Payward plans 100 London-listed stock tokens for LSE 24 trading

Kraken parent Payward plans to tokenize the 100 largest companies listed on the London Stock Exchange as xStocks. The first London-listed xStocks are expected on Kraken and other supporting xStocks Alliance platforms in the coming weeks. The tokens will represent the underlying shares on a 1:1 basis. The tokens will be available to investors in more than 110 countries. xStocks are not currently available to UK-based investors. Subject to regulatory approval, the LSE plans to list and support xStocks trading on LSE 24. LSE 24 is the LSE's recently announced extended-hours venue. LSE 24 is planned to operate Monday through Friday from 5 p.m. to 7:50 a.m. The venue will have a 30-minute pause for end-of-day processing. LSE CEO Julia Hoggett said the LSE is exploring new forms of access while maintaining public-market standards. Payward and the LSE will explore native equity tokens issued through LSE infrastructure. The native tokens would have the same rights and full fungibility as traditional shares. Payward said the broader offering will cover tokenized equities from the U.S., Europe, the UK, and Hong Kong. The offering will also cover other asset classes for LSE members using the venue. xStocks launched in June 2025. Payward acquired xStocks in December. Payward said xStocks has processed over $40 billion in total volume. The platform has more than 200,000 holders. Nearly $20 billion has been settled onchain. Payward partnered with GTN in July to expand xStocks into Hong Kong, the UK, Europe, and South Korea. GTN's execution and custody network spans more than 90 markets. Kraken launched U.S. stock trading alongside xStocks for European Economic Area customers last month. Kraken provides that service through its Cyprus-regulated entity. RWA.xyz data puts the value of tokenized equities in existence at roughly $2.53 billion. xStocks accounts for about $606.6 million of that value. xStocks is the second-largest issuer by that measure after Ondo. Ondo has approximately $840.4 million in tokenized equities. Payward reported second-quarter adjusted revenue of $508 million. Adjusted revenue increased 17% year over year. Payward's total platform transaction volume reached $310 billion.