Payward to tokenize top London-listed stocks as LSE 24 trading plan advances

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Payward to tokenize LSE stocks

Highlights

Payward will tokenize the 100 largest London Stock Exchange companies as xStocks, available in the coming weeks outside the UK via Kraken and other platforms.
Subject to regulatory approval, the LSE plans to support xStocks trading on the forthcoming LSE 24 extended-hours venue, operating Monday to Friday, 5 p.m. to 7:50 a.m.
xStocks, launched in June 2025 and acquired by Payward in December, has processed over $40 billion in total volume with nearly $20 billion settled onchain.

Tokenized stock rollout and exchange plan

According to The Block, as stated in a Tuesday company statement, Payward will tokenize the 100 largest companies listed on the London Stock Exchange as xStocks, with the first London-listed tokens expected to become available in the coming weeks on Kraken and other supporting xStocks Alliance platforms.

The tokens are designed as 1:1-backed representations of the underlying shares. Payward says the products will be available to investors in more than 110 countries, although xStocks are not currently available to investors based in the UK.

Subject to regulatory approval, the LSE plans to list and support trading in the xStocks on LSE 24, its recently announced extended-hours venue. The exchange has said LSE 24 will run from Monday through Friday between 5 p.m. and 7:50 a.m., with a 30-minute pause for end-of-day processing.

LSE CEO Julia Hoggett says the exchange is exploring how issuers and investors can benefit from new forms of access while maintaining the standards that support public markets through its work with Payward and broader market infrastructure partners.

Broader market access and tokenization strategy

The offering is set to extend beyond London-listed names. Payward says the wider product suite will include tokenized equities from the U.S., Europe, the UK and Hong Kong, alongside other asset classes for LSE members using the venue.

The partnership also covers a deeper tokenization effort than secondary trading of share-backed instruments. Payward and the LSE say they will explore native equity tokens issued through LSE infrastructure, with the same rights and full fungibility as traditional shares.

The move adds to Payward's international expansion in tokenized equities. The company says xStocks, launched in June 2025 and acquired by Payward in December, has processed more than $40 billion in total volume across over 200,000 holders, including nearly $20 billion settled onchain.

Our earlier article on the London Stock Exchange’s plan to list tokenized UK equities outlined its partnership with Payward (Kraken) to bring blockchain-based versions of major UK-listed shares to a new night-time trading venue, subject to FCA approval. We noted that these 1:1-backed tokens were expected to offer price exposure without full shareholder rights, while the exchange also explored a future model for rights-bearing “native” equity tokens within its regulated market infrastructure.

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