Kraken Just Tokenized Stocks From Hong Kong London and Seoul and It Could Change How You Invest in Foreign Companies Forever

Buying shares of a Hong Kong tech company or a South Korean semiconductor firm used to mean navigating foreign brokerages, currency conversions, and settlement delays that could take days. Kraken’s parent company says it is about to change all of that — by putting global stocks on the blockchain.

By Amir Hassan | July 22, 2026

The Hook

Payward, the parent company of crypto exchange Kraken, announced on July 22 that it is expanding its tokenized stock platform, xStocks, beyond U.S. equities to include stocks from Hong Kong, the United Kingdom, South Korea, and other global markets. The company is partnering with GTN, an investment infrastructure provider that connects to more than 90 global markets, to handle execution, custody, and recordkeeping for the real shares backing the tokens.

The expansion is subject to regulatory approvals, but the ambition is clear: Kraken wants to be the platform where anyone, anywhere in the world, can trade shares from any major market — without needing a traditional stockbroker. And they are not alone. Robinhood, Coinbase, and even the Depository Trust & Clearing Corporation (DTCC) are all racing to bring stock trading onto blockchain networks.

For regular investors, this could mean 24/7 access to global markets, faster settlement, and the ability to buy fractional shares of foreign companies with the same ease as buying Bitcoin. It also represents one of the most significant bridges yet between the crypto world and traditional finance.

On-Chain Evidence

The numbers behind xStocks show that tokenized stocks are not just a gimmick — there is real demand. According to Payward, the platform now supports more than 500 tokenized securities, has processed more than 35 billion in trading volume, and has nearly 200,000 holders worldwide. That is all been built in roughly a year, starting with tokenized U.S. stocks and exchange-traded funds.

The expansion plan, as outlined by CoinDesk’s reporting, includes several key elements:

• Hong Kong-listed stocks first — Payward is starting with Asian equities through its GTN partnership, giving investors access to companies tied to the AI supply chain that have become popular among global traders.
• U.K., European, and South Korean equities to follow — Subject to regulatory sign-offs, the platform plans to add major markets across three continents.
• GTN provides the institutional backbone — GTN connects to over 90 global markets and will handle execution, custody, and recordkeeping. It also plans to offer xStocks products to its own institutional clients.
• Beyond equities — The partnership lays the groundwork for expanding into other tokenized asset classes beyond stocks.

Mark Greenberg, global head of Payward Services, framed the ambition in stark terms: “The biggest asset class that hasn’t been tokenized yet is the rest of the world. One asset at a time, we’re bringing truly global capital markets onchain until geography becomes irrelevant to investing.”

The Core Conflict

The move into tokenized global stocks puts Kraken at the center of a intensifying battle. Robinhood expanded its own tokenized stock offering earlier in July, going beyond European users. Coinbase has announced plans to offer onchain shares with dividend payments. And it is not just crypto companies — the DTCC, the backbone of the entire U.S. securities settlement system, has begun testing tokenized securities infrastructure in live trading. Nasdaq and the New York Stock Exchange have also launched their own tokenization initiatives.

But the expansion also raises a fundamental question that the industry is still debating: How should tokenized stocks actually work?

There are two competing approaches. The first, used by xStocks, relies on a third-party issuer model — a company buys and holds real shares in a traditional brokerage, then issues digital tokens that represent ownership of those shares. It is a bridge approach that connects the old world to the new, but it still depends on intermediaries. The second approach argues that securities should be issued natively on blockchain networks, eliminating the middleman entirely. In that model, the token IS the share — no custodian, no transfer agent, no separate traditional layer.

This debate is not academic. Wall Street transfer agents have already lobbied the SEC, warning that third-party tokenized stocks pose risks to market integrity because the connection between the token and the underlying share depends on a private company maintaining adequate custody and redemption processes. If the custodian fails, token holders could find themselves holding a digital claim with no clear path to the underlying asset.

Market Implications

The stakes are enormous. Citi has estimated that the tokenized securities market could grow to 5.5 trillion by 2030, including 2.6 trillion in tokenized equities alone. That projection helps explain why so many players — from crypto exchanges to Wall Street infrastructure giants — are rushing to build tokenization platforms.

For everyday investors, the implications are significant. If tokenized global stocks take off, you could:

• Trade foreign stocks around the clock — No waiting for the London or Seoul market to open. Tokenized shares could trade 24/7, just like crypto.
• Access markets that were previously off-limits — Many international brokerages have high minimums, complex paperwork, or are simply unavailable to retail investors in certain countries. Tokenized stocks could remove those barriers.
• Settle trades instantly — Traditional international stock trades can take two to three days to settle. Blockchain settlement is near-instant, meaning you get your shares (or your cash) immediately.
• Buy fractional shares — Some foreign stocks trade at high prices that put them out of reach for small investors. Tokenization makes fractional ownership easy.

There are risks, of course. The regulatory landscape for tokenized securities is still evolving. If the SEC or foreign regulators decide to crack down on third-party issuance models, platforms like xStocks could face significant disruptions. And the custody risk — what happens if the company holding the real shares goes under — remains unresolved.

Meanwhile, Bitcoin is trading around 65,823 USD, down about 1.2% in the last 24 hours, and Ethereum sits at 1,936 USD. The broader crypto market is in a cautious mood, with investors weighing inflation concerns and oil prices surging past 85 USD per barrel. But the tokenization trend continues regardless of short-term price action — because it is not really about crypto prices. It is about upgrading the plumbing of global finance.

The Verdict

Kraken’s expansion of xStocks into global equities is one of the most concrete steps yet toward a world where investing does not stop at your country’s border. The partnership with GTN gives the platform institutional-grade infrastructure, and the existing traction — 500-plus securities, 35 billion in volume, 200,000 holders — suggests real adoption rather than hype.

The biggest open question is regulatory. Until there is a clear framework for how tokenized securities should be issued, custody requirements, and cross-border trading rules, platforms like xStocks will operate under a cloud of uncertainty. The fact that xStocks products remain unavailable to U.S. investors tells you everything you need to know about the regulatory risk.

But the direction of travel is clear. More assets are moving onchain. More markets are opening up. And the companies that build the infrastructure today — whether that is Kraken, Robinhood, Coinbase, or traditional players like DTCC — will be the ones shaping how investing works tomorrow. For anyone holding crypto, the message is simple: blockchain is no longer just about coins. It is becoming the rails for all investing.

The cryptocurrency market remains highly volatile. This article is for informational purposes only and does not constitute financial advice.