Payward, the parent company and unified infrastructure layer behind the global cryptocurrency exchange Kraken, plans to expand its xStocks platform by adding tokenized Hong Kong-listed shares through financial infrastructure provider GTN.
Payward’s expansion plans also include listed shares from the United Kingdom, Europe, and South Korea. The company also plans to add more categories of tokenized assets after expanding its stock offerings. The plan marks another stage for xStocks as interest in tokenized financial products continues to grow across global markets.
Mark Greenberg, global head of Payward Services, described long-term plans for international markets in a statement. He said,
“The biggest asset class that hasn’t been tokenized yet is the rest of the world. One asset at a time, we’re bringing truly global capital markets onchain until geography becomes irrelevant to investing.”
xStocks Expands Tokenized Market and Trading Activity
xStocks is Kraken’s tokenized equity system created with Backed. The platform gives users access to U.S. stocks and exchange-traded funds through blockchain-based tokens backed by underlying shares held in regulated custody. Users can make fractional purchases starting from as little as $1, while also transferring and trading their holdings around the clock through self-hosted wallets.
The initial launch included 60 tokenized U.S. stocks and ETFs on Solana. The platform later expanded to nearly 500 listed securities with more than 100 ecosystem partners. Trading volume has surpassed $35 billion, while the holder count has reached nearly 200,000. Payward said eight of the 15 largest tokenized stocks by market value now use the xStocks framework.
Future plans include non-U.S. equities, commodities, pre-IPO investments, institutional execution tools, collateral support, and deeper liquidity throughout the day. The expansion reflects Payward’s goal of offering more tokenized financial products beyond traditional equity trading.
Competition Grows in Tokenized Stock Trading
Competition across tokenized stock trading has increased as crypto firms and financial market operators continue introducing related products. Robinhood recently extended its tokenized stock offerings outside Europe, while Coinbase has announced plans to launch stock tokens.
Supporters believe tokenized securities can shorten settlement times, enable continuous trading, and improve asset transfers. According to Citi, the market value of tokenized securities could reach $5.5 trillion by 2030, including about $2.6 trillion in tokenized equities.
Earlier tokenized equity services mainly focused on U.S. companies such as Apple, Tesla, and Nvidia. The addition of Hong Kong-listed shares and other overseas markets would give investors access to a wider range of listed companies, including Asian businesses connected to the artificial intelligence supply chain that have attracted global retail interest.
