Will Tokenized Stocks Move by xStocks Bring New Volume to HSBC, Shell and Other European Equities?

Payward, the parent company of crypto exchange Kraken, brought more than 200 UK and European stocks onchain on Wednesday, November 11, as tokenized stocks under its xStocks brand. The first batch includes HSBC, Shell, LVMH and Airbus.

Each token is backed 1:1 by a real share held at a regulated custodian. The tokens trade on Kraken and on blockchains such as Solana and Ethereum from day one.

It is the first time xStocks has gone beyond U.S. listings, and it takes the brand past 1,500 tokenized assets. Hong Kong stocks are next.

The new tokens arrive in a weak month for tokenized stocks. Eight of the 10 largest by value have lost ground over the past 30 days, led by the crypto and chip stocks that onchain buyers favor.

xStocks Takes HSBC, Shell and Airbus Onchain

The new tokens cover the most actively traded companies listed in the UK and the European Union, and more will be added over time. Payward built them with GTN, a global broker that buys the underlying shares and holds them in custody.

Payward’s release sets out how it works:

• Backing: every token issued is matched by a purchase of the real share, held for as long as the token trades.
• Where to trade: Kraken and other xStocks Alliance platforms, plus onchain apps on Solana, Ethereum, TON, Ink and X Layer.
• Who can buy: investors in more than 110 markets, but not in the U.S. or the UK.

That last point stands out. A UK investor can’t buy the tokenized version of HSBC or Shell, even though both trade in London.

“A portfolio should not have borders or trading hours,” said Mark Greenberg, Payward’s chief commercial officer, who called the launch “proof it works”. 

Payward's @xStocksFi is expanding beyond US tokenized equities.In partnership with @GTNglobal, more than 200 of the UK and EU’s largest equities are now tokenized by xStocks, including HSBC, Shell, LVMH and Airbus.The first international launch, with more markets to follow.…

— Payward (@Payward) November 11, 2026

The brand is already large. xStocks launched in June 2025 with U.S. stocks and ETFs. Payward says it now holds over $1.1 billion in assets for more than 550,000 holders. The London Stock Exchange plans to list xStocks on its LSE 24 venue in 2027, subject to regulatory approval.

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Tokenized Stocks Overview: The 10 Biggest Losers This Month

The new UK and EU tokens join a market of about $3 billion. We pulled the 250 largest tokenized stocks on CoinGecko on Wednesday and grouped them by the company behind them, across issuers such as xStocks, Ondo and Robinhood.

Together they are worth $2.97 billion, and xStocks issued $865 million of that, about 29%. The 10 largest stocks hold $2.01 billion, or 68% of the total:

• SpaceX: $363 million, the biggest tokenized stock since its June IPO.
• Circle: $351 million, the USDC stablecoin issuer.
• Nvidia: $229 million, ahead of Alphabet at $212 million.

The tokens track their stocks one for one, so their returns are the stocks’ returns. Over the past 30 days, eight of the 10 fell:

• Biggest losers: Intel down 40.8% and Sandisk down 40.2%, then Micron, Circle and Nvidia, each down about 23%.
• Gainers: Tesla, up 1.2%, and Strategy’s STRC preferred shares, up 0.8%. STRC is built to hold close to $100.
• The broad market: the S&P 500 token fell 2.8%, and the Nasdaq-100 token 8.5%.

Onchain buyers piled into the most volatile names: chipmakers, crypto stocks and SpaceX. Those fell hardest in the past month’s sell-off.

Most of the trading still happens elsewhere. On Hyperliquid, perpetual futures on stocks and ETFs, contracts that track a price without holding any shares, traded $3.1 billion in 24 hours. The 250 tokens traded $1.0 billion. Nvidia’s perpetual alone traded $546 million, against $159 million across every Nvidia token.

None of the new UK and EU tokens shows up on CoinGecko yet.

SpaceX Tokenized Stock: Price Levels to Watch

SpaceX’s perpetual on Hyperliquid, which tracks the stock around the clock, trades at $147.47. That is 20% above its November 5 close of $122.51. It is still 16% below the October 6 high of $176.25.

On the daily chart, the price has just moved back above its 50-day exponential moving average (EMA) at $145.32. The EMA is an average that gives recent prices more weight.

• Resistance: $154.75, the September 8 high, then $166.09, the October 21 high.
• Support: $145.32, the 50-day EMA, then $136.97, Tuesday’s low. Below that, $120.56, the November 5 low.

XYZ:SPCX 1D chart. Source: Hyperliquid.

Scenario Trigger Level to watch Recovery A daily close above $154.75 $166.09, the October 21 high Holding pattern The price stays between $136.97 and $154.75 A base around the 50-day EMA Further drop A daily close below $136.97 $120.56, the November 5 low

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Tokenized stocks now reach past Wall Street, and Hong Kong is next. The first test for the UK and EU tokens is simple: whether onchain buyers want HSBC and Shell as much as they wanted SpaceX and Nvidia.

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