Kraken Expands Tokenized Stocks Beyond U.S. Markets Through GTN Partnership

The Payward-owned platform will begin with Hong Kong-listed equities before expanding to Europe, the UK and South Korea, extending its tokenization strategy beyond U.S. stocks.

Payward, the parent company of crypto exchange Kraken, is expanding its tokenized equities strategy beyond U.S. markets through a new partnership with global fintech infrastructure provider GTN, marking another step in the evolution of blockchain-based capital markets.

The collaboration will allow Payward's xStocks platform to offer tokenized international equities, starting with Hong Kong-listed companies before expanding to stocks listed in the United Kingdom, Europe and South Korea, subject to regulatory approvals.

The announcement positions Kraken among a growing group of firms seeking to bring traditional securities onto blockchain infrastructure while making them accessible across borders.

From U.S. Stocks to Global Markets

Launched in 2025, xStocks enables investors outside the United States to trade blockchain-based tokens backed one-to-one by real company shares held in regulated custody.

The platform initially focused on U.S. equities and exchange-traded funds (ETFs). According to Payward, it has since expanded to more than 500 tokenized assets and processed over $35 billion in transaction volume.

The partnership with GTN extends that model internationally, allowing tokenized versions of non-U.S. listed equities to be issued through regulated infrastructure.

GTN will provide execution, custody and market connectivity across more than 90 global markets, while Payward contributes the tokenization framework that brings those securities onto blockchain networks.

According to GTN, the infrastructure is designed to allow financial institutions to expand into new asset classes without rebuilding their existing technology stack.

Beyond Tokenization, Toward Global Capital Markets

The expansion reflects a broader shift in tokenized securities from digitizing individual assets to connecting fragmented capital markets.

"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."

Rather than focusing solely on tokenizing securities, the initiative aims to make listed equities accessible through blockchain infrastructure regardless of where they are issued.

The agreement also creates a pathway for future tokenization of additional asset classes beyond equities, pending regulatory approvals.

Competition Intensifies in Tokenized Equities

Kraken's expansion comes as competition in tokenized equities accelerates.

Robinhoodrecently launched tokenized U.S. equities on its proprietary blockchain, while Coinbase is preparing a one-to-one backed tokenized stock offering through its Base network.

Earlier this year, Payward also partnered with Nasdaqto develop a tokenized equities gateway targeted for 2027, reinforcing the company's strategy of positioning blockchain infrastructure alongside traditional capital markets.

Unlike competitors that remain focused primarily on U.S. securities, Payward is targeting international equity markets, beginning with Asia before expanding into Europe and other regions.

Building a Regulated Global Infrastructure

The latest initiative builds on Payward's broader institutional expansion strategy.

In May, the company secured preliminary authorization from Dubai's Virtual Assets Regulatory Authority (VARA), paving the way for Kraken to offer regulated trading, custody and institutional services in the UAE. The approval also supports Payward's strategy of combining regulated local operations with global liquidity and digital asset infrastructure.

Taken together, the UAE expansion, the Nasdaq collaboration and the GTN partnership illustrate a broader evolution in Kraken's business model—from operating primarily as a crypto exchange toward becoming a provider of regulated infrastructure spanning digital assets, tokenized securities and global capital markets.

As financial institutions increasingly explore blockchain-based issuance and settlement, the competition is shifting beyond tokenizing individual stocks toward building the infrastructure capable of connecting capital markets across jurisdictions.