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Payward adds 200 UK and EU equities to xStocks: all 40 DAX names, $1.1B AUM

Kraken's parent tokenizes HSBC, Shell, LVMH, Airbus and the full DAX — 1,500+ xStocks across Solana, Ethereum and TON. GTN custodies underlyings. Not available in UK or U.S.

by 3 min read
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Payward, Kraken's parent, announced on Nov 11, 2026 that it has tokenized more than 200 UK- and European-listed equities as xStocks, including the full 40-name DAX (SAP, Siemens, Allianz) and names such as HSBC, Shell, LVMH and Airbus. The expansion is the largest beyond the U.S. tape to date. xStocks now spans 1,500+ tokenized stocks, ETFs and IPOs, has $1.1B+ AUM, $45B+ lifetime transaction volume and 550,000+ holders. Trading runs on Solana, Ethereum and TON in 110+ markets. Decrypt, The Block and CoinDesk all carry it.

What's actually tokenized

Each xStock is backed 1:1 by the underlying share. Execution and custody of the underlying is handled by GTN, a brokerage-infrastructure firm. Per Payward: the share is bought and held by a regulated custodian for as long as the token trades. Dividends are reinvested into additional tokens rather than paid in cash. Since August 2026, eligible holders can also submit proxy voting preferences via Broadridge.

Markets. 110+. Not available to investors resident in the United Kingdom (ironically, given the tokens include UK-listed names) or in the United States.

Chains. Solana, Ethereum, TON — the three chains xStocks were already live on.

Numbers

- UK/EU tokens added         : 200+ (rolling additions)
- DAX coverage               : all 40 constituents (SAP, Siemens,
                               Allianz, etc.)
- Named adds                 : HSBC, Shell, LVMH, Airbus (per Payward)
- Platform totals
    xStocks listed           : 1,500+
    AUM                      : $1.1B+
    Lifetime volume          : $45B+
    Holders                  : 550,000+
- Chains                     : Solana, Ethereum, TON
- Execution and custody of
  underlying shares          : GTN
- Dividends                  : reinvested into additional tokens
- Proxy voting (since Aug)   : Broadridge
- Geographic availability    : 110+ markets (not UK, not U.S.)
- Upcoming                   : hundreds of HK-listed stocks in coming
                               weeks; LSE 24 listing in 2027 (pending)

What to watch

  1. LSE 24 regulatory approval. Payward's September deal with the London Stock Exchange commits to tokenizing LSE's 100 largest listed companies, with trading planned on LSE 24 in 2027. The approval path from the FCA is the specific gating item.
  2. Hong Kong-listed batch. Payward flagged "coming weeks" for hundreds of HK-listed names. HK's SFC regime for virtual-asset issuance differs materially from GTN's default EU/U.S. custody model; which SFC-licensed custodian takes the HK underlyings is the structural unknown.
  3. Deutsche Börse and Nasdaq follow-ons. Deutsche Börse took a $200M stake in Payward in April, and Nasdaq agreed in September to invest $100M at a $21B valuation and to list xStocks from 2027 under a March partnership. The Nasdaq listing path is the first case of a U.S. national exchange carrying tokenized equities as a product tier.
  4. Dividend reinvestment tax treatment. Reinvestment versus cash dividends changes the holder's tax posture in multiple jurisdictions. A clean tax-reporting trail — basis tracking on each reinvested slice — becomes a differentiator against competing tokenization venues.

Context

Payward's push lands in the same week as OKXICE's Nov 23 launch of tokenized U.S. equities under the SEC innovation exemption. The two venues target disjoint regulatory lanes — OKXICE is U.S.-exemption-only, xStocks is non-U.S.-only — but converge on the same asset class. With xStocks at $1.1B AUM and OKXICE opening 24/7 on the 23rd, tokenized equities finally crosses the threshold where a serious portfolio can be held on-chain — about four years after Backed Finance and tZERO's first attempts stalled on distribution.

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