The London Stock Exchange and Kraken parent Payward have partnered to bring the 100 largest London-listed companies onchain through xStocks, expanding the tokenized-equity platform beyond its
The London Stock Exchange and Kraken parent Payward have partnered to bring the 100 largest London-listed companies onchain through xStocks, expanding the tokenized-equity platform beyond its existing international markets.
The 100 largest London-listed companies are expected to become available as xStocks in the coming weeks. Each token will be backed 1:1 by its underlying security and can move between supported exchanges, self-custody wallets and onchain applications.
The London rollout will give eligible investors in more than 110 countries 24/7 access to tokenized exposure to some of the UK’s largest public companies. UK-based investors remain excluded because xStocks are not currently offered in the country.
xStocks have already processed more than $40 billion in total transaction volume, including nearly $20 billion settled onchain, across more than 200,000 holders. The platform now spans more than 700 tokenized equities and ETFs, with assets transferable across multiple blockchain networks.
Kraken has also expanded the utility of the tokens beyond spot exposure by allowing selected xStocks as collateral for futures and margin positions among eligible users.
The London Stock Exchange plans to list xStocks on LSE 24 during 2027, subject to regulatory approval. The venue will operate separately from the LSE Main Market and is designed for near-continuous weekday trading.
LSE 24 will run from 17:00 to 07:50, with a 30-minute end-of-day processing pause between 18:30 and 19:00. Client testing is scheduled by the end of 2026, while exchange-traded products are expected to become the venue’s first asset class during the first half of 2027.
The partnership extends Payward’s push to connect tokenized equities with regulated exchange infrastructure. An earlier Nasdaq partnership is developing a separate gateway between issuer-sponsored securities and blockchain-based distribution.
The collaboration also covers a second structure that would move beyond today’s 1:1-backed xStocks model. Payward and the LSE will explore native LSE-issued equity tokens carrying the same rights and full fungibility as traditional shares.
That model would preserve conventional shareholder rights while moving issuance, trading and servicing onto blockchain infrastructure. LSEG’s Digital Securities Depository is being developed to handle the issuance, recording, transfer, asset servicing and settlement of tokenized securities within regulated market infrastructure.
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