Payward, Kraken’s parent company, said on September 1 that it plans to tokenize the 100 largest London-listed equities as 1:1-backed xStocks, with initial availability expected in the coming weeks on Kraken and other xStocks Alliance platforms.
The proposed LSE 24 venue belongs to a later phase. The London Stock Exchange Group said the London Stock Exchange intends to list and support trading in xStocks there in 2027, subject to regulatory approval.
For now, the rollout is presented as a near-term route for tokenized versions of major UK-listed shares outside the UK. Payward said the products are intended for investors in more than 110 countries, though they are not currently available to UK-based investors.
Payward Targets the 100 Largest London-Listed Stocks
Under the announced plan, the tokens will be backed 1:1 and issued under the xStocks brand. Payward said the first products are expected to become available through Kraken and other platforms in the xStocks Alliance in the coming weeks.
The announcement covers tokenized versions of existing London-listed equities, not a new listing programme for the underlying shares, and separates their initial distribution timetable from any eventual trading on the exchange group’s new venue.
LSE 24 Listing Remains Conditional
LSE 24 is planned as a Monday-to-Friday, near-continuous trading venue, operating from 17:00 to 07:50 London time with a 30-minute end-of-day processing pause. Client testing is planned by the end of 2026, subject to approvals, according to a separate LSEG announcement.
The announcement concerns tokenized versions of existing London-listed equities, rather than a new listing programme for those underlying shares. It also separates the initial distribution timetable from any eventual trading on the exchange group’s new venue. Within that framework, LSEG said the London Stock Exchange intends to list and support xStocks trading on LSE 24 in 2027, subject to regulatory approval.
Official Payward and London Stock Exchange partnership graphic. — Source: Payward
Offshore Access Excludes UK Investors
Although Payward cited planned availability in more than 110 countries, xStocks are not currently available to UK-based investors.
Alongside the proposed distribution of tokenized existing shares and LSE 24 trading, the partnership includes exploration of native on-chain equity issuance through LSE infrastructure. The Block reported on that element of the plans.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
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