TheBlock
Payward, the parent of crypto exchange Kraken, will tokenize the 100 largest companies listed on the London Stock Exchange as xStocks, with the first London-listed tokens expected on Kraken and other xStocks Alliance platforms within weeks. The LSE itself plans to list and support trading in the tokens on LSE 24, its recently announced extended-hours venue running 5 p.m. to 7:50 a.m. London time, Monday through Friday.
Why it matters
The exchange standing up a venue is the structural beat. Every previous tokenized-equity product was a third-party wrapper sitting outside traditional market plumbing. Here, the LSE is choosing to support trading in the tokens directly, a signal that public-market infrastructure is opening to onchain representations rather than treating them as a parallel rails experiment. LSE CEO Julia Hoggett framed it as exploring how issuers and investors can benefit from new forms of access while maintaining the standards that underpin public markets. The partnership also extends beyond wrappers. Payward and the LSE will explore native equity tokens issued through LSE infrastructure, with the same rights and full fungibility as traditional shares.
Market impact
xStocks is already the second-largest tokenized-equity issuer globally. About $606.6 million worth of equities sit in xStocks tokens, behind Ondo's roughly $840.4 million, on a $2.53 billion total market per RWA.xyz. Since Payward acquired xStocks in December 2025, the product has processed over $40 billion in total volume across more than 200,000 holders, with nearly $20 billion settled onchain. Payward reported second-quarter adjusted revenue of $508 million, up 17% year-over-year, while total platform transaction volume reached $310 billion. The tokens will be available to investors in more than 110 countries, although UK-based investors are excluded at launch.
Frequently asked questions
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What is Payward announcing with the London Stock Exchange?
Payward, the parent of crypto exchange Kraken, will tokenize the 100 largest companies listed on the LSE as xStocks, with the LSE itself standing up its new extended-hours venue to trade them.
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When will the London xStocks be tradable on Kraken?
The first London-listed xStocks are expected on Kraken and other xStocks Alliance platforms in the coming weeks, with LSE 24 trading subject to regulatory approval.
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Which countries can access the new London tokenized equities?
The tokens will be available to investors in more than 110 countries at launch, though UK-based investors are excluded.
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How do xStocks relate to the underlying London-listed shares?
Each xStock is a 1:1-backed representation of the underlying share, and the partnership also explores native equity tokens issued through LSE infrastructure with the same rights and full fungibility as traditional shares.
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How large is the tokenized equities market today?
Roughly $2.53 billion in tokenized equities exist per RWA.xyz, with xStocks the second-largest issuer at $606.6 million behind Ondo's $840.4 million.
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