Payward, the parent company of crypto exchange Kraken, has officially partnered with financial technology firm GTN to bring its tokenized equities platform xStocks outside the United States for the first time. The expansion will begin in Hong Kong’s stock market before gradually rolling out to the UK, Europe, and South Korea, with pacing dependent on regulatory approvals in each jurisdiction. Through this new partnership, Payward gains direct access to GTN’s global-grade regulated trading execution and custody infrastructure spanning more than 90 markets.
Since launching in June 2025, xStocks has processed more than $35 billion in transaction volume across over 500 tokenized assets. These blockchain token assets are pegged at a 1:1 ratio with real shares held securely in licensed custody, allowing users to trade 24 hours a day with instant settlement times. Despite recording high activity, the product is not available to US citizens. To widen its reach, Payward previously tested mass distribution for xStocks by integrating it into the TON Wallet on Telegram.
A Route Avoided by Competitors
Payward’s decision to pursue international expansion stands in stark contrast to the strategies of its main competitors. On July 1, Robinhood launched its tokenized equities via its proprietary blockchain network, while Coinbase is currently preparing a similar 1:1 offering to run on the Base network. Both giants are focusing their efforts on chasing the US stock market. Spotting this gap, Payward chose to steer clear of the domestic battlefield, maneuvering through GTN’s extensive network to capture markets across multiple countries.
The scope of the deal with GTN extends beyond equities, covering the potential to tokenize other asset classes beyond stocks. This maneuver aligns with Payward’s broader ambitions, having previously announced the development of a tokenized equity gateway alongside Nasdaq targeted for launch in early 2027.
Why Should Markets Be Fragmented?
In Payward’s view, geographic borders and traditional exchange trading hours are relics of an outdated system that should be eliminated. “For decades, we have taken for granted that capital markets must be fragmented by country, currency, and market hours,” said Mark Greenberg of Payward. According to him, such restrictions are purely issues of legacy financial infrastructure that blockchain technology can now bridge.
The race to tokenize the world’s financial assets is now dividing into two distinct arenas. While Robinhood and Coinbase remain busy competing on US home turf, Kraken has opted to establish a foothold across 90 other markets before competitors come knocking at the door.
Reported by Decrypt.
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Disclaimer: This article is for informational and educational purposes only, not financial advice. Cryptocurrency assets are highly volatile and carry significant risk. Always do your own research (DYOR) and never invest more than you can afford to lose.
