Payward, the parent company of cryptocurrency exchange Kraken and the developer of the xStocks tokenized equities framework, has partnered with global investment infrastructure provider GTN to expand its tokenized securities offering beyond U.S. markets.
The collaboration will begin with tokenized Hong Kong-listed equities before extending to the United Kingdom, Europe, South Korea, and other international markets, subject to regulatory approvals. Beyond equities, the partnership also lays the groundwork for bringing additional asset classes onchain, supporting Payward’s broader vision of creating a global tokenized investment ecosystem.
The announcement comes as competition intensifies among financial institutions and crypto companies seeking to bridge traditional capital markets with blockchain infrastructure.
Key Takeaways
- Payward has partnered with GTN to expand xStocks beyond U.S. stocks and ETFs.
- The rollout will begin with Hong Kong-listed equities, followed by the UK, Europe, and South Korea.
- GTN will provide execution, custody, record keeping, and settlement infrastructure across more than 90 global markets.
- The companies also plan to expand xStocks into additional tokenized asset classes over time.
- xStocks currently supports more than 500 tokenized assets and has processed over $35 billion in transaction volume.
Xstocks Expands Beyond U.S. Markets
Since launching in 2025, xStocks has primarily offered tokenized U.S. stocks and exchange traded funds backed one to one by the underlying securities held in regulated custody. The partnership with GTN marks the platform’s first major international expansion.
According to Payward, Hong Kong listed companies will be added first, followed by equities from the United Kingdom, European markets, and South Korea as regulatory approvals are secured.
The company said the long term objective is to allow investors to hold tokenized assets from multiple jurisdictions within a single blockchain based portfolio while benefiting from extended trading availability and compatibility across centralized exchanges, self custody wallets, and decentralized finance applications.
GTN Provides the Infrastructure
Rather than issuing tokenized assets directly, GTN will supply the regulated infrastructure supporting the international rollout. Its responsibilities include executing transactions in the underlying securities, providing custody services, maintaining ledgering and record keeping systems, and supporting sub accounting technology required for tokenized financial products.
Once the necessary licenses are obtained in each jurisdiction, GTN also plans to distribute selected xStocks products to its institutional clients.
GTN currently provides financial infrastructure connecting institutions to more than 90 global markets across eight asset classes, giving Payward a scalable foundation for expanding beyond U.S. securities.
Ankit Shah, GTN’s Global Head of FinTech, said the partnership is intended to simplify international expansion for financial institutions.
“Our infrastructure lets partners like Payward launch quickly across 90+ markets and a full range of instruments.”
Building a Global Tokenized Investment Platform
Payward views the partnership as a step toward removing geographic barriers that have traditionally separated global capital markets.
Mark Greenberg, Global Head of Payward Services, said existing financial infrastructure continues to divide markets by country, currency, and trading hours.
“The biggest asset class that hasn’t been tokenized yet is the rest of the world.”
According to Payward, the collaboration will eventually support more than equities. While no specific timeline has been announced, the framework has been designed to accommodate additional tokenized asset classes as regulatory approvals become available.
The company believes this will allow investors to manage multiple blockchain based financial instruments within a unified onchain portfolio.
Building a Global Tokenized Investment Platform
The announcement reflects growing momentum across the tokenized securities sector.
Robinhood has expanded its tokenized stock offerings, while Coinbase has been developing blockchain based equity products and pursuing regulatory approval for similar services. Traditional market infrastructure providers including Nasdaq, the New York Stock Exchange, and the Depository Trust & Clearing Corporation have also continued exploring blockchain based settlement and tokenization initiatives.
These developments are driven by expectations that tokenization can improve settlement efficiency, increase market accessibility, and enable near continuous trading of traditional financial assets.
Xstocks Reports Continued Growth
Payward said xStocks has expanded significantly since its launch. The platform now supports more than 500 tokenized stocks, ETFs, and IPOs, has processed more than $35 billion in transaction volume across multiple blockchain ecosystems, and has attracted nearly 200,000 holders worldwide.
The partnership with GTN is expected to accelerate that growth by extending the framework into international equity markets while creating opportunities to introduce additional asset classes in the future.
Institutional distribution through GTN will begin after the required regulatory approvals are obtained across participating jurisdictions.
Conclusion
Payward’s partnership with GTN represents a significant expansion of the xStocks ecosystem beyond its original focus on U.S. equities. By combining GTN’s regulated market infrastructure with xStocks’ blockchain based framework, the companies aim to provide broader access to international securities through tokenized assets.
The collaboration also signals a wider ambition to build a multi asset onchain investment platform that extends beyond equities. As regulatory approvals progress and additional markets come online, the partnership could play an important role in expanding global access to tokenized financial products while further integrating traditional capital markets with blockchain technology.
