Payward, the developer of xStocks tokenized equities framework, and London Stock Exchange are partnering to advance tokenization of UK equity markets. In coming weeks, 100 largest companies listed on London Stock Exchange will be available as xStocks, world's most widely traded tokenized equities framework. Together firms will explore how onchain distribution and regulated market infrastructure can support next stage of tokenized public equity markets.
Payward will tokenize top 100 London-listed equities as xStocks, subject to regulatory approval London Stock Exchange will support xStocks trading on LSE 24, and will collaborate to explore issuer-sponsored equity tokens as tokenization reshapes how equities are owned, traded and settled.
xStocks are 1:1 backed tokenized representations of publicly traded shares. Developed by Payward, xStocks track performance of underlying security while adding speed, programmability, and around-the-clock access of blockchains. Assets can move between centralized exchanges, self-custodied wallets, and onchain applications, giving holders utility that share sitting in traditional brokerage account cannot currently offer.
The framework has grown quickly. In just over year, xStocks have passed $40 billion in total volume, including nearly $20 billion settled onchain, across over 200,000 holders. They also let investors around world get early access to select U.S. companies ahead of public listings through tokenized exposure, early signal of how tokenization can open markets that were previously closed to majority.
Payward will soon be tokenizing top 100 London-listed stocks as xStocks, giving investors in more than 110 countries direct, onchain route into UK's largest listed names, tradable 24/7 as programmable assets. xStocks are not currently available for UK-based investors. For UK-listed companies, framework creates additional global distribution channel, expanding potential investor base and extending access to their shares through tokenization.
Subject to regulatory approval, London Stock Exchange will then begin listing xStocks and support trading on LSE 24, LSE's recently announced 24-hour trading venue, broadening range of available assets as framework expands further. Once live, suite of supported xStocks will include tokenized equities representing assets listed in U.S., EU, UK, Hong Kong, alongside additional asset classes, giving LSE member firms route into continuously trading global markets from within familiar, regulated environment.
Today's announcement is first step in wider collaboration to modernize how UK equities are issued, traded and settled, connecting established capital markets with open, programmable blockchain infrastructure. Two firms will also explore native LSE issued equity tokens, enabling London Stock Exchange members to issue and service equity natively onchain, with same rights and full fungibility as traditional shares.
"For years assumption was that crypto and traditional finance were on collision course, and one would have to lose. That was never real story. Real opportunity is what happens when they run on same rails. Tokenization hasn't just widened who can reach market, it changes how market itself works," said Arjun Sethi, Co-CEO of Payward.
Julia Hoggett, CEO of LSE plc and Head of Digital and Securities Markets, LSEG, said: "Tokenization has potential to change how investors access, and how issuers use, financial markets, but it must develop in way that preserves trust, rights and role of regulated markets. By working with Payward, we are exploring how issuers and investors can benefit from new forms of access while maintaining standards that underpin public markets."
About Payward
Payward, Inc. is a unified financial infrastructure platform that powers a family of products advancing an open, global financial system. Built on a single shared architecture, Payward enables customers to hold, trade, earn, pay, and invest across asset classes without friction or fragmentation.
At its core, Payward provides the infrastructure layer behind Kraken and a growing set of purpose-built products, including NinjaTrader, Breakout, xStocks, and CF Benchmarks.
Payward separates infrastructure from product expression. Each product surface is designed for a specific customer segment, regulatory regime, and use case, while operating on the same global foundation:
One global liquidity pool
One unified risk and margin engine
One collateral and settlement system
One compliance and licensing framework
This shared architecture allows Payward to scale efficiently, launch new products at low marginal cost, and serve diverse global markets while maintaining consistent risk management, regulatory integrity, and operational resilience.
About xStocks
xStocks is the industry benchmark for tokenized real world assets, bringing publicly listed equities and other assets onchain through fully collateralized, 1:1-backed tokens. Powered by Payward’s digital asset infrastructure, xStocks places traditional assets on blockchain rails, expanding access to global capital markets with extended availability, global reach, and digital-native settlement. Starting with tokenized U.S. equities, xStocks now spans markets across the U.S., Europe and Asia.
Designed for interoperability, xStocks move seamlessly between centralized exchanges, self-custodied wallets, and onchain applications, unlocking new utility across trading, collateralization, and decentralized finance. Since launching in June 2025, xStocks has grown to power billions of dollars in transaction volume across multiple blockchain ecosystems, anchoring a rapidly expanding global network shaping the future of tokenized markets.
TechIntelPro empowers B2B technology decision-makers with the latest industry trends, deep insights, leadership perspectives and actionable intelligence to drive both organizational and professional milestones, and thrive on the tech pulse.
