TL;DR
- Payward Services and Kraken are preparing to give retail investors worldwide access to tokenized U.S. IPOs at the same offering price typically reserved for institutional participants.
- Through the xStocks framework, eligible users will be able to express interest before a listing and receive tokenized shares backed 1:1 by the underlying stock.
- The initiative broadens access to capital markets while accelerating the integration of blockchain infrastructure with traditional finance.
Payