Key Takeaways Payward, the parent entity behind Kraken, has joined forces with fintech provider GTN to take its xStocks tokenized securities platform to global audiences. The international ro
Payward, the company operating Kraken, revealed on July 22, 2026, that it has established a partnership with financial technology infrastructure specialist GTN to bring its xStocks tokenized securities offering to users in multiple countries.
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/M4g7VRxazrpic.twitter.com/yT0wziIRGJ
— Payward Services (@PaywardServices) July 22, 2026
This strategic alliance shifts xStocks away from its original concentration on American-listed securities and exchange-traded funds. According to Payward, the objective is to streamline access to global equities for investors operating in varied geographic regions and trading hours.
The initial phase will introduce securities from Hong Kong exchanges. Subsequently, the companies intend to bring coverage to markets in the United Kingdom, European nations, and South Korea, with additional territories contingent on receiving necessary regulatory permissions.
GTN’s contribution involves delivering the technical foundation required for this international growth. This encompasses trade execution capabilities, asset custody, ledger maintenance, and comprehensive record-keeping operations spanning more than 90 global financial centers.
Payward retains responsibility for the tokenization process. Every xStock token maintains a 1:1 relationship with an actual security held under custody arrangements.
Mark Greenberg, who serves as Global Head of Payward Services, characterized the collaboration as addressing a persistent challenge within capital markets.
“We’ve tolerated fragmented capital markets divided by national borders, currencies, and trading schedules for far too long,” Greenberg explained. “The largest asset category still awaiting tokenization is international equities.”
The xStocks platform has experienced substantial growth, now offering more than 500 tokenized securities that include individual stocks, exchange-traded funds, and IPO-linked instruments. The service has facilitated over $37 billion in aggregate trading activity and attracted nearly 200,000 token holders across the globe.
Payward completed its acquisition of Backed Finance, the original developer of xStocks, through a transaction announced in December 2025 and finalized in January 2026.
More recently, Kraken introduced functionality allowing qualified participants to pledge certain xStocks tokens as collateral for leveraged trading and futures contracts. The exchange also enabled eligible participants to express interest in United States IPO allocations and receive tokenized shares following public listing events.
According to Payward, xStocks tokens currently function across more than 100 cryptocurrency exchanges, digital wallets, and decentralized finance protocols.
Data compiled by RWA.xyz indicates that approximately $1.94 billion in tokenized equity products currently exists across the market. Within this total, xStocks represents $515 million, positioning it as the second-largest provider following Ondo, which has tokenized $887 million in securities.
Additional competitors operating in this sector include Robinhood, Coinbase, Backpack, and Superstate. These platforms employ varying approaches, with some issuing tokens representing securities held by third-party custodians, while others pursue direct blockchain-based issuance or registration of securities.
Ankit Shah from GTN noted that financial institutions seek entry into emerging markets without undertaking complete technology infrastructure rebuilds for each expansion. He emphasized that GTN’s systems can accommodate Payward’s operations across all 90-plus target markets while delivering the specialized sub-accounting frameworks tokenized products require.
Before xStocks can be made available to GTN’s institutional client base, the company must obtain appropriate licensing in each jurisdiction. Both organizations confirmed that implementation has commenced, with Hong Kong designated as the inaugural market.
The regulatory environment surrounding tokenized equities continues to evolve. Industry groups representing U.S. securities transfer agents have petitioned the SEC to establish more definitive distinctions between tokenized securities issued directly by companies and those created by third-party service providers.
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