The race to bring traditional real-world financial assets onchain is entering a major new phase. For years, the tokenized equities market has focused almost exclusively on American blue-chip stocks and exchange-traded funds (ETFs). However, the parent company of major cryptocurrency exchange Kraken is breaking down those geographic barriers, betting that the next wave of onchain demand lies outside the United States.
Payward, the core developer behind the xStocks tokenized equities framework and the parent company operating Kraken, has officially announced an ambitious international expansion. Partnering directly with global fintech and investment infrastructure provider GTN, Payward is scaling xStocks far beyond American borders to bring international stocks, starting with Hong Kong and extending to the United Kingdom, Europe, and South Korea, onto public blockchain networks.
Tapping the “Rest of the World”
Until now, tokenized stock frameworks have largely given international retail and Web3 investors exposure to U.S. giants like Apple, Tesla, or Nvidia. Payward’s new initiative aims to completely re-engineer that dynamic by giving global traders instant, round-the-clock access to non-U.S. companies.
Through the collaboration with GTN, xStocks will initially tokenize equities listed on the Hong Kong Stock Exchange. Subject to local regulatory approvals in each market, the platform plans to rapidly follow up with equities listed across the U.K., broad European venues, and South Korea.
The biggest asset class that hasn’t been tokenized yet is the rest of the world. One asset at a time, we’re bringing truly global capital markets on-chain until geography becomes irrelevant to investing. — Mark Greenberg, Global Head of Payward Services
Using GTN’s global trading and custody network, which covers 90 markets, xStocks wants to let people hold U.S., Hong Kong, and European stocks together in one crypto wallet.
How the xStocks Architecture Operates
To understand how traditional stocks transition into liquid, onchain tokens, it is critical to look at the underlying financial structure.
- 1:1 Backing & Legal Structure: xStocks tokens are built as open-ended tracker certificates issued through a Jersey-based vehicle under Swiss ledger-based securities law. Holders maintain a secured, legally enforceable claim over a pledged collateral account containing the underlying physical securities, rather than direct voting ownership of the stock itself.
- Institutional Custody: While U.S. equity operations rely on API-led brokers like Alpaca to handle real-world share buying and custody, GTN will assume that execution and custodial role for international markets.
- 24/7 DeFi Portability: Because xStocks operate as standardized structured notes, they can move freely across decentralized finance (DeFi) applications, self-custodial wallets, and connected exchanges. Identity verification (KYC) is enforced at the fiat entry and exit ramps, allowing the tokenized certificates to trade continuously around the clock.
Intensifying Competition in Onchain Equities
The move comes at a moment when competition in tokenized real-world assets (RWAs) is reaching a fever pitch. Traditional Wall Street institutions and Web3 native protocols are battling for dominance as capital flows into onchain securities.
Payward’s xStocks framework has already crossed major operational milestones, processing tens of billions of dollars in cumulative transaction volume and amassing hundreds of thousands of holders globally. While the framework currently lists 100 fully backed U.S. stocks and ETFs, the firm has set a goal to expand its coverage to over 500 tokenized assets by the end of 2026.
Furthermore, the partnership with GTN isn’t limited to equities. The two firms confirmed that the deal lays the legal and technological groundwork to tokenize additional asset classes in the future, including fixed income, commodities, and private market assets pending regulatory clearance.
The Vision of Frictionless Global Capital
Bringing tokenized stocks outside the U.S. is a big change for online finance. In the past, investors in Asia or South America who wanted to buy European or British stocks had to deal with limited banking hours, high fees, and strict local rules.
By unifying global equities onto public blockchain rails, Payward and GTN are building a borderless financial layer. If successful, this expansion could mark the moment where global stock markets transition from siloed, jurisdiction-bound exchanges into a single, interconnected, 24/7 global market.
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