Payward signed a partnership with GTN to push its xStocks tokenised equities platform well beyond US-listed stocks, starting with Hong Kong and eventually reaching the UK, Europe and South Korea. The deal is already live operationally, with distribution to GTN's institutional clients gated only by the regulatory licences each jurisdiction requires.

xStocks launched roughly a year ago with tokenised US equities and ETFs. It has since grown to cover more than 500 tokenised products across stocks, ETFs and IPOs, and by June 2025 the platform had processed over $30 billion in transaction volume with more than 125,000 holders. That same month Payward opened the framework to eligible retail investors for tokenised US IPO allocations, a move that signalled the company was ready to scale quickly.

What GTN Actually Brings to the Table

GTN's role here is infrastructural rather than cosmetic. The firm will handle execution, custody and record-keeping for the traditional assets that sit underneath each tokenised product, using a single-integration platform that currently covers more than 90 markets. For issuers, that means ledgering and accounting technology capable of tracking the underlying securities. Ankit Shah, GTN's Global Head of FinTech, put it plainly: financial institutions want to reach more markets and asset classes without ripping out the technology they already run on.

GTN also plans to make selected xStocks products available to its own institutional client base once the necessary licences are in place per jurisdiction. The sequencing matters: Hong Kong-listed equities come first, then UK, European and South Korean stocks, with additional asset classes listed as a future possibility subject to approvals.

Mark Greenberg, Global Head of Payward Services, framed the ambition in one line: "the biggest asset class that hasn't been tokenized yet is the rest of the world." xStocks already distributes through more than 100 exchanges, self-custody wallets and DeFi applications, so the pipeline for getting non-US equities in front of users is there. The limiting factor has always been access to the underlying markets, which is precisely the gap GTN fills.

This article is for informational purposes only and does not constitute financial or investment advice.