on regulatory approvals.

GTN will supply the infrastructure backbone for the expansion. That includes execution, custody, ledgering, and record-keeping services across more than 90 financial markets worldwide.

Payward will continue to handle the tokenization side. Each xStock is backed 1:1 by the underlying security held in custody.

Mark Greenberg, Global Head of Payward Services, said the partnership is about fixing a long-standing problem in capital markets.

“For decades, we’ve accepted that capital markets should be fragmented by country, currency, and market hours,” Greenberg said. “The biggest asset class that hasn’t been tokenized yet is the rest of the world.”

xStocks Platform Growth

Since launching, xStocks has grown to more than 500 tokenized assets, including equities, ETFs, and IPO-related products. The platform reports more than $37 billion in total transaction volume and nearly 200,000 holders globally.

Payward acquired the company behind xStocks, Backed Finance, in December 2025 and completed the deal in January 2026.

Earlier this year, Kraken also allowed eligible users to use selected xStocks as collateral for futures and margin trading positions. The platform also gave eligible users the ability to register interest in U.S.-listed IPO allocations and receive tokenized shares after listing.

xStocks tokens can currently be used across more than 100 exchanges, wallets, and DeFi applications, according to Payward.

Competition in Tokenized Equities

According to data from RWA.xyz, there is roughly $1.94 billion worth of tokenized equities in existence. xStocks accounts for $515 million of that, making it the second-largest provider behind Ondo, which has tokenized $887 million.

Other players in the space include Robinhood, Coinbase, Backpack, and Superstate. Some of these platforms issue tokens backed by securities held with custodians, while others are working to issue or record securities directly on blockchain systems.

GTN’s Ankit Shah said firms want access to new markets without having to rebuild their technology stack each time. He said GTN’s infrastructure can support Payward across all 90-plus markets while also providing the sub-accounting systems needed for tokenized products.

GTN must secure the required licences in each market before distributing xStocks to its institutional clients. The companies said the partnership has already started, with Hong Kong as the first planned step.

Regulatory clarity around tokenized equities remains an open question. U.S. securities transfer groups have asked the SEC to draw clearer lines between issuer-backed tokenized securities and third-party products.