Kraken parent Payward to tokenize 100 London-listed stocks, with LSE 24 trading planned

Payward, the parent company of crypto exchange Kraken, intends to tokenize the 100 largest companies listed on the London Stock Exchange as xStocks, according to a statement released on Tuesday. The first London-listed xStocks are expected to reach the market in the coming weeks on Kraken and other platforms in the supporting xStocks Alliance.

The tokens will be 1:1-backed representations of the underlying shares and will be offered to investors in more than 110 countries, though they are not currently available to UK-based investors. Subject to regulatory approval, the LSE plans to list and support trading in the xStocks on LSE 24, its recently announced extended-hours venue, which is set to run Monday through Friday from 5 p.m. to 7:50 a.m. with a 30-minute pause for end-of-day processing.

"By working with Payward, and continuing to collaborate across the market infrastructure ecosystem, we are exploring how issuers and investors can benefit from new forms of access while maintaining the standards that underpin public markets," LSE CEO Julia Hoggett said.

Beyond existing shares

The broader offering is expected to cover tokenized equities from the U.S., Europe, the UK and Hong Kong, alongside other asset classes, for LSE members using the venue. Payward said the partnership extends beyond wrapping existing shares: the two parties will also examine native equity tokens issued through LSE infrastructure, carrying the same rights and full fungibility as traditional shares.

The announcement is the latest international step for Payward's tokenized equities framework. Launched in June 2025 and acquired by Payward in December, xStocks has processed more than $40 billion in total volume across over 200,000 holders, including nearly $20 billion settled onchain, according to the company. In July, Payward teamed up with GTN to expand xStocks into Hong Kong, the UK, Europe and South Korea across GTN's execution and custody network spanning more than 90 markets, while Kraken launched U.S. stock trading alongside xStocks for European Economic Area customers last month through its Cyprus-regulated entity.

Tokenized equities in existence total roughly $2.53 billion, according to RWA.xyz data. About $606.6 million of that has been tokenized by xStocks, making it the second-largest issuer behind Ondo, which accounts for approximately $840.4 million. Payward separately reported second-quarter adjusted revenue of $508 million, up 17% year-over-year, with total platform transaction volume of $310 billion.