Kraken Payward’s parent has partnered with fintech infrastructure provider GTN to expand its xStocks platform of tokens beyond US-listed stocks and exchange-traded funds.
Summary
- Payward and GTN will take xStocks beyond US stocks, starting with Hong Kong-listed stocks globally.
- GTN will provide the infrastructure for the operation, maintenance and record keeping of more than 90 global financial markets.
- xStocks has grown to over 500 token assets and $37 billion in transaction volume since launch.
The companies will start with Hong Kong-listed equities before targeting the UK, Europe, South Korea and other markets. The expansion will be subject to local regulatory and licensing approvals, according to a July 22 announcement from Payward. The partnership may also bring other asset classes to xStocks over time.
GTN will provide the common market infrastructure that supports the next phase of xSstocks. Its services include the creation, maintenance, registration and record keeping of more than 90 markets. Payward will continue to provide a token framework that creates blockchain-based versions of the underlying assets.
Companies have chosen Hong Kong as the first market for international expansion. They plan to add UK-listed stocks, European securities and South Korean assets later. GTN also plans to offer xSstocks to institutional clients once it obtains the necessary licenses for each market.
Mark Greenberg, Global Head of Payward Services, said traditional financial markets still segregate investors by location, currency and trading hours.
“For decades, we have accepted that financial markets should be separated by country, currency, and market hours,” said Greenberg. “It is the largest untokenized asset class in the world, and our partnership with GTN is about changing that.”
GTN delivers infrastructure in over 90 markets
GTN will connect xSstocks with its global network and warehousing through a single infrastructure layer. This system gives Payward access to international markets without creating separate traditional financial systems in every country.
Ankit Shah, Global Head of FinTech at GTN, said financial firms want to access new markets without reinventing their technology for each growth. He said GTN’s infrastructure can support Payward in more than 90 markets while providing the accounting systems needed for token products.
The companies said the partnership has already begun, although GTN must obtain regulatory approvals before distributing xSstocks to its institutional clients. Payward also said that extended assets can be found across more than 100 exchanges, wallets and distributed finance applications that already support the xStocks ecosystem.
The international expansion comes as token stocks continue to attract more trading activity. As crypto.news reported, the volume of tokenized stock transfers reached $8.41 billion during the latest monthly period, while the distributed value rose to about $2.16 billion. xstocks is ranked among the biggest platforms in the sector at that time.
Payward extends xstocks beyond basic stock exposure
Payward says xSstocks now includes over 500 tokenized assets including stocks, ETFs and IPO-related products. The company reports more than $37 billion in total transaction volume and nearly 200,000 owners worldwide. Each xStock uses underlying securities to maintain 1:1 support.
The platform is also adding additional use of token allocations through 2026. As previously reported, Kraken began allowing eligible clients to use selected xStocks as collateral for futures and margin positions. The change allows qualified traders to maintain exposure to token stocks while using the assets to support other positions.
Payward also moved xstocks towards an IPO. Crypto.news reported in June that eligible Kraken users and members of the xStocks Alliance can register an interest in a US-listed IPO offering and receive token shares after listing.
The company expanded its control over the technology behind xSstocks after agreeing to acquire Backed Finance in December 2025. Payward completed the acquisition in January 2026, according to its first quarter financial update.
The token equity competition continues to grow
Payward’s international push comes as more crypto companies and traditional market firms compete for share tokens. Ondo, Robinhood, Coinbase, Backpack and other platforms have expanded their products, while exchanges and clearing firms are also exploring blockchain-based security infrastructure.
As crypto.news recently reported, the competition now includes different models for moving public shares to the chain. Some products offer tokens backed by securities stored with custodians, while other projects aim to issue or record the securities themselves through controlled blockchain systems.
Regulatory questions remain part of that expansion. A separate crypto.news report said US securities brokerage groups have asked the Securities and Exchange Commission to make a clear distinction between issuer-backed token securities and products created by third parties.
Payward and GTN will now focus on obtaining the necessary approvals to expand xSstocks into additional markets. Hong Kong will serve as the first planned step, followed by other major financial regions. The partnership also provides Payward with infrastructure that can support tokenized assets in addition to shares as the platform expands its international product range.
