GTN and Payward have entered into a formal partnership to expand the xStocks tokenized equities framework beyond U.S. markets, setting the stage for international shares and additional asset classes to be made available through blockchain-based market infrastructure.
The agreement is designed to extend xStocks across more than 90 markets over time, subject to regulatory approvals and licensing requirements. The first phase is expected to focus on equities listed in Hong Kong, followed by planned expansion into the United Kingdom, Europe, and South Korea. The companies said the long-term aim is to let users hold and trade a broader range of tokenized financial instruments in a single onchain portfolio that can remain accessible around the clock.
Under the arrangement, GTN will provide execution, custody, and ledger infrastructure for the assets that support xStocks tokenization. Payward, through its services division, will use that infrastructure to help broaden the reach of xStocks from its current U.S.-focused base into international markets.
The partnership is already operational, according to the companies, though broader distribution to GTN’s institutional clients is expected to follow once final licensing steps are completed. More details on the expanded product range are expected in the coming weeks.
Expansion beyond U.S. equities
The agreement marks a significant step for xStocks, which launched in June 2025 and has so far centered largely on tokenized versions of U.S.-listed equities and related products. The framework currently offers more than 500 tokenized assets, including equities, ETFs, and IPO-linked instruments, each backed one-to-one by the underlying securities.
Since launch, xStocks has recorded more than $35 billion in transaction volume across blockchain ecosystems and has attracted nearly 200,000 holders internationally, according to figures provided by the companies.
The new partnership is intended to move the model into a wider global setting. By starting with Hong Kong-listed shares, then moving toward other major financial centers, the companies are seeking to address one of the main limitations of current tokenized equity offerings: their heavy concentration in U.S. markets.
For traders outside the United States, direct access to foreign listed securities can involve multiple layers of friction, including local brokerage limitations, foreign account requirements, market-hour differences, settlement processes, currency conversion, and regional compliance rules. Tokenization does not remove regulatory obligations, but it can simplify access where the proper permissions are in place.
The companies said the goal is to make international listed assets easier to hold and trade through digital infrastructure while maintaining backing by traditional securities.
How the structure will work
GTN’s role in the partnership is central to the operating model. The company will provide execution, custody, and ledger services for assets backing xStocks products. In practice, that means GTN’s systems will support the purchase, safekeeping, and record-keeping of the traditional securities that sit behind the tokenized instruments.
Tokenized equities typically work by representing a claim, exposure, or linked interest in a real-world security through a digital token issued on a blockchain. The underlying share or asset is held through a regulated or controlled structure, while the token can be transferred or traded within approved digital systems.
The companies said xStocks assets are backed one-to-one by the underlying securities. That backing is important because tokenized shares are not designed to be purely synthetic crypto assets with no connection to traditional markets. Their value is intended to track the price of the real securities that support them.
Ledger infrastructure also plays a key role. Accurate records are required to show which tokens are outstanding, what assets back them, and how ownership or entitlement is tracked. This is especially important as tokenized products move beyond simple crypto-style trading and into markets involving regulated securities.
The companies also expect the infrastructure to support future institutional offerings as additional licenses are obtained. That suggests the partnership is not only aimed at retail-facing access, but also at banks, brokers, fintech platforms, wealth technology providers, and other financial firms looking to add tokenized assets without building their own systems from the ground up.
Company executives point to market access
Mark Greenberg, global head of Payward Services, said the initiative is aimed at addressing long-standing structural barriers in capital markets. His comments point to an issue that has driven much of the interest in tokenized securities: traditional market infrastructure is often fragmented by region, trading hours, settlement systems, and access rules.
Rami Shah, global head of fintech at GTN, said GTN’s infrastructure can help open access to multiple asset types without requiring firms to build new technology stacks. That point is likely to appeal to financial platforms that want to offer global market access but do not have direct connections to dozens of venues, custodians, and settlement systems.
GTN’s network spans more than 90 markets and eight asset classes through a single API. The company supports more than 500 institutional clients across 14 countries and is regulated in six jurisdictions, including the United Kingdom, Singapore, and the United States. It is backed by IFC and SBI Ventures Singapore.
That footprint is one reason the partnership could become meaningful if the companies secure the required approvals. Expanding tokenized equities into international markets requires more than issuing tokens. It requires access to local securities, custody arrangements, compliance controls, market data, execution capabilities, and proper legal structures in each jurisdiction.
Why tokenized shares are gaining attention
The growth of tokenized real-world assets has become one of the most closely watched themes in digital finance. After years in which blockchain markets were dominated by cryptocurrencies, stablecoins, and decentralized finance products, more firms are now trying to connect traditional securities with blockchain-based settlement and distribution channels.
Tokenized equities sit within that broader category. They aim to make standard financial assets easier to transfer, hold, and use across digital platforms. Supporters argue that tokenized securities can reduce barriers caused by geography, market hours, operational complexity, and fragmented account systems.
The appeal is especially clear for global traders who want access to international equities but do not have a simple way to trade across multiple jurisdictions. A user in one country may have easy access to local shares but face high costs or limited availability when trying to buy stocks listed in Hong Kong, London, Frankfurt, Paris, Seoul, or New York.
