Kraken's parent company has tokenized more than 200 UK and European equities, pushing xStocks beyond 1,500 assets. The tokens are offered in over 110 markets but not to UK investors, and they give holders price exposure rather than ownership.
A first international batch for xStocks
Payward, the parent company of crypto exchange Kraken, has put more than 200 UK and European stocks onchain through its xStocks platform, Decrypt reported. The company announced the launch on Wednesday. The first batch covers heavily traded companies, including HSBC, Shell, LVMH and Airbus, and Payward said more will be added on a rolling basis.
Cointelegraph adds that the batch includes all 40 companies in Germany's DAX index, among them SAP, Siemens, Allianz and Deutsche Telekom. Payward said eligible users can trade the tokens on Kraken and on participating platforms in the xStocks Alliance. The Block and CoinDesk carried the same news, and The Block framed it as taking the offering past 1,500 assets.
What a tokenized share does and does not give a holder
Payward says each token is backed one-to-one by an underlying share, which a regulated custodian purchases and keeps in custody while the token remains in circulation. According to Decrypt, GTN, a brokerage infrastructure firm, is responsible for executing trades in the underlying shares and for safekeeping them. This is the first set of tokens delivered under the Payward and GTN partnership.
The backing does not make the holder a shareholder. Cointelegraph cited Kraken's risk disclosure, which says holders gain exposure to how the shares perform but receive neither a vote nor any legal claim on the stock behind the token. CoinDesk's summary makes the same point, saying a token gives no ownership of the underlying company. For holders, the practical checks are therefore the custodian arrangement and the terms of the token, not the share register.
The numbers behind the expansion
Payward provided the platform statistics, which Decrypt and Cointelegraph both repeat in similar form.
- More than 200 UK and EU stocks were added in the first batch.
- xStocks now offers more than 1,500 tokenized stocks, ETFs and IPOs, according to Decrypt.
- The platform holds more than $1.1 billion in assets, according to Payward as reported by Decrypt and CoinDesk.
- Cumulative transaction volume is above $45 billion.
- Holders number more than 550,000.
- The tokens are offered in more than 110 markets, per Decrypt.
Offered in 110 markets, yet closed to the UK
Both Decrypt and Cointelegraph state that the new UK-stock tokens cannot be bought by investors based in the UK. Neither outlet explains the restriction, so the reason remains an open question. Decrypt notes that the tokens trade on blockchains where xStocks already operate, including Solana, Ethereum and TON.
TON is the network behind the token that CoinGecko now lists as Gram, previously Toncoin. Cointelegraph also reports a separate Deutsche Börse announcement saying the DAX tokens are available on its affiliated 360X platform, and that round-the-clock trading is supported on some venues.
Exchanges and rivals shape the strategy
The launch fits a pattern of ties to traditional market operators. When Payward and GTN partnered in July, Hong Kong-listed stocks were the stated starting point. Decrypt reports that Payward expects to add several hundred Hong Kong listings over the next few weeks.
In September, Payward reached an agreement with the London Stock Exchange covering tokenization of the 100 biggest companies listed in London. The exchange plans to list xStocks and open trading on LSE 24, its planned near-round-the-clock venue, in 2027, pending regulatory approval. Decrypt also notes that Nasdaq agreed in September to invest $100 million at a $21 billion valuation, building on a March partnership aimed at 2027. Deutsche Börse bought a $200 million stake in April. Payward has also agreed to buy derivatives exchange Bitnomial for $550 million and Lithuania's Saldo Bank.
Cointelegraph places xStocks in a competitive field. Citing Token Terminal data, it values xStocks at a $1.1 billion market capitalization, roughly 22% of the $4.9 billion total for tokenized stocks that the firm monitors. That ranks the platform third, behind Binance bStocks at $1.5 billion and Ondo Finance at $1.4 billion.
Where the outlets agree and where they add detail
The four outlets agree on the core facts: more than 200 UK and European stocks, a total past 1,500 assets and Payward as the source of the announcement. Decrypt gives the fullest account, with the partnership timeline and the acquisition and investor background. Cointelegraph contributes the DAX detail, the Deutsche Börse announcement and the Token Terminal comparison.
The outlets frame the $1.1 billion figure differently. Decrypt and CoinDesk describe it as assets held on the platform, citing Payward, while Cointelegraph presents it as market capitalization from Token Terminal. The figures match, but readers comparing platforms should note the differing labels. The Block and CoinDesk were available only as headlines and summaries, so details beyond those lines are not confirmed here.
Open questions after the launch
Several points will show how far the expansion reaches. The first is whether UK investors gain access to the tokens, given that the restriction has no stated explanation. The second is the arrival of the Hong Kong batch, which Payward said would come in the coming weeks.
The third is the regulatory approval that the London Stock Exchange listing plan depends on, with trading targeted for 2027. The fourth is how much trading the new European tokens attract, since the reports give volume only for the platform as a whole.
Market snapshot
| Asset | Price | 24h | 7d | Market cap |
|---|---|---|---|---|
| Ethereum (ETH) | $2,041 | -0.9% | -15.5% | $249.45 billion |
| Gram (prev. Toncoin) (GRAM) | $1.23 | +3.7% | +6.6% | $3.51 billion |
CoinGecko data as of 2026-11-12 (UTC).
FAQ
What did Payward add to xStocks?
Payward added more than 200 UK and European stocks, including HSBC, Shell, LVMH and Airbus, according to Decrypt. Cointelegraph reports that the batch covers all 40 DAX companies. The addition takes xStocks past 1,500 tokenized assets.
Can UK investors buy the new tokenized UK stocks?
No. Decrypt and Cointelegraph both report that investors in the UK cannot access the tokens, even though they are offered in more than 110 markets. Neither outlet gives a reason.
Do xStocks tokens make holders shareholders?
No. Each token is backed one-to-one by a share held by a regulated custodian, but Kraken's risk disclosure, cited by Cointelegraph, says holders receive no vote and no legal claim on the stock behind the token. CoinDesk's summary likewise says a token gives no ownership of the company.
Sources
- Decrypt: Kraken Parent Payward Brings 200 UK and EU Stocks Onchain as xStocks (2026-11-11)
- Cointelegraph: Kraken parent adds over 200 tokenized UK and EU stocks to xStocks (2026-11-11)
- The Block: Kraken parent Payward adds 200 tokenized UK and European equities to xStocks offering (2026-11-11)
- CoinDesk: Kraken's xStocks adds 200 UK and EU shares as its assets top $1.1 billion (2026-11-11)
- CoinGecko (market data)
Written by the Coinvote news desk from reporting by Decrypt, Cointelegraph, The Block and CoinDesk. Not financial advice.
