Payward has deployed tokenized equities representing all 40 constituents of the DAX 40, Germany’s benchmark stock index, making major Frankfurt Stock Exchange-listed companies tradable around the clock across more than 110 markets. The tokenized securities launched November 11, 2026, through xStocks, Payward’s tokenized equities framework developed in partnership with Deutsche Börse Group.
- Launch date: November 11, 2026
- Assets available: All 40 DAX constituents, including SAP, Siemens, Allianz, and Deutsche Telekom
- Trading venues: 360X (Deutsche Börse-backed, regulated under EU DLT Pilot Regime since February 2026)
- xStocks platform metrics: $1 billion+ in assets under management, $45 billion transaction volume, 500,000+ unique holders
- Total tokenized assets: 1,300+ xStocks spanning stocks, ETFs, and early-access IPOs
Each xStock token is backed 1:1 by the underlying share held by a regulated custodian and trades 24/7 on select venues. The expansion removes traditional barriers to German equities for retail and institutional investors in Asia, Latin America, and other regions outside Frankfurt trading hours, while providing German companies direct access to blockchain-based capital pools. 360X and Xetra-Gold are among the initial distribution venues for the tokenized securities.
German companies have a track record of building innovative products which the whole world relies on, yet there are investors on every continent who have been restricted from investing in these companies. Bringing the DAX 40 fully onchain through our work with Deutsche Börse Group breaks that barrier, allowing someone in Southeast Asia or Latin America to finally hold tokenized Siemens or Allianz from the same wallet they already use, and trade whenever they like, including the hours when Frankfurt is asleep.
– Mark Greenberg, Chief Commercial Officer, Payward
Our partnership with Payward is exactly the kind of collaboration that accelerates the transformation of capital markets. Our vision is to provide a unified hybrid exchange ecosystem—delivering seamless trading on- and off-chain across traditional and tokenized assets, bridging deep centralized liquidity with interoperable settlement.
– Carlo Koelzer, Head of Digital Asset and FX, Deutsche Börse Group
xStocks launched in June 2025, initially covering US-listed equities and ETFs. The framework has since expanded to span more than 1,300 tokenized assets, including early-access IPOs. Payward operates as a unified financial infrastructure platform powering Kraken, NinjaTrader, Breakout, and other products built on shared settlement, compliance, and risk-management systems. The company is headquartered in St. Helier, Jersey.
Mark Greenberg, Chief Commercial Officer at Payward. Source: LinkedIn
Carlo Koelzer, Head of Digital Asset and FX at Deutsche Börse Group. Source: deutsche-boerse.com
