London Stock Exchange Partners With Payward to Tokenize 100 UK Stocks Through xStocks

Highlights:

• London Stock Exchange partnered with Payward to bring tokenized versions of major UK-listed stocks to investors.
• Payward plans to tokenize the 100 largest London-listed companies through its xStocks platform in the coming weeks.
• LSE plans to list xStocks on its 24-hour market in 2027, pending regulatory approval from authorities.

The London Stock Exchange is moving deeper into blockchain-based markets through a new partnership with Payward, the parent company of crypto exchange Kraken. The two companies plan to bring tokenized versions of major London-listed stocks to investors and later support their trading through the exchange’s upcoming 24-hour market.

The plan was detailed in a September 1 report from the Financial Times and confirmed in separate announcements from the London Stock Exchange Group (LSEG) and Payward. Under the partnership, Payward plans to tokenize the 100 largest companies listed on the London Stock Exchange through its xStocks platform. The first of these products are expected to become available in the coming weeks.

Payward and the London Stock Exchange are partnering to modernize UK equity markets.

LSE plans to list the full xStocks suite on LSE 24, subject to regulatory approval.

In the coming weeks, the 100 largest London-listed companies will also be tokenized as xStocks.

Tradable… pic.twitter.com/vzwBZ1aJdZ

— xStocks (@xStocksFi) September 1, 2026

Payward to Bring 100 London-Listed Stocks Onchain

xStocks are blockchain-based tokens that track publicly traded shares. Each token is backed 1:1 by the underlying stock, allowing investors to gain exposure to traditional equities while using blockchain infrastructure. Payward said it will add the 100 largest London-listed companies to xStocks and make them available to eligible investors in more than 110 countries. However, xStocks are currently unavailable to investors in the United Kingdom and the United States.

The platform has already built a sizable market. Payward said xStocks has recorded more than $40 billion in total trading volume, including over $20 billion settled onchain, and has attracted more than 200,000 holders. The tokens can also move between supported exchanges, self-custody wallets and blockchain applications.

Arjun Sethi, co-CEO of Payward, said the partnership shows how crypto infrastructure and traditional markets can increasingly work together. “For years the assumption was that crypto and traditional finance were on a collision course. That was never the real story,” Sethi added.

London Stock Exchange Plans xStocks Trading on LSE 24

The partnership goes beyond making London-listed stocks available through Payward. Subject to regulatory approval, the London Stock Exchange plans to list xStocks on LSE 24 in 2027. LSE 24 is the exchange’s planned 24-hour trading venue. Once launched, it could give member firms access to tokenized equities linked to companies listed across markets including the UK, United States, European Union and Hong Kong.

LSEG is also studying a separate UK tokenized equity structure designed to keep the shareholder rights, investor protections and governance standards found in traditional public markets. Its Digital Securities Depository could support the issuance, settlement and servicing of these digital securities.

Julia Hoggett, CEO of London Stock Exchange plc, said tokenization could change access to financial markets but should develop within trusted market structures. “Tokenisation has the potential to change how investors access, and how issuers use, financial markets,” Hoggett said.

LSEG is also developing its Digital Settlement House to enable 24/7 settlement across traditional and blockchain-based payment networks. Together, these projects show the London Stock Exchange is looking beyond simply offering tokenized stocks and is building infrastructure that could connect traditional securities with onchain markets.