Kraken parent Payward is expanding its tokenized stock platform xStocks to include Hong Kong-listed shares, in partnership with investment infrastructure provider GTN. The move, pending regulatory approvals, could later extend to UK, European, and South Korean equities. The xStocks platform currently supports over 500 securities, with more than $35 billion in volume and 200,000 holders. Payward aims to bring global capital markets on-chain, as competition in tokenized stocks heats up with Robinhood and Coinbase also entering the space.
Payward, the parent company of Kraken, plans to launch tokenized stocks for Hong Kong-listed companies through a partnership with GTN, as stated. The initial expansion requires regulatory approval, and the agreement could later cover British, European, and South Korean equities.
The xStocks platform, which launched last year with US stocks and ETFs, currently offers over 500 securities and has completed more than $35 billion in volume. Approximately 200,000 holders use the platform, though US investors are excluded. GTN will handle execution, custody, and record keeping for the underlying securities and will offer xStocks products to its institutional clients, pending approvals.
Payward developed the xStocks framework, and the organizations may expand beyond equities to include other tokenized asset classes in the future. Mark Greenberg, global head of Payward Services, called international markets “the largest untokenized asset class,” adding that the company wants to bring all global capital markets on-chain incrementally.
Competition in tokenized stocks is intensifying. Robinhood recently expanded its stock token offerings to non-European users, and Coinbase also intends to offer stock tokens. The Depository Trust & Clearing Corporation (DTCC) is testing infrastructure for blockchain securities.
Supporters of tokenization highlight faster settlement and 24/7 trading. According to Citi, tokenized securities could be worth approximately $5.5 trillion by 2030, including $2.6 trillion in tokenized equities. The addition of foreign equities will broaden access to Asian companies, particularly those in the AI supply chain, which have attracted interest from global retail traders.
