GTN and Payward, the developer of the xStocks tokenized equities framework and parent company of Kraken, announced a partnership aimed at expanding xStocks beyond U.S. stocks and ETFs into international equities and, over time, additional asset classes.

The companies said the agreement marks the next phase of xStocks by creating a route to broaden the framework into equities listed in markets outside the United States. The planned rollout is expected to begin with tokenized equities listed in Hong Kong, followed by UK-listed assets, European assets, South Korean assets and other markets. The expansion is subject to required licenses and regulatory approvals in each market.

According to the announcement, the partnership also creates an opportunity for xStocks to move beyond tokenized equities for the first time and include other tokenized asset classes. For individual holders, the companies said the arrangement could allow tokenized assets from markets around the world and multiple asset classes to be held side by side in one onchain portfolio, traded 24/7 and moved across the more than 100 exchanges, wallets and DeFi applications where xStocks already trade.

GTN will provide global execution and custody for the traditional assets underlying the planned xStocks expansion. The company offers access to a broad range of asset classes across more than 90 markets through a single integration. GTN said its infrastructure provides a route for xStocks to scale its tokenized offering beyond U.S. equities into international listed equities and, over time, new asset classes, subject to regulatory approvals.

Tokenized equity products depend on conventional market infrastructure as well as blockchain distribution, because issuers must account for the underlying shares and comply with market-by-market rules. Under the agreement, GTN will provide infrastructure supporting ledgering and record-keeping for tokenized products, helping token issuers account for the underlying assets. Subject to GTN obtaining the required licenses in each market, the company also plans to make a range of xStocks available to its institutional clients alongside its existing offering.

Because GTN spans multiple asset classes across more than 90 markets, the companies said the partnership creates pathways for the xStocks ecosystem to diversify the assets listed across the hundreds of centralized exchanges, self-custody wallets and DeFi protocols where it already trades.

"For decades, we've accepted that capital markets should be fragmented by country, currency, and market hours," said Mark Greenberg, Global Head of Payward Services. "That's a legacy financial infrastructure problem. The biggest asset class that hasn't been tokenized yet is the rest of the world, and our partnership with GTN is about changing that. One asset at a time, we're bringing truly global capital markets onchain until geography becomes irrelevant to investing."

"Financial institutions want to move into new asset classes and markets without rebuilding their technology. Our infrastructure lets partners like Payward launch quickly across 90+ markets and a full range of instruments, and it includes the sub-accounting technology Kraken needs to offer tokenised products. We are delighted that Payward has selected GTN as a global product expansion partner," said Ankit Shah, Global Head of FinTech, GTN.

xStocks launched a year ago with tokenized U.S. stocks and ETFs backed 1:1 by the underlying assets. Since then, the framework has expanded to more than 500 tokenized assets across equities, ETFs and IPOs, which the companies described as the widest range offered by any tokenized equities framework. xStocks now powers more than $35 billion in transaction volume across multiple blockchain ecosystems and has nearly 200,000 holders worldwide.

The GTN partnership begins the next phase for xStocks by extending the framework beyond U.S. capital markets for investors around the world. The partnership is already live, while tokenized distribution to GTN's institutional clients is expected to follow once the required licenses are in place. The companies said they plan to share details on enhanced offerings in the coming weeks.

About Payward

Payward, Inc. is a unified financial infrastructure platform that powers a family of products intended to advance an open, global financial system. Built on a single shared architecture, Payward enables customers to hold, trade, earn, pay and invest across asset classes without friction or fragmentation.

Payward provides the infrastructure layer behind Kraken and a growing set of purpose-built products, including NinjaTrader, Breakout, xStocks and CF Benchmarks.

The company separates infrastructure from product expression. Each product surface is designed for a specific customer segment, regulatory regime and use case while operating on the same global foundation. That foundation includes one global liquidity pool, one unified risk and margin engine, one collateral and settlement system, and one compliance and licensing framework.

Payward said this shared architecture allows it to scale efficiently, launch new products at low marginal cost and serve diverse global markets while maintaining consistent risk management, regulatory integrity and operational resilience. More information is available at www.payward.com.

About xStocks

xStocks is a tokenized equities framework that brings publicly listed U.S. stocks and ETFs onchain through fully collateralized, 1:1-backed tokens. Powered by Payward's digital asset infrastructure, xStocks provides exposure to traditional equities on blockchain infrastructure, expanding access to U.S. capital markets with extended availability, global reach and digital-native settlement.

The framework is designed for interoperability, allowing xStocks to move between centralized exchanges, self-custodied wallets and onchain applications. The companies said this supports use cases across trading, collateralization and decentralized finance.

Since launching in June 2025, xStocks has powered billions of dollars in transaction volume across multiple blockchain ecosystems and anchors a growing global network for tokenized markets. More information is available at

About GTN

GTN is a global fintech infrastructure company that provides investment access through a unified API-first architecture. By combining cloud-native technology with institutional expertise, GTN provides brokers, banks, asset managers and fintechs with brokerage infrastructure spanning more than 90 markets and eight asset classes through a single API.

The company said its infrastructure enables partners to create investing and trading experiences across areas including fractional trading, micro-portfolios, $1 fractional bonds and full-service brokerage. GTN automates the investment lifecycle from digital onboarding to post-trade settlement. As a single counterparty, GTN said it reduces technical and regulatory burdens for investment banks, brokerage firms and wealth management firms seeking to scale without building technology from scratch.

GTN has more than 600 professionals across 14 countries and serves more than 500 clients globally. The company is regulated across six jurisdictions: FCA, DFSA, MAS, FINRA, FSCA and SFC. GTN is backed by strategic investors including IFC, a member of the World Bank Group, and SBI Ventures Singapore. More information is available at www.gtngroup.com and on LinkedIn.

Important information

The announcement was issued for informational purposes only and is not investment, legal or tax advice. It is not an offer or solicitation to buy or sell any security, token or other financial instrument.

xStocks are issued by Backed Assets (JE) Limited, a Jersey private limited company. They are offered to eligible Kraken customers through Payward Digital Solutions Ltd. ("PDSL"), a company licensed to conduct digital asset business by the Bermuda Monetary Authority, and to eligible EU customers through Payward Europe Digital Solutions Ltd., a company authorized and regulated by the Cyprus Securities and Exchange Commission.

xStocks are not offered or available in the United States or to U.S. persons, and other geographic restrictions apply. xStocks are not, and will not be, registered with any local securities regulators. Product and service availability varies by jurisdiction and is subject to local regulatory requirements and approvals. GTN's provision of any services described in the announcement is subject to GTN obtaining the relevant regulatory licenses in each market.

Tokenized and cryptoasset products carry significant risk, including the risk of total loss. They may be unregulated and may not be covered by statutory compensation schemes. The value of investments can decrease as well as increase. Kraken's xStocks Risk Disclosure is available at kraken.com/legal/xstocks, and the Base Prospectus and related Final Terms for xStocks are available at

The announcement contains forward-looking statements that reflect current expectations and are subject to change, including as a result of regulatory, market and technological developments. GTN and Payward said they undertake no obligation to update those statements.