According to CoinPost, Payward, the parent company of cryptocurrency exchange Kraken, has officially announced the launch of its tokenized stock platform "xStocks," opening US IPO participation to individual investors globally. The service enables users to subscribe to tokenized shares at the public offering price, with each token pegged 1:1 to the underlying stock, directly dismantling the long-standing monopoly of institutional investors and high-net-worth individuals in traditional IPO markets. Retail investors no longer need to wait until after listing to buy at a premium in the secondary market; they can gain exposure at the issuance stage.
Per the announcement, investors can submit their investment intent weeks before the stock's listing, and receive equivalent tokenized shares on the listing day. The service is available to retail investors in multiple countries, including Japan, but currently excludes regions such as the United States, the United Kingdom, Canada, and Australia. This design takes into account regulatory requirements in certain jurisdictions while lowering entry barriers for a broad range of global investors.
In addition, Payward has been actively expanding its tokenized asset business, having recently acquired stablecoin payment infrastructure firm Reap and partnered with asset management giant Franklin Templeton. These moves highlight the company's accelerated push toward integrating crypto with traditional finance and bringing more real-world assets on-chain.