Payward, the parent company of crypto exchange Kraken, launched tokenized versions of more than 200 UK and European stocks — blockchain representations of listed shares — on November 11, 2026, as reported by The Wall Street Journal. The rollout placed all 40 constituents of Germany's DAX index, the country's benchmark equity index, on 360X, a trading venue backed by Deutsche Börse, giving the expansion a direct connection to traditional exchange infrastructure beyond Kraken's existing tokenized stock distribution. The move also ties Kraken's tokenization program to one of Europe's largest exchange groups.

Deutsche Börse confirmed in a press release that tokens tracking SAP, Siemens, Allianz, and Deutsche Telekom are available on 360X. The exchange operator also announced the availability of tokenized Xetra-Gold, a physically backed gold exchange-traded commodity. According to Deutsche Börse, 360X operates under the European Union's DLT Pilot Regime, a framework that permits regulated use of distributed ledger technology in securities trading. The pilot regime has been in application since 2023 and is designed to let approved venues test trading and settlement with distributed ledger technology under tailored conditions.

Tokens Backed One-for-One by Underlying Shares

Payward's xStocks framework creates blockchain tokens backed one-for-one by shares held with regulated custodians. Partner GTN handles execution and custody of the underlying securities, Payward said, and every issued token corresponds to a purchase of an underlying share. That mechanism creates a potential channel linking token demand with established stock markets. Payward did not disclose separate trading volumes for the newly launched European instruments.

The November expansion follows a GTN partnership announced in July and previously covered by CoinCentral. Payward said the initial release covers more than 200 actively traded UK and EU-listed companies, with additional companies to join on a rolling basis. The rollout fulfills plans to tokenize the top 100 London-listed companies, according to Payward.

Investors Face Trading and Ownership Restrictions

The new tokens trade through Kraken and supporting xStocks Alliance platforms, subject to location restrictions. Payward says the framework is available across more than 110 markets, although investors in the United Kingdom and United States cannot access xStocks. That exclusion applies even to tokens backed by London-listed shares, so UK investors cannot access tokenized versions of companies on their home exchange.

Deutsche Börse describes round-the-clock trading across select venues. Payward's disclosure specifies 24-hour trading on five weekdays for European Economic Area clients using Kraken. That continuous schedule contrasts with traditional equity exchanges such as Xetra and the London Stock Exchange, which confine trading to fixed weekday sessions. The tokens also differ from ordinary shares: Kraken's risk disclosure states that holders lack shareholder voting rights and direct claims on the underlying stock — differences from owning the shares outright. Backed Assets (JE) Limited issues the tokens, while Payward Digital Solutions distributes them to eligible Kraken customers.

London Exchange Listing Remains Conditional

The London Stock Exchange announced its tokenization partnership with Payward on September 1, according to the exchange. Under that agreement, London plans to list xStocks on its LSE 24 platform during 2027. The proposed listing requires regulatory approval and is separate from the November launch.

Payward also expects hundreds of Hong Kong-listed equities to follow in the coming weeks, as previously reported by CoinCentral, though it has not specified a firm launch date for those products. The company reports that xStocks now covers more than 1,500 assets, citing $1.1 billion under management and $45 billion in cumulative trading volume. The figures refer to the xStocks program overall.