Crypto exchange Kraken’s parent company, Payward, is extending its tokenised stock platform xStocks beyond US shares, in a move that intensifies the race to bring global equity markets on to public blockchains.
The expansion will add listed companies from Hong Kong, the UK, South Korea and other major markets, allowing investors to trade blockchain-based versions of traditional shares around the clock, rather than only during local market hours.
The initiative comes as large retail trading and crypto platforms, including Robinhood and Coinbase, are developing similar services, betting that so‐called “tokenised securities” will become a key bridge between digital assets and mainstream finance.
Global stock markets move onchain
xStocks, operated by US‐based Payward, was initially focused on tokenised US equities. The latest phase will broaden its reach to Asia and Europe, reflecting growing demand from investors who want exposure to international companies via crypto-native infrastructure.
By issuing tokens that represent fractional ownership of underlying shares, platforms such as xStocks aim to make cross‐border equity trading simpler and potentially cheaper. The tokens can typically be traded at any time, settled near‐instantly on blockchain networks and used in other decentralised finance (DeFi) applications as collateral or yield‐bearing assets.
Tokenised securities have emerged as one of the fastest‐growing segments in digital assets, drawing interest from both retail traders and institutions seeking more flexible ways to access traditional markets. Financial firms have been exploring similar technology for bonds, funds and money market instruments.
Rising competition from Robinhood and Coinbase
Payward’s push beyond the US sets up direct competition with other large fintech and crypto players that are working on or piloting tokenised equity offerings.
Robinhood, which built its business on app‐based US stock and options trading, has been expanding deeper into crypto and exploring mechanisms to wrap traditional assets in blockchain form. Coinbase, one of the world’s largest cryptocurrency exchanges, has also been investing in infrastructure to support tokenised financial products.
Their efforts reflect a broader shift among exchanges and brokers towards integrating blockchain rails into conventional securities markets. Advocates argue this could, over time, reduce settlement risk, cut certain back‐office costs and open markets to a wider set of global participants.
TRON’s surging role in tokenised dollar markets
The rapid growth in tokenised assets is closely tied to the expansion of stablecoins – cryptocurrencies pegged to national currencies such as the US dollar – which are often used as the main trading and settlement medium for onchain securities.
In the second quarter, the TRON blockchain strengthened its position as a dominant network for stablecoins. Its share of the stablecoin market rose to 28.7%, while the supply of Tether’s USDT on TRON reached an all‐time high of $89bn.
Over the same period, TRON generated $89m in protocol fees, ranking second only to derivatives exchange Hyperliquid, and its native token TRX gained 3%. The network also reported deeper “institutional & agentic reach”, signalling broader adoption by professional investors and automated trading systems.
These trends highlight how infrastructure choices – such as which blockchain to use for issuing or trading tokenised assets – are becoming increasingly important for exchanges like Kraken and platforms such as xStocks.
Blurring the line between crypto and traditional finance
The acceleration of tokenised equities underscores a wider convergence between the crypto sector and traditional capital markets.
Supporters say onchain representations of real‐world assets could eventually sit alongside, or even partially replace, existing mechanisms for trading and settlement, while critics warn that regulatory uncertainty, custody risks and technical failures could expose investors to new kinds of danger.
For now, Payward’s decision to move beyond US markets marks another step in a global contest among exchanges and fintech firms to define how stocks and other securities will be traded in a tokenised future.
