xStocks Now Covers Every DAX 40 and FTSE 100 Company, but UK Investors Still Can’t Buy Them

xStocks, the tokenized equity platform built by Kraken parent Payward, now covers every company in Germany’s DAX 40 and the UK’s FTSE 100, yet British investors still cannot buy the tokens that track their own blue chips.

Payward said on Wednesday, November 11, that it had deployed more than 200 tokenized UK and EU-listed shares in a first European batch, with more to follow on a rolling basis.

The expansion takes the framework past 1,500 tokenized assets. Names available from day one include SAP, Siemens, Allianz and Deutsche Telekom.

For crypto investors, the bigger shift is where these shares now live. They sit on the same blockchain rails, and often in the same wallets, that already hold bitcoin and stablecoins.

The question is whether demand outside Europe’s traditional brokers is big enough to make that worthwhile.

What xStocks Added on Wednesday

Each new token is backed one-to-one by an underlying share held with a regulated custodian, according to Payward. Execution and custody for the European shares run through its partner GTN.

The tokens trade on Kraken and on platforms in the xStocks Alliance. They also move across blockchains including Solana, Ethereum, TON, Ink and X Layer, where they can be used in decentralized finance applications.

Trading hours depend on the venue. On Kraken in the European Economic Area, xStocks trade 24 hours a day, five days a week, while some onchain venues run around the clock.

“A portfolio should not have borders or trading hours,” said Mark Greenberg, Payward’s chief commercial officer. “Tokenizing every other international market is the next step.”

Deutsche Börse Brings the DAX 40 Onchain Through 360X

The German leg runs through 360X, a digital asset venue that belongs to Deutsche Börse Group. Tokenized versions of all 40 DAX members are available there, along with Xetra-Gold, a physically backed gold security, issued as an xStock.

360X has traded xStocks since February 2026 under the EU’s DLT Pilot Regime, a legal sandbox that lets regulated venues trade and settle securities on distributed ledgers.

Carlo Koelzer, Deutsche Börse Group’s head of digital assets and FX, described the goal as “a unified hybrid exchange ecosystem” that trades both on and off chain.

The two groups have worked together since December 2025. We believe a major European exchange operator listing crypto-native share tokens is a meaningful vote of confidence in the technology.

How Big Are Tokenized Stocks Today?

Payward says xStocks now holds more than $1 billion in assets under management, has processed over $45 billion in total transaction volume and counts more than 500,000 unique holders.

CoinGecko’s category data tells a similar story. The xStocks ecosystem carried a market value of about $1.03 billion on Wednesday, second only to the bStocks ecosystem at about $1.39 billion.

Across the whole Tokenized Stocks category, CoinGecko counted roughly $3.06 billion. That is fast growth for a product that only launched in June 2025.

It is also still tiny next to bitcoin. BTC traded near $74,000 on Wednesday with a market value of about $1.49 trillion, close to 500 times the entire tokenized stock category.

For us, that gap says something about where onchain capital already sits. New tokenized markets are being built around a base that bitcoin anchors.

Why UK and US Investors Are Still Locked Out

The tokens are not available in the United States or to US persons, according to Payward’s disclosures. A company spokesperson also said the products are not yet offered to UK investors, even though they cover the FTSE 100.

The tokens are issued by Backed Assets (JE) Limited, a Jersey company, and are structured as tracker certificates rather than direct share ownership. Holders get economic exposure to the stock, not the voting rights that come with holding it directly.

That gap is an ongoing theme in this market. As we reported, 67 companies have blocked their tokenized stocks on the ICE and OKX venue, and issuers are asking harder questions about who controls their shares onchain.

The London Stock Exchange, which agreed in September to work with Payward on tokenizing the 100 largest London-listed companies, intends to list xStocks and trade them on its LSE 24 venue in 2027, subject to regulatory approval.

Backers in traditional markets keep showing up regardless. Nasdaq has already put $100 million into Payward and is targeting 2027 for its own equity tokens, which suggests exchanges see tokenized shares as a channel to grow rather than a threat to fight.

For Payward, the European batch also tests a simple idea: that investors outside the US want stock exposure delivered the way they already hold crypto, settled onchain and movable between apps without a broker in the middle.

What Comes Next for Kraken xStocks

Payward said it is working to widen access, naming the UK and Hong Kong as targets. Further European listings will be added on a rolling basis.

Traditional venues are moving too. We recently covered NYSE choosing Avalanche to settle trades on a 24/7 tokenized securities venue and Nasdaq’s own tokenized stock plan.

We would watch three markers: whether the UK opens to retail buyers, how fast the European tokens gather assets, and whether the LSE listing wins approval on schedule.

Each step pulls more traditional finance onto open networks. And the more assets that move onto those rails, the more natural it becomes for investors to keep bitcoin in the same wallet as their shares.