Key Takeaways
- Payward and LSE will tokenize London’s 100 largest listed companies as xStocks.
- xStocks could push regulated equities toward 24/7 onchain trading across 110+ countries.
- Pending approval, LSE 24 may list xStocks as the firms explore native onchain equity issuance.
LSE and Payward Prepare 100 UK xStocks for Investors in 110+ Countries
Payward, the company behind the xStocks tokenized equities framework, has partnered with the London Stock Exchange to expand blockchain-based access to UK public markets.
Under the initiative, Payward plans to tokenize the 100 largest companies listed in London as xStocks. The products are expected to become available in the coming weeks through Kraken and other platforms supporting the xStocks Alliance.
Investors in more than 110 countries will be able to access the tokenized shares, although xStocks are not currently available to UK-based investors. Each xStock is backed 1:1 by a publicly traded share and tracks the performance of the underlying security. The tokens can move between centralized exchanges, self-custody wallets and onchain applications, while also supporting round-the-clock trading.
LSE 24 Could Bring Tokenized Shares Into Regulated Markets
Subject to regulatory approval, the London Stock Exchange plans to list xStocks and support trading through LSE 24, its recently announced 24-hour venue. The move could give LSE member firms access to tokenized equities through regulated market infrastructure while extending trading beyond conventional exchange hours.
Payward Co-CEO Arjun Sethi said the partnership reflects a shift away from the idea that crypto and traditional finance must compete.
“The real opportunity is what happens when they run on the same rails,” Sethi said. “Bringing London-listed companies onchain as xStocks is the start of that.”
Julia Hoggett, CEO of LSE plc and LSEG’s Head of Digital and Securities Markets, struck a more regulatory-focused tone.
“Tokenization has the potential to change how investors access, and how issuers use, financial markets,” Hoggett said, adding that tokenization must develop in a way that preserves “the trust, rights and role of regulated markets.”
Payward says xStocks have already surpassed $40 billion in total volume, including more than $20 billion settled onchain, across more than 200,000 holders.
Market Reaction Points to Broader Tokenization Trend
The announcement also drew attention across crypto-focused circles on X, where commentators framed the deal as part of a wider move toward always-on capital markets.
Crypto commentator Quinten Francois wrote that it was “a matter of time before all stock markets will be 24/7 on the blockchain,” pointing to similar efforts involving Nasdaq, NYSE, SIX, Japan Exchange Group and Deutsche Börse. Another commentator, Arkane, called tokenized stocks “one of blockchain’s biggest use cases.”
Bilal bin Saqib described the development as part of a broader shift in financial infrastructure, arguing that blockchain is starting to change the distribution layer of the existing financial system.
Beyond tokenized versions of existing shares, Payward and the LSE also plan to explore native equity tokens issued directly onchain with the same rights and fungibility as traditional shares.
That could ultimately prove more significant than 24-hour trading itself, bringing issuance, ownership and settlement onto blockchain infrastructure while retaining the protections associated with regulated markets.
