Kraken parent Payward has partnered with fintech infrastructure provider GTN to expand xStocks, its tokenized equity platform, beyond U.S.-listed stocks and exchange-traded funds.

The companies plan to bring xStocks into international markets, beginning with Hong Kong-listed shares offered globally. According to a July 22 announcement from Payward, the expansion will depend on local regulatory approvals and licences, and the companies intend to target the UK, Europe, South Korea and other markets after Hong Kong.

GTN will provide traditional market infrastructure for the next phase of xStocks, including execution, custody, ledgering and record-keeping across more than 90 international financial markets. Payward will continue to provide the tokenization framework that creates blockchain-based versions of the underlying assets. That division of responsibilities is central to tokenized equity products, which must link blockchain-based tokens to securities held and administered through regulated market infrastructure.

Payward said xStocks has grown to more than 500 tokenized assets and has processed more than $37 billion in transaction volume since launch. The partnership could also support additional asset classes on xStocks over time.

A new (global) chapter for xStocks. After pioneering tokenized US equities, xStocks is expanding into international markets, starting with assets listed in Hong Kong. One integration. Greater distribution. Direct access to global markets at scale. pic.twitter.com/yT0wziIRGJ — Payward Services (@PaywardServices) July 22, 2026

A new (global) chapter for xStocks. After pioneering tokenized US equities, xStocks is expanding into international markets, starting with assets listed in Hong Kong. One integration. Greater distribution. Direct access to global markets at scale. pic.twitter.com/yT0wziIRGJ

Hong Kong was selected as the first market for the international rollout. The companies said they later plan to add UK-listed shares, European securities and South Korean assets. GTN also plans to offer xStocks to institutional clients after it secures the required licences in each market.

Mark Greenberg, Global Head of Payward Services, said traditional capital markets still divide investors by geography, currencies and trading hours.

“For decades, we’ve accepted that capital markets should be fragmented by country, currency, and market hours,” Greenberg said. “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.”

GTN to provide infrastructure across more than 90 markets

GTN will connect xStocks to its global execution and custody network through a single infrastructure layer. The arrangement gives Payward a route into international markets without requiring the company to build separate traditional finance systems for each country.

Ankit Shah, Global Head of FinTech at GTN, said financial firms want access to new markets without rebuilding their technology for every expansion. He said GTN’s infrastructure can support Payward across more than 90 markets while providing the sub-accounting systems needed for tokenized products.

The companies said the partnership has already begun, although GTN must obtain regulatory approvals before distributing xStocks to its institutional clients. Payward also said the expanded assets could become available across more than 100 exchanges, wallets and decentralized finance applications that already support the xStocks ecosystem. The timing and scope of that distribution will depend on how each jurisdiction treats the offering, custody and transfer of tokenized securities.

The expansion comes as tokenized equities continue to draw more trading activity. As crypto.news reported, tokenized stock transfer volume reached $8.41 billion during a recent monthly period, while distributed value rose to about $2.16 billion. xStocks ranked among the largest platforms in the sector at that time.

Payward broadens xStocks use cases

Payward says xStocks now includes more than 500 tokenized assets spanning equities, ETFs and IPO-related products. The company reports more than $37 billion in total transaction volume and nearly 200,000 holders worldwide. Each xStock uses underlying securities to maintain 1:1 backing.

The platform has also added new uses for tokenized equities during 2026. As previously reported, Kraken began allowing eligible clients to use selected xStocks as collateral for futures and margin positions. The change allows qualifying traders to maintain exposure to tokenized stocks while using those assets to support other positions.

Payward has also expanded xStocks into IPO access. Crypto.news reported in June that eligible Kraken users and xStocks Alliance members could register interest in U.S.-listed IPO allocations and receive tokenized shares after listing.

The company increased its control over the technology behind xStocks after agreeing to acquire Backed Finance in December 2025. Payward completed the acquisition in January 2026, according to its first-quarter financial update.

Tokenized equity competition continues to expand

Payward’s international push comes as more crypto companies and traditional market firms compete in tokenized equities. Ondo, Robinhood, Coinbase, Backpack and other platforms have expanded their own products, while exchanges and clearing firms are also testing blockchain-based securities infrastructure.

As crypto.news recently reported, competition now includes multiple models for moving public shares onchain. Some products offer tokens backed by securities held with custodians, while other projects aim to issue or record the securities themselves through regulated blockchain systems.

Regulatory questions remain part of that expansion. A separate crypto.news report said U.S. securities transfer groups had asked the Securities and Exchange Commission to draw clearer distinctions between issuer-backed tokenized securities and products created by third parties.

Payward and GTN will focus on obtaining the approvals needed to expand xStocks into additional markets. Hong Kong is the first planned step, with other major financial regions expected to follow. The partnership also gives Payward infrastructure that could support tokenized assets beyond equities as the platform expands its international product range.