Payward Partners GTN to Tokenise International Stocks via xStocks

Payward, the parent company of the Kraken crypto exchange and owner of the xStocks platform, has agreed a partnership with Dubai-based GTN to bring tokenised international equities into the xStocks ecosystem, beginning with Hong Kong-listed stocks. The UK, Europe, and South Korea are among the other jurisdictions earmarked for expansion, alongside additional asset classes. Regulatory approval is still required before Payward can distribute xStocks to GTN’s institutional client base.

xStocks does not offer direct equity ownership. The tokens are structured as open-ended tracker certificates issued by a Jersey special purpose vehicle under Swiss ledger-based securities law, giving holders a secured claim over a pledged collateral account rather than shareholding rights. This structure, shared with competitors, allows the instruments to circulate within decentralised finance (DeFi) rails, with know-your-customer (KYC) checks applied only at entry and exit points rather than throughout the chain.

For US equities, Alpaca serves as the API-driven broker and custodian of underlying stocks. GTN will fill an equivalent role for the international expansion, covering trading and custody across a footprint that includes licences in the US, UK, Dubai (DFSA/DIFC), Hong Kong, Singapore, and South Africa, with access to 90 trading markets globally. Alpaca’s own recent acquisition of a European API-driven brokerage firm, alongside a USD 135 million fundraise, appears directly linked to similar international ambitions. Operators should note, however, that extending beyond US-listed names introduces regulatory and operational frictions that do not arise with Nasdaq and NYSE-listed securities.