Kraken parent Payward to tokenize 100 London-listed stocks, with LSE 24 trading planned

Payward will tokenize the 100 largest companies listed on the London Stock Exchange as xStocks, according to a statement released on Tuesday. The first London-listed xStocks are expected to be available in the coming weeks on Kraken and other supporting xStocks Alliance platforms.

The tokens will be 1:1-backed representations of the underlying shares and will be available to investors in more than 110 countries, although xStocks are not currently available to UK-based investors.

Subject to regulatory approval, the LSE plans to list and support trading in the xStocks on LSE 24, its recently announced extended-hours venue. The exchange has said LSE 24 will operate Monday through Friday from 5 p.m. to 7:50 a.m., with a 30-minute pause for end-of-day processing.

"By working with Payward, and continuing to collaborate across the market infrastructure ecosystem, we are exploring how issuers and investors can benefit from new forms of access while maintaining the standards that underpin public markets,” LSE CEO Julia Hoggett said. 

The broader offering will span tokenized equities from the U.S., Europe, the UK, and Hong Kong, alongside other asset classes, for LSE members using the venue, Payward said. 

The partnership also goes beyond trading tokenized versions of existing shares. Payward and the LSE will explore native equity tokens issued through LSE infrastructure, with the same rights and full fungibility as traditional shares, according to the statement. 

Payward's tokenized equities framework

The move marks the latest international push for Payward's tokenized equities framework. Launched in June 2025 and acquired by Payward in December, xStocks has processed over $40 billion in total volume across more than 200,000 holders, including nearly $20 billion settled onchain, according to the company. 

In July, Payward partnered with GTN to expand xStocks into Hong Kong, the UK, Europe, and South Korea across GTN’s execution and custody network spanning more than 90 markets. Kraken also launched U.S. stock trading alongside xStocks for European Economic Area customers last month through its Cyprus-regulated entity.

There is roughly $2.53 billion worth of tokenized equities in existence, according to RWA.xyz data. About $606.6 million worth of that figure has been tokenized by xStocks, making it the second-largest issuer after Ondo, with approximately $840.4 million tokenized.

Payward reported second-quarter adjusted revenue of $508 million, up 17% year-over-year, while total platform transaction volume reached $310 billion.