Kraken’s xStocks Opens the Door to European Shares, With Hong Kong Stocks Next

Payward, the company behind Kraken, has widened its xStocks lineup with tokenized versions of over 200 companies listed in Britain and the European Union. Eligible customers can trade them on Kraken and on partner platforms in the xStocks Alliance, though investors in the UK cannot access them. Every member of Germany’s DAX index is covered, among them SAP, Siemens, Allianz and Deutsche Telekom. Deutsche Börse said the tokens are also tradable on its affiliated 360X platform, with round the clock trading on select venues.

How the Tokens Work and What Holders Get

Payward says each token is backed one to one by real shares kept with a regulated custodian. Kraken’s own risk disclosure makes clear that holders get exposure to price moves only, with no voting rights and no legal claim on the underlying stock. The full xStocks menu now tops 1,500 tokenized assets.

xStocks Market Size and Ranking

The platform reports more than $45 billion in cumulative transaction volume and over 550,000 unique holders. Token Terminal values xStocks at $1.1 billion, about 22% of the $4.9 billion tokenized stock market it tracks. That puts it third, behind Binance bStocks at $1.5 billion and Ondo Finance at $1.4 billion.

Payward plans to add hundreds of Hong Kong listed equities over the next few weeks.