Tokenization also introduces the possibility of 24-hour access. Traditional stock markets operate during fixed local hours, with closures on weekends and holidays. Tokenized versions of securities can, in theory, move across blockchain networks at any time, though pricing, liquidity, redemption, and market-making arrangements still need to be managed carefully when the underlying exchange is closed.
That distinction matters. A tokenized share may trade continuously, but the underlying stock still has an official market with opening and closing times. When token trading occurs outside those hours, prices may reflect available liquidity and expectations rather than live exchange trading. This can create premiums, discounts, or wider spreads during off-market periods.
Market forecasts and early adoption
Large financial institutions have also begun to publish projections on the potential size of tokenized markets. Citi has estimated that digital versions of traditional assets could become a market worth about $5.5 trillion by 2030, with roughly $2.6 trillion coming from tokenized equities.
Forecasts of that scale remain uncertain, because adoption depends on regulation, custody standards, liquidity, and willingness among market participants to use token-based systems. Still, the projections show that tokenized real-world assets are no longer viewed as a niche experiment.
Recent tokenized securities programs have also shown that global demand can emerge quickly when access is opened across borders. Some offerings have made early stock-related products available to retail traders in more than 110 countries, demonstrating the potential reach of blockchain-based distribution when local rules permit participation.
The xStocks figures released by GTN and Payward also indicate meaningful early activity. More than $35 billion in transaction volume since June 2025 suggests that tokenized equities have found a user base across blockchain ecosystems. Nearly 200,000 international holders also point to demand beyond a small group of professional market participants.
However, transaction volume alone does not show the full picture. Market depth, active user counts, redemption activity, average trade size, jurisdictional concentration, spreads, and the durability of liquidity will all matter as the market develops.
Regulation remains the key condition
The companies made clear that expansion remains subject to regulatory approvals. That condition is central to the partnership because tokenized equities are tied to securities markets, where rules vary widely by country.
Each market has its own requirements covering who can offer securities, how custody must be handled, what disclosures are needed, how client assets are protected, and which traders are permitted to access specific products. A structure that works in one jurisdiction may require changes before it can operate in another.
This is especially important for products that may be offered across borders. Tokenized assets can move globally through blockchain networks, but securities laws are still national or regional. Firms offering these products must ensure that distribution, marketing, transfer restrictions, and redemption rights comply with the laws that apply to each user and each underlying asset.
For traders, this means availability will likely differ by country. Even if xStocks expands into Hong Kong, the United Kingdom, Europe, and South Korea, not every user will necessarily be able to access every product at the same time. Eligibility checks, regional restrictions, and platform-specific compliance controls are likely to remain part of the process.
Regulatory clarity will also influence institutional adoption. Larger financial firms generally need clear legal treatment, reliable custody, auditability, and defined operational procedures before integrating tokenized assets into client offerings.
What it could mean for digital portfolios
If the expansion proceeds as planned, users could eventually hold tokenized U.S. shares, Hong Kong equities, European stocks, U.K. securities, South Korean listings, ETFs, IPO-linked products, and other asset classes through a unified digital portfolio.
That would represent a shift from the current model in which traders often need separate accounts, intermediaries, currencies, and settlement processes to access different markets. A single onchain portfolio could make cross-market exposure easier to manage, particularly for users already familiar with crypto wallets and blockchain transactions.
The companies also said the framework is expected to include more asset categories over time. While they did not provide a full list, GTN’s existing network spans eight asset classes, suggesting that future products could move beyond equities and ETFs if licensing and market conditions allow.
Still, traders will need to understand the differences between holding a traditional share directly and holding a tokenized version. The rights attached to tokenized instruments can vary depending on structure. Issues such as dividends, voting rights, corporate actions, redemption, custody protections, tax treatment, and legal claims must be clearly understood before participation.
Tokenized products can improve access, but they do not remove market risk. Prices can fall, liquidity can vary, and trading outside regular exchange hours may involve additional pricing uncertainty.
Next steps for the partnership
The partnership is now active, but the major expansion phase will depend on final licensing and regulatory clearance. Distribution to GTN’s institutional clients is expected after those approvals are in place.
In the near term, the most important development to watch will be the rollout of Hong Kong-listed equities on the xStocks framework. That launch would provide the first test of the partnership’s ability to extend tokenized equity access beyond U.S. markets.
After that, planned moves into the United Kingdom, Europe, and South Korea will show whether the model can scale across multiple legal systems and market structures. Success will depend not only on technology but also on compliance, liquidity, custody reliability, and trader confidence.
The broader significance of the GTN-Payward agreement is that tokenized equities are moving from isolated offerings toward multi-market infrastructure. If the model works, it could make global securities access more continuous and more digitally integrated than traditional brokerage systems allow today.
For now, the companies are positioning the partnership as a bridge between regulated market infrastructure and blockchain-based distribution. The coming licensing decisions and product launches will determine how quickly that bridge can be used at scale.
Explore how tokenized stocks work behind the scenes in our guide to tokenized equities and their growing global impact.
Disclaimer: The content on this page is provided for general informational purposes only and does not represent the views or financial advice of Toobit. We make no guarantees regarding the accuracy or completeness of this information and shall not be held liable for any errors, omissions, or outcomes resulting from its use. Investing in digital assets involves risk; users should independently evaluate their financial situation and the risks involved. For further details, please consult our Terms of Service and Risk Disclosure.
