The short version
- xStocks added 200+ of the most traded UK and EU listed stocks and all 40 DAX companies as tokens on November 11, taking it past 1,500 tokenized assets.
- Assets on the platform passed $1.1 billion, up from about $225 million in February, with more than $45 billion in total volume.
- The tokens trade on Kraken, xStocks Alliance apps and Deutsche Börse’s 360X, but not in the US or the UK.
- Next: hundreds of Hong Kong-listed stocks in the coming weeks, and a planned London Stock Exchange listing on LSE 24 in 2027.
Europe’s blue chips now come with an x on the end. Kraken xStocks, the tokenized stocks platform run by Kraken parent Payward, went shopping in Europe on Wednesday, and it did so with over $1.1 billion in assets behind it.
Payward announced the first wave of more than 200 of the most actively traded UK and EU listed companies as tokens, with more to come on a rolling basis. A second release the same day put every company in Germany’s DAX 40 onchain, from SAP to Siemens.
So what can traders actually buy now, and who is still locked out?
The platform named some of the first European names in its own post:
xStocks started by tokenizing US capital markets.
Today, we’re tokenizing 200+ equities listed in the UK and EU through our partnership with @GTNGlobal.
LVMH, Rolls-Royce, HSBC, Airbus, SAP and more are all now available onchain.
What Did xStocks Add on Wednesday?
Two batches: 200+ of the most traded UK and EU listed stocks, and tokens for all 40 DAX companies. LVMH, Rolls-Royce, HSBC and Airbus are in the first group, and Xetra-Gold, Europe’s most traded gold ETC, came along with the German names.
Each one is a token backed 1:1 by the real share, a kind of real-world asset that lives on Solana, Ethereum, TON, Ink, X Layer and other chains. The German tickers follow that pattern: SAPx for SAP, SIEx for Siemens, ALV.DEx for Allianz and DTE.DEx for Deutsche Telekom.
From day one, the DAX tokens also trade on 360X, a Deutsche Börse company that runs under the EU’s DLT Pilot Regime, the bloc’s test license for blockchain trading venues. Everything trades on Kraken and on xStocks Alliance partner apps in the 110+ markets where the tokens are sold.
Mark Greenberg, Payward’s chief commercial officer, sold the idea in one line: “A portfolio should not have borders or trading hours.” The hours part comes with a footnote, though. The DAX release promises 24/7 trading “across select venues,” but on Kraken in the EEA they trade 24/5.
Sponsored · Affiliate link
Save 20% on fees trading on WEEX
Base Camp may earn a commission if you sign up. It never affects what we write.
Who Can’t Buy xStocks?
Americans and Brits. The tokens are not available in the US or to US persons, and they “continue to be unavailable to investors in the United Kingdom,” per the release.
In other words, a trader in London can’t buy the tokenized London stocks. The launch delivers on Payward’s plan to tokenize the top 100 London-listed companies, and none of them can be bought from a UK account.
That may change from the exchange side. In 2027, subject to regulatory approval, the London Stock Exchange intends to list xStocks and trade them on LSE 24. An LSEG executive said as much on stage on Tuesday:
The London Stock Exchange is embracing tokenization, with xStocks set to play a role.
“We’re going to be looking to list xStocks on LSE24. If you look at xStocks, it’s a 24/7 product, a product that never sleeps and it makes sense that we find a home for it there.”
– Darko
Before that, hundreds of Hong Kong-listed stocks are due “in the coming weeks,” with more international markets after.
SIDE TRAIL: Tokenized SpaceX Stock: How Crypto Traders Buy SPCX Onchain, and What They Really Own
Assets Grew Almost Fivefold Since February
In February, the platform held about $225 million. For context, it launched in June 2025 with just 60 tokenized US stocks and ETFs, and it said it crossed $1 billion on October 28. Two weeks later, Payward puts the figure above $1.1 billion.
Payward’s two releases don’t quite agree, though. The DAX one still says more than 1,300 tokens, over $1 billion and 500,000+ holders. The figures above come from the UK and EU release, the one that counts Wednesday’s new batch.
TRAIL MAP: Avalanche NYSE Pick: Avalanche to Settle Tokenized Stock Trades
Greenberg’s other line from the launch fits the UK gap best: “Access to capital markets is still drawn on a map, and it still depends on holding the right passport.”
VikingXBT has been trading crypto since 2017. The focus is futures, onchain data and automation. Onchain flows get checked before a chart is trusted, and anything repetitive gets automated. VikingXBT built Base Camp's own onchain scanner, which flags bundlers, snipers, dev holdings and wallet clusters in one view, and backtests strategies before trading them.
More from VikingXBT
