xStocks Platform Expands With 200+ Tokenized Stocks From UK and European Markets
xStocks broadens its portfolio with tokenized versions of over 200 equities from the UK and EU markets, featuring complete coverage of Germany's DAX 40 index, while setting sights on Hong Kong market expansion.
The xStocks platform operated by Payward, which serves as Kraken's parent company, has introduced tokenized representations of over 200 stocks from companies listed across the United Kingdom and European Union markets.
In an announcement made Wednesday, Payward revealed that qualified users now have access to these newly launched tokens through Kraken as well as other platforms participating in the xStocks Alliance network. However, the tokens are not accessible to UK-based investors.
This latest addition encompasses tokenized representations of every single company within Germany's premier DAX benchmark index, which consists of 40 firms such as SAP, Siemens, Allianz and Deutsche Telekom. A separate announcement released Wednesday by Deutsche Börse confirmed that these tokens can be traded on the company's associated 360X platform, where round-the-clock trading is enabled on certain venues.
According to Payward, this most recent expansion pushes xStocks' total inventory to over 1,500 tokenized assets. The platform has recorded cumulative transaction volume exceeding $45 billion and attracted more than 550,000 unique holders.
Payward states that each new token is supported by a one-to-one backing of shares maintained with a regulated custodian. The risk disclosure provided by Kraken clarifies that xStocks tokens provide holders with exposure to the underlying shares' price performance while not granting voting rights or establishing legal claims to the actual stock.
Market capitalization data from Token Terminal indicates xStocks holds a $1.1 billion valuation, representing approximately 22% of the $4.9 billion tokenized stock market that the analytics firm monitors. In terms of ranking, xStocks occupies the third position, trailing Binance bStocks at $1.5 billion and Ondo Finance at $1.4 billion.
Looking ahead, Payward announced its intention to introduce hundreds of equities listed in Hong Kong within the upcoming weeks.