xStocks taps GTN Global to expand tokenized equities beyond the US, starting with Hong Kong stocks and more global markets.
Author: Akshay
22st July 2026 – xStocks taps infrastructure provider GTN Global to expand tokenized equities beyond the US, starting with Hong Kong stocks. The partnership marks xStocks’ first move into international equities, with UK, European, and South Korean markets planned next, subject to regulatory approvals.
High Signal Summary For A Quick Glance
dkarbon
@dkarbon_green
@xStocksFi @GTNglobal One market at a time, and everything will be tokenized soon.
Tokenizing US equities was just the beginning. We're bringing tokenized access to international markets by partnering with institutional infrastructure provider @GTNglobal. Tokenizing assets listed in Hong Kong first. More to follow. https://t.co/I3gJHPSUW0
12:56 PM·Jul 22, 2026
Hira
@Hiraweb3
@xStocksFi @GTNglobal tokenizing the world, one market at a time
Tokenizing US equities was just the beginning. We're bringing tokenized access to international markets by partnering with institutional infrastructure provider @GTNglobal. Tokenizing assets listed in Hong Kong first. More to follow. https://t.co/I3gJHPSUW0
12:33 PM·Jul 22, 2026
High attention and emotional sentiment detected.
The company behind the move is Payward, the parent of Kraken. On July 22, 2026, Payward and GTN published a joint announcement confirming the deal. For now, the partnership covers infrastructure integration, and token distribution follows once licenses land.
xStocks Taps GTN Global as xStocks lets users hold on-chain tokens that track real equities. Each token keeps 1:1 backing from one underlying share. So far, the lineup has covered US stocks and ETFs only.
Now the two firms want to add international markets. Hong Kong comes first, according to the joint press release. Next, the partners plan UK, European, and South Korean equities, though each step depends on regulatory approvals.
Notably, the companies named no tickers, no chains, and no launch dates for the Hong Kong assets yet. Instead, they said fuller offering details would arrive in the coming weeks.
Mark Greenberg, Global Head of Payward Services, framed the deal as a break from fragmented markets. According to him, the biggest asset class still not tokenized is “the rest of the world,” and the GTN partnership aims to change that “one asset at a time.”
Timeline: The evolution of the xStocks framework from launching tokenized U.S. equities on Solana to its planned expansion into Hong Kong and other global stock markets.
Backed Assets launches the xStocks standard with around 60 tokenized U.S. stocks and ETFs issued as SPL tokens on Solana. Eligible non-U.S. users gain access through Kraken and Bybit, establishing the foundation for interoperable, 1:1-backed tokenized equities.
Kraken deepens its relationship with Backed, expanding the infrastructure, liquidity, and distribution capabilities supporting the xStocks ecosystem.
xStocks surpasses $25 billion in cumulative transaction volume across centralized exchanges, decentralized trading venues, and mint/redemption activity.
The xStocks catalog expands to more than 100 tokenized U.S. stocks and ETFs, reflecting growing institutional and retail adoption.
GTN Global obtains its Hong Kong SFC Type 1 securities dealing license, completing a key regulatory milestone that later enables tokenized Hong Kong equities.
xStocks expands access to tokenized U.S. equities across Latin America through a strategic integration with Bitso.
xStocks celebrates its first anniversary after growing into the leading tokenized equities framework, supporting more than 500 assets and integrations across over 100 platforms.
OKX adds support for more than 40 tokenized U.S. stocks and ETFs powered by the xStocks framework, expanding global distribution.
Payward, the developer of xStocks and parent company of Kraken, partners with GTN Global to expand beyond U.S. equities. Hong Kong-listed stocks are announced as the first international assets, with UK, European, and South Korean equities planned in later phases.
The first Hong Kong-listed equities are expected to launch under the xStocks framework using GTN’s execution, custody, and record-keeping infrastructure. Future rollouts are planned for UK, European, South Korean, and additional international markets, subject to regulatory approvals.
As xStocks taps GTN Global to expand internationally, tokenized Hong Kong equities raise problems that US stocks did not. First, Hong Kong sits under a different regulator, the Securities and Futures Commission. As a result, the tokens need SFC-compliant structures and local custody.
Corporate actions add more friction too. Dividends and splits must settle across time zones and separate market rails. Because of this, the backing and record-keeping grow more complex than the earlier US setup.
Regulators in Hong Kong have leaned toward tokenization lately. In April 2026, the SFC issued circulars that let virtual asset platforms trade tokenised, SFC-authorised products. Still, each new offering needs case-by-case approval.
The timing helps here. GTN secured an SFC Type 1 license in March 2026. So the firm can already deal in securities inside Hong Kong.
GTN is an API-first infrastructure provider for brokers and wealth managers. It operates across 90+ markets and eight asset classes. It also handles execution, custody, settlement, and sub-accounting.
As xStocks taps GTN Global for its international expansion, GTN sources and holds the underlying shares. Meanwhile, Payward issues the tokens through Backed Assets (JE) Limited in Jersey. Together, the two sides skip rebuilding traditional finance rails from scratch.
Ankit Shah, Global Head of FinTech at GTN, said institutions want new markets without rebuilding their technology. According to Shah, the setup also includes the sub-accounting technology Kraken needs to offer tokenized products.
GTN carries real institutional weight behind it. Backers include the IFC and SBI Ventures. The firm employs around 600 people and serves more than 500 clients.
As xStocks taps GTN Global to expand tokenized equities, each xStocks token represents one underlying share held in regulated custody. Users mint tokens by sending stablecoins to issuance addresses. To exit, they redeem the tokens back for value.
The tokens also travel across chains. xStocks runs mainly on Solana, and it supports rebasing versions on EVM networks and TON. Corporate actions then adjust balances through an on-chain multiplier, so dividends and splits reflect automatically.
Pricing leans on market data feeds and on-chain quotes. During extended hours, reference prices track Nasdaq data. So each token aims to mirror the real share closely.
Relative positioning between existing xStocks U.S. tokenized equities and the newly announced Hong Kong tokenized equities initiative
As xStocks taps GTN Global for international expansion, the platform builds on its rapid growth since launching on Solana around June 30, 2025, with about 60 US stocks and ETFs. Since then, the catalog has grown to more than 500 assets.
According to Payward, cumulative volume has reached roughly $37 billion. The platform also counts nearly 200,000 holders. Earlier, that volume figure sat above $25 billion in February 2026. So the base already ranks among the largest tokenized equity venues to date.
As xStocks taps GTN Global to broaden its global reach, access remains limited. xStocks is available in more than 110 countries, but not in the US or to US persons. As a result, American traders cannot buy these tokens.
Coverage stayed mostly within crypto channels on announcement day. Accounts like WuBlockchain and TheNewsCrypto reported the deal. Meanwhile, no major outlet such as Bloomberg or Reuters had published a standalone piece yet.
Sentiment on X leaned bullish overall. Many users welcomed the push to bring “the rest of the world” on-chain. Others asked the obvious questions about timing, licensing, and which shares would list first.
Several questions stay open for now. The partners have not confirmed which Hong Kong companies, which blockchains, or which launch window will apply. Distribution also waits on the required licenses.
Even so, the tokenized Hong Kong equities plan signals where on-chain finance is heading. If approvals land, xStocks could bring non-US shares to a global, round-the-clock market. Readers should treat this as news, not financial advice, and always verify the latest terms first.
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