Kraken's xStocks adds 200+ UK and EU stocks as tokens

What happened. Payward, the company that owns the Kraken crypto exchange, launched its first batch of tokens for stocks listed in the UK and the European Union. It covers more than 200 of the most actively traded names. According to CoinDesk, it includes all 40 companies in Germany's DAX index, such as SAP, Siemens and Allianz.

How it works. Each xStocks token is backed 1:1 by a share. When a token is issued, a real share is bought and held at a regulated custodian for as long as the token trades. Broker GTN, a Payward partner, handles the buying and the custody. The tokens trade on Kraken and partner platforms, and you can hold them in your own wallet and use them in DeFi on Solana, Ethereum, TON and other chains.

Scale. Payward says xStocks now spans more than 1,500 tokenized assets with over $1.1 billion under management. Total volume has passed $45 billion, with more than 550,000 holders.

The catch. CoinDesk notes that xStocks are certificates that track a share price but do not make you an owner of the company. Dividends are not paid in cash but reinvested in more tokens. Since August, holders of some tokens can send proxy voting preferences through Broadridge.

Who cannot buy. The tokens are not sold to people in the US or the UK. They are issued by Backed Assets of Jersey and are not registered in the US.

What comes next. Payward plans to add hundreds of Hong Kong listed stocks in the coming weeks. Under a September deal, the London Stock Exchange intends to trade xStocks on its LSE 24 venue in 2027, subject to regulatory approval.

Confirmed facts

• Payward launched xStocks tokens for 200+ of the most traded UK and EU listed stocks on November 11, 2026.^[1][2]
• Each token is backed 1:1 by the underlying share, held at a regulated custodian.^[1][2]
• The new batch includes all 40 DAX companies, including SAP, Siemens and Allianz.^[2]
• xStocks spans more than 1,500 tokenized assets with over $1.1 billion under management.^[1][2]
• Total xStocks volume has passed $45 billion, with more than 550,000 unique holders.^[1]
• Broker GTN handles trade execution and custody of the shares.^[1][2]
• The tokens are not available to investors in the US or the UK.^[1][2]
• A token gives no ownership of the company, and dividends are reinvested in additional tokens.^[2]
• Hundreds of Hong Kong listed stocks will be added in the coming weeks.^[1][2]
• The London Stock Exchange intends to trade xStocks on LSE 24 in 2027, subject to regulatory approval.^[1][2]

Implications

• ConfirmedAccess to Europe's largest companies through crypto platforms just got wider.
• Our readingFor investors in countries without a convenient broker it is an easy way in, but with different rights than a normal share. This is our view.
• Our readingThe race in tokenized stocks between crypto platforms and traditional exchanges is speeding up. This is our view.

Still unknown

• The full list of the 200+ companies and how many come from each country
• What fees and spreads the new tokens will carry on Kraken
• Whether and when regulators approve xStocks trading on LSE 24

Who it affects

Europe, United Kingdom, Global. Investors outside the US and UK who want European stocks through crypto platforms

Sources

1. Payward: xStocks Broadens Suite of Tokenized Assets, Bringing Hundreds of UK and EU-Listed Equities Onchain November 11, 2026 · official
2. CoinDesk: Kraken's xStocks adds 200 UK and EU shares as its assets top $1.1 billion November 11, 2026 · media