Payward expands xStocks to Hong Kong with 500-plus tokenized securities

Payward, the parent of crypto exchange Kraken and developer of the xStocks framework, is expanding the tokenized-asset platform beyond U.S.-listed equities and ETFs through a partnership with fintech infrastructure provider GTN. Hong Kong-listed stocks are the first target, with U.K., European and South Korean listings planned next, while the companies also flagged other asset classes as a longer-term opportunity. The partnership is already live on the infrastructure side, but distribution to GTN's institutional clients will depend on GTN securing the required licenses in each market. GTN will provide execution, custody, ledgering and record-keeping across more than 90 markets and eight asset classes through a single API, while Payward continues to supply the tokenization framework. Payward said the expanded assets could eventually become available across the more than 100 exchanges, wallets and decentralized finance applications that already support xStocks. Payward said xStocks, launched in June 2025 with U.S. stocks and ETFs backed 1:1 by the underlying shares, now includes more than 500 tokenized assets spanning equities, ETFs and IPOs, with more than $37 billion in cumulative transaction volume and close to 200,000 holders. OKX launched its own tokenized stock offering built on the xStocks framework on July 16, extending the product beyond Kraken's own platform. xStocks remain unavailable to U.S. persons under existing geographic restrictions, and are issued by Backed Assets in Jersey and offered to eligible customers through Payward's licensed entities in Bermuda and Cyprus.