The London Stock Exchange Group has partnered with Payward, the parent company of crypto exchange Kraken, to tokenize UK stocks. The 100 largest listed equities will launch as xStocks in 2027, the group announced on September 1.
What the deal covers
LSEG and Payward are bringing tokenized versions of the 100 largest listed UK equities to market under the xStocks name. The launch is set for 2027. Payward is best known as the parent of Kraken, one of the longest-running crypto exchanges, and the partnership gives the exchange group a direct link to crypto infrastructure.
This is a traditional exchange operator putting its biggest listings on tokenized rails. LSEG runs one of Europe's largest stock exchanges, and the 100 companies in the first wave represent a significant slice of the UK market. For Payward, the deal is a route into conventional equity markets through a major exchange group.
The 2027 timeline
The xStocks launch is scheduled for 2027. That leaves more than a year for LSEG and Payward to build out the platform and work through the details of how tokenized equities will trade alongside the underlying shares. The announcement does not specify which venue the xStocks will list on or how the tokens will be settled.
