Kraken's xStocks Adds 200 UK-EU Stocks, Assets Top $1.1 Billion

Payward, the parent company of crypto exchange Kraken, added more than 200 tokenized UK and European equities to its xStocks platform. The announcement came on Wednesday, November 11, 2026, and covers all 40 companies in Germany's benchmark DAX index, including SAP, Siemens, Allianz and Deutsche Telekom.

According to Payward, eligible users can already trade the new tokens on Kraken and on participating platforms within the xStocks Alliance network. One key caveat: these tokens remain unavailable to UK-based investors, even though several of the underlying companies are themselves UK-listed.

DAX shares now tradable around the clock

Deutsche Börse, the operator of Germany's stock exchange, issued a separate announcement the same day. According to Deutsche Börse, tokenized DAX shares are available for trading on its affiliated 360X platform, with full 24-hour trading supported on select venues.

For traders outside Europe, this matters because conventional Frankfurt market hours don't line up neatly with most other time zones. Through tokens, exposure to SAP or Siemens price moves can be monitored and traded anytime, without waiting for the physical exchange to open. That's one of the main selling points tokenized stocks have over traditional shares tied to fixed exchange hours.

How tokenized stocks actually work

A stock token on a platform like xStocks is essentially a digital instrument tracking the price of a given stock, not the stock itself. Payward says each token is backed one-to-one by physical shares held with a regulated custodian.

But Kraken's risk disclosure spells out the limits clearly: token holders only get exposure to the stock's price performance, with no voting rights and no legal claim to the underlying shares. So holding an SAP token doesn't mean owning actual SAP stock that can be used to attend shareholder meetings or claim dividends directly the way a regular shareholder would. That distinction matters for anyone new to this kind of product.

xStocks portfolio crosses 1,500 assets

With the addition of these 200-plus UK and EU stocks, Payward says xStocks' total offering now exceeds 1,500 tokenized assets. The company reported more than $45 billion in cumulative transaction volume since the platform launched, with over 550,000 unique holders.

Those numbers suggest xStocks has grown well beyond a niche product. Starting with popular US stocks, the platform has kept expanding its geographic footprint by adding European equities, and is now preparing to move into Asian markets.

Where xStocks stands in the tokenized stock race

Token Terminal data puts xStocks' market capitalization at $1.1 billion, about 22% of the $4.9 billion tokenized stock market it tracks overall. That places xStocks third in the ranking.

Taken together, the $4.9 billion tokenized stock market remains tiny compared to the tens of trillions of dollars in global equity market capitalization. But the segment's rapid growth in a short period signals rising interest in this hybrid between traditional equities and crypto rails.

Competition in this space has intensified as more major crypto exchanges move into real-world asset (RWA) tokenization. Tokenized equities have become one of the most popular RWA categories because they bridge two worlds: blockchain-native liquidity and infrastructure on one side, exposure to blue-chip global stocks on the other.

Hong Kong expansion next

Payward said its next step is adding hundreds of Hong Kong-listed equities in the coming weeks. If it goes through, that would extend xStocks' reach into Asian markets after previously focusing on US stocks and now Europe.

The move fits a broader industry trend: crypto exchanges are racing to offer access to global equity markets through tokens, targeting investors in regions where directly accessing foreign exchanges is difficult due to regulatory barriers or cross-border transaction costs.

What it means for traders

The addition of DAX and UK-EU equities opens up more exposure options for traders already active on xStocks or similar platforms, without needing a separate international brokerage account. A few things worth watching:

• Liquidity on individual stock tokens can be much thinner than the underlying shares on major exchanges, so slippage matters when executing larger orders.
• Because tokens carry no voting rights or direct legal claim, custodian and issuer risk persists even with a claimed one-to-one backing by physical shares.
• UK-based investors should note these new tokens aren't accessible to them yet, so cross-platform arbitrage strategies may not apply to this segment.
• The progress of the planned Hong Kong expansion in coming weeks could signal where xStocks' growth heads next, especially for traders seeking Asian equity exposure through crypto rails.
• Tight competition with Binance bStocks and Ondo Finance in tokenized stocks could shape transaction costs and features each platform offers going forward.
• Traders using the 24/7 access to DAX shares via 360X should still watch for thinner volume outside regular Frankfurt trading hours, which can mean wider spreads.