The market for tokenised real-world assets (RWAs) continues to gather momentum as financial institutions look to bridge traditional finance with blockchain infrastructure. In the latest move, fintech infrastructure provider GTN has partnered with Payward, the parent company of cryptocurrency exchange Kraken and developer of the xStocks tokenised equities framework, to accelerate the global expansion of tokenised investment products beyond US-listed securities. The collaboration aims to broaden access to international equity markets and, over time, introduce additional tokenised asset classes, subject to regulatory approvals.

Tokenisation is steadily moving from a niche blockchain use case to a strategic priority for financial institutions seeking more efficient capital markets. Against this backdrop, GTN and Payward have announced a partnership designed to expand the reach of xStocks, a framework that enables traditional financial assets to be represented as blockchain-based tokens backed one-to-one by underlying securities.

The collaboration marks the next stage in xStocks’ development, extending its coverage beyond US-listed stocks and exchange-traded funds (ETFs). The initial phase will focus on tokenising equities listed in Hong Kong, with plans to expand to UK, European, and South Korean markets. The companies also intend to explore additional asset classes in the future, positioning xStocks as a broader tokenisation framework rather than one focused solely on equities.

The announcement reflects growing demand for digital investment infrastructure capable of providing global market access without the limitations of traditional exchanges, including restricted trading hours, fragmented settlement systems, and geographic barriers.

Building Global Access Through Tokenisation

Unlike conventional securities trading, tokenised assets can be held on blockchain networks, enabling investors to transfer, trade, or integrate them into decentralised finance (DeFi) applications around the clock. According to the companies, tokenised securities issued through xStocks can already be accessed across more than 100 cryptocurrency exchanges, digital wallets, and DeFi protocols, offering investors continuous market availability.

GTN’s role centres on providing the traditional financial infrastructure underpinning these blockchain-based assets. The company will supply execution, custody, ledgering, and record-keeping services for the securities backing tokenised products while supporting settlement across more than 90 global markets through a single technology integration.

This infrastructure enables token issuers to account for underlying assets while providing institutional-grade custody and operational controls that remain essential for regulated financial products.

Subject to obtaining regulatory approvals in each jurisdiction, GTN also plans to make selected xStocks products available to its institutional client base alongside its broader investment offering.

A Shift Toward Borderless Capital Markets

The partnership highlights a broader trend within financial services as institutions explore how blockchain technology can reduce friction in cross-border investing.

Traditional capital markets remain segmented by exchange infrastructure, local regulations, currencies, and trading hours. Tokenisation offers an alternative model in which ownership of real-world assets can be represented digitally and transferred across interoperable blockchain networks without many of those operational constraints.

Payward believes expanding tokenisation beyond US securities represents a significant milestone for digital capital markets. By adding international equities, investors would gain access to diversified portfolios comprising assets from multiple jurisdictions through a single blockchain-based ecosystem.

Over time, the partnership could also pave the way for tokenised fixed income products, funds, commodities, or other regulated financial instruments, although neither company has confirmed a timeline for broader asset expansion.

Institutional Infrastructure Takes Centre Stage

While tokenised assets have often been associated with retail cryptocurrency markets, recent industry developments indicate growing institutional interest in regulated blockchain infrastructure.

Rather than replacing traditional financial systems, providers such as GTN are focusing on integrating blockchain capabilities into existing investment operations. Its infrastructure supports execution, custody, accounting, and compliance functions that institutional investors require before adopting tokenised products at scale.

The approach aligns with wider industry initiatives from technology providers including Microsoft, Google Cloud, and Amazon Web Services, all of which have expanded cloud and digital infrastructure offerings supporting regulated financial services and blockchain innovation.

The emphasis on regulated infrastructure also reflects increasing scrutiny from financial regulators worldwide, many of whom continue to develop frameworks governing tokenised securities and digital asset custody.

Growing Momentum in Real-World Asset Tokenisation

The announcement comes as tokenisation becomes one of the fastest-growing segments within financial technology.

According to McKinsey & Company, tokenisation has the potential to create a market worth trillions of dollars by the end of the decade as financial institutions digitise traditional assets including equities, bonds, private funds, and real estate. Meanwhile, Boston Consulting Group (BCG) has projected that the tokenised asset market could reach US$16 trillion by 2030, although adoption will depend on regulatory clarity and institutional participation.

Since launching roughly a year ago, xStocks has expanded from tokenised US equities to a catalogue of more than 500 tokenised assets, including stocks, ETFs, and IPOs. According to Payward, the framework now supports more than US$35 billion in transaction volume across multiple blockchain ecosystems and has attracted nearly 200,000 holders globally.

For enterprise financial institutions, the GTN partnership demonstrates how tokenisation is evolving from experimental blockchain projects into scalable investment infrastructure. Rather than focusing solely on digital assets, firms are increasingly using blockchain technology to improve access to regulated financial markets while preserving the governance, custody, and compliance standards expected in institutional finance.

Market Landscape

Tokenisation has emerged as one of the defining themes in financial services, driven by growing institutional interest in digitising traditional assets and improving market efficiency.

Research from McKinsey & Company suggests tokenised financial assets could represent a multi-trillion-dollar opportunity as banks, brokers, and asset managers modernise capital market infrastructure. Boston Consulting Group (BCG) similarly forecasts the tokenised asset market could approach US$16 trillion by 2030, provided regulatory frameworks continue to mature.

Competition is intensifying among exchanges, fintech infrastructure providers, blockchain networks, and digital custodians seeking to build institutional-grade platforms supporting tokenised securities, embedded finance, and interoperable digital asset ecosystems.

Top Insights

• GTN and Payward are expanding xStocks beyond US equities, enabling tokenised access to international stock markets through regulated blockchain infrastructure and institutional-grade custody services.
• The partnership initially targets Hong Kong-listed equities before extending to UK, European, and South Korean markets, subject to regulatory approvals across participating jurisdictions.
• GTN contributes execution, custody, ledgering, and record-keeping capabilities spanning more than 90 global markets, strengthening institutional adoption of tokenised investment products.
• The collaboration supports broader industry efforts to remove geographic barriers in investing by enabling blockchain-based ownership of regulated financial assets across multiple jurisdictions.
• Future expansion beyond equities could position xStocks as a comprehensive tokenisation framework supporting multiple real-world asset classes within a unified digital investment ecosystem.

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