Expansion Beyond U.S. Equities

Payward, the parent company of cryptocurrency exchange Kraken and developer of the xStocks tokenized equities framework, has formed a partnership with GTN to scale its platform internationally. The collaboration will initially focus on tokenizing equities listed in Hong Kong, with plans to add UK-listed assets, European securities, and South Korean stocks in subsequent phases.

This marks a significant step for xStocks, which previously concentrated on U.S. stocks and exchange-traded funds. By leveraging GTN's infrastructure, the platform aims to provide broader access to international markets through blockchain-based tokens backed one-to-one by underlying traditional assets.

Infrastructure and Distribution

GTN will supply execution, custody, ledgering, and record-keeping services across more than 90 markets. This setup enables Payward to expand without developing separate systems for each jurisdiction. Subject to obtaining necessary regulatory licenses in each market, GTN also plans to make xStocks available to its institutional clients.

The partnership is already operational, though wider distribution to institutions awaits approvals. Tokenized assets from the expanded markets will integrate with existing xStocks support across more than 100 centralized exchanges, self-custody wallets, and DeFi applications, allowing 24/7 trading and portfolio interoperability.

Growth of xStocks Platform

Since launching approximately one year ago with tokenized U.S. stocks and ETFs, xStocks has expanded to over 500 tokenized assets, including equities, ETFs, and IPO-related products. The platform has generated more than $35 billion in transaction volume and attracted nearly 200,000 holders worldwide.

Strategic Vision and Quotes

The initiative addresses longstanding fragmentation in global capital markets due to geography, currency, and trading hours.

Broader Implications

Beyond equities, the partnership creates pathways to tokenize additional asset classes over time. This could allow diverse tokenized assets to coexist in unified on-chain portfolios. The move aligns with growing industry interest in tokenized real-world assets, as competitors like Robinhood and Coinbase also advance their offerings in the space.

All expansions remain subject to regulatory approvals, with product availability varying by jurisdiction. xStocks tokens are not offered in the United States or to U.S. persons, and other geographic restrictions apply.