Kraken-linked Payward opens tokenized U.S. IPO access to retail investors

Kraken-affiliated Payward Services has unveiled a tokenized IPO program that would give retail investors access to U.S. public offerings.

• Kraken users and xStocks Alliance members will soon be able to access U.S. IPO shares at the offering price through a new tokenized equities program.
• Payward Services said allocated IPO shares will be backed 1:1 by the underlying stock and distributed as tokenized assets on listing day.
• Bernstein Research estimates the tokenized real-world asset market has reached $51 billion, while xStocks has processed more than $30 billion in volume.

According to Payward Services, customers of Kraken and selected members of its xStocks Alliance will soon be able to register interest in upcoming U.S.-listed IPOs before companies begin trading on public markets. Eligible investors who receive allocations will obtain tokenized shares on listing day at the IPO offering price.

Institutions have gotten in at the IPO price for decades. Retail got the leftovers. xStocks just ended that.Now, retail investors worldwide can access US-listed IPO price exposure via xStocks, at the offering price.→ https://t.co/gXgDLKaAYhpic.twitter.com/5HxoHYstQ5

— Payward Services (@PaywardServices) June 3, 2026

The company said the shares will be backed 1:1 by the underlying stock, which will be held in custody by a regulated entity. Payward Services said the structure is designed to give retail investors access to allocations that have traditionally been available mainly to institutional clients and high-net-worth investors.

Coming months after Kraken expanded its presence in regulated financial markets through acquisitions and new product launches, the initiative adds another offering tied to tokenized versions of traditional assets. 

In late 2025, Kraken acquired xStocks operator Backed Finance, while more recently the exchange outlined plans to introduce regulated Bitcoin perpetual futures in the United States through infrastructure obtained from its Bitnomial acquisition.

Retail investors to submit IPO interest before listings

Under the process outlined by Payward Services, participating exchanges will open an indication-of-interest period several weeks before a company’s public debut. During that period, customers can submit non-binding requests to purchase shares within the expected pricing range.

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After collecting demand from participating platforms, Payward Services said it will coordinate with an underwriting syndicate before final allocations are determined on the day the company lists publicly.

Once allocations are finalized, the shares will be converted into tokenized assets and distributed through partner exchanges. According to Payward Services, investors will be able to gain exposure to newly listed companies without opening accounts with traditional brokerage firms.

Mark Greenberg, global head of Payward Services, said access to IPO pricing has historically depended on geography and wealth.

“Going public should mean public to everyone. Now a retail investor in Medellín, Madrid, or Malaysia can have similar access to a U.S.-listed IPO, and Payward Services’ xStocks infrastructure is finally making that possible for the masses.”

First offerings expected within weeks

In its announcement, Payward Services said the first tokenized IPO opportunities are expected to become available to Kraken users and other xStocks Alliance participants in the coming weeks. The company added that additional launch partners and markets are expected to join over time.

At a time when financial firms continue testing blockchain-based versions of traditional assets, Bernstein Research estimated that the tokenized real-world asset sector has reached $51 billion after growing 42% this year.

Payward Services also disclosed performance figures for its tokenized equities network. According to the company, xStocks processed more than $30 billion in transaction volume during its first year, including over $6 billion settled on-chain, while serving more than 125,000 holders worldwide.

Those figures arrive as exchanges and financial institutions continue competing to bring conventional market products onto blockchain infrastructure, with tokenized stocks, funds, and other regulated assets becoming an increasingly active area of development.

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