GTN cooperates with Payward to expand access to global capital markets through xStocks (July 23)

This cooperation marks the next phase of xStocks, expanding the tokenized equity framework from U.S. stocks and ETFs to international market stocks, and over time to other asset classes. Subject to obtaining the required licenses, the cooperation also plans to introduce tokenized assets into GTN's institutional network. GTN, a financial technology company that supports unlimited investments, and Payward, the developer of the xStocks tokenized stock framework and Kraken's parent company, have entered into a partnership to enhance and accelerate the global expansion of xStocks products.

This cooperation paves the way for xStocks to significantly expand the scope of tokenized stocks, starting with Hong Kong-listed stocks, and then expanding to UK-listed assets, European assets, South Korean assets, etc., providing unparalleled international market access. The breadth of access is not available in other tokenization frameworks currently available. It also provides xStocks with the opportunity for the first time to move beyond tokenized stocks and extend the framework to new tokenized asset classes. For individual holders, this means that tokenized assets and multiple asset classes from multiple markets around the world can be placed side by side in the same portfolio, held on-chain, tradable 24/7, and can be flexibly transferred between the more than 100 exchanges, wallets and DeFi apps that xStocks has traded.

GTN provides global execution and custody services for the traditional assets on which xStocks expands. Covering a wide range of asset classes in more than 90 markets with a single integration, GTN enables the next phase of xStocks, providing a path for its tokenized products to expand from U.S. stocks to internationally listed stocks and new asset classes in the future, requiring regulatory approval at every step. The promise of tokenization has always been to allow more people to enter global markets from one place, and this cooperation is a key step towards that goal.

Under the agreement, GTN provides infrastructure to support the ledger recording and bookkeeping of tokenized products and help token issuers account for underlying assets. Subject to GTN obtaining the required licenses in each market, GTN will also offer a range of xStocks products to its institutional customers, in parallel with its existing products. Because GTN covers multiple asset classes in more than 90 markets, the partnership also opens the way for the xStocks ecosystem to further enrich its listed assets on hundreds of centralized exchanges, self-managed wallets and DeFi protocols that already trade.

"For decades, we have implicitly recognized that capital markets should be segmented by country, currency and trading time," said Mark Greenberg, global head of Payward Services."This is a problem with traditional financial infrastructure. The largest asset class that has not yet been tokenized is 'rest of the world', and this is what we are trying to change in our partnership with GTN. One asset at a time, we are bringing true global capital markets to the chain until geography is no longer important to investment."

"Financial institutions want to enter new asset classes and markets without having to rebuild their technology. Our infrastructure allows partners like Payward to quickly launch across more than 90 markets and a full range of tools, including the sub-accounting technology Kraken needs to provide tokenized products. We are pleased that Payward has selected GTN as a global product expansion partner,"said Ankit Shah, global head of financial technology at GTN.

xStocks was launched a year ago and offers tokenized U.S. stocks and ETFs backed 1:1 by underlying assets. Since then, its scale has continued to expand to cover more than 500 tokenized assets, including stocks, ETFs and initial public offerings, making it the broadest of all tokenized stock frameworks and currently traded in multiple blockchain ecosystems. The volume exceeds US$35 billion and has accumulated nearly 200,000 holders worldwide. The partnership with GTN marks the beginning of its next phase, extending this framework beyond U.S. capital markets to serve global investors.

The cooperation is now launched and will conduct tokenized distribution to GTN's institutional customers after obtaining the required licenses. By combining GTN's regulated infrastructure with Payward's platform, the two companies aim to give global institutions access to a wider range of assets and markets, and will release details on enhanced products in the coming weeks.

About Payward

Payward, Inc. is a unified financial infrastructure platform that supports a range of products and promotes an open, global financial system. Based on a single shared architecture, Payward enables customers to hold, trade, earn, pay and invest across asset classes without friction or fragmentation. At its core is providing the infrastructure layer for Kraken and a growing number of dedicated products including NinjaTrader, Breakout, xStocks and CF Benchmarks. Payward separates infrastructure from product expression. Each product surface is designed for specific customer groups, regulatory regimes and use scenarios, while operating on the same global basis: a global liquidity pool, a unified risk and margin engine, a collateral and settlement system, and a compliance and licensing framework. This shared architecture allows Payward to efficiently scale, launch new products at low marginal costs, and serve diverse global markets, while maintaining consistent risk management, regulatory integrity, and operational resilience.

About xStocks

xStocks is the industry benchmark for tokenized stocks, bringing publicly listed U.S. stocks and ETFs to the chain through fully collateralized, 1:1 backed tokens. Supported by Payward's digital asset infrastructure, xStocks provides traditional equity exposure on blockchain infrastructure, expands access to U.S. capital markets, has longer trading times, global coverage, and seamless digital native settlement capabilities. Designed for interoperability, xStocks can seamlessly move between centralized exchanges, self-managed wallets and on-chain applications, unleashing new utility in transactions, mortgages and decentralized finance. Since its launch in June 2025, xStocks has driven billions of dollars in transaction volume across multiple blockchain ecosystems and supported a rapidly expanding global network shaping the future of the tokenized market.

About GTN

GTN is the global fintech infrastructure that supports unlimited investment through a unified API-first architecture. Combining cloud-native technology with deep institutional experience, GTN provides brokerage infrastructure for brokers, banks, asset management companies and financial technology companies, covering more than 90 markets and 8 asset classes through a single API, allowing partners to build the next generation of investment and trading experiences. From fragmented trading and micro investment portfolios (including $1 broken stock bonds) to full-service brokerage operations, GTN automates the investment life cycle from digital account opening to post-trade settlement. As a single counterparty, GTN reduces technical and regulatory burdens, allowing investment banks, brokerage houses, and wealth management companies to scale without having to build technology from scratch. GTN has more than 600 professionals in 14 countries, serves more than 500 clients around the world, and is committed to making investment and trading opportunities easier for everyone. GTN is regulated in six jurisdictions (FCA, DFSA, MAS, FINRA, FSCA, SFC) and is supported by strategic investors including the International Finance Corporation (World Bank Group) and SBI Ventures Singapore.

Important Information

This announcement is for reference only. It does not constitute investment, legal or tax advice, nor is it an offer or invitation to buy or sell any securities, tokens or other financial instruments. xStocks is issued by Backed Assets (JE) Limited, a private limited company in Jersey, and is available through Payward Digital Solutions Ltd. (companies licensed by the Bermuda Monetary Authority to engage in digital asset business) to eligible Kraken customers and through Payward Europe Digital Solutions Ltd. (a company authorized and regulated by the Securities and Exchange Commission of Cyprus) to eligible EU customers. xStocks is not available or sold in the United States or to Americans, and other geographical restrictions apply. xStocks will not and is not registered with any local securities regulator. Availability of products and services varies by jurisdiction and is limited by local regulatory requirements and approvals. Any service provided by GTN requires GTN to obtain relevant regulatory licenses in each market. Tokenized and crypto asset products carry significant risks, including the risk of total loss, may not be regulated and may not be protected by statutory compensation plans; the value of the investment can rise or fall. This announcement contains forward-looking statements that reflect current expectations and may change due to regulatory, market and technological developments. GTN and Payward are under no obligation to update these statements.