Payward and GTN are expanding xStocks to include international equities, starting with Hong Kong, marking a significant step in the tokenized stock market.
Payward and GTN to Expand xStocks Globally
Payward, the parent company of Kraken, has teamed up with fintech firm GTN to extend its xStocks offering beyond the United States, marking a significant shift in the tokenized equities market.
The expansion will introduce equities from various international markets, including Hong Kong, the U.K., Europe, and South Korea, while retaining regulatory compliance in each region. Currently, xStocks are limited to U.S. equities and are available only to investors outside the U.S.
xStocks are blockchain-based tokens representing actual shares held in regulated custody. This move aims to enhance tokenized stock trading globally, providing users with more diverse investment options.
“Financial institutions are eager to enter new asset classes and markets without having to overhaul their technology,” said Ankit Shah, GTN’s Global Head of FinTech.
The initial focus will be on equities listed in Hong Kong, with plans to eventually include stocks from other regions pending regulatory approvals. This initiative could also lead to the tokenization of additional asset classes beyond equities.
Since launching in June 2025, xStocks has grown significantly, offering over 500 tokenized assets and processing over $35 billion in transaction volume, although they remain inaccessible to U.S. residents.
GTN will provide the global infrastructure for trade execution and custody, while Payward will handle the tokenization of international equities within blockchain networks. Mark Greenberg, global head of Payward Services, highlighted the need for a more integrated approach to capital markets, which have traditionally been fragmented by geography and currency.
The partnership is currently operational at the infrastructure level, with plans to distribute to GTN's institutional clients once the necessary licenses are secured. Other competitors like Robinhood and Coinbase are also pursuing similar tokenized equity offerings, but Payward's strategy stands out due to its broader international focus.
Key Competitors
Robinhood and Coinbase have launched their own tokenized equity products aimed at U.S. markets, while Payward is looking to tap into GTN's extensive network across over 90 global markets, starting with Hong Kong.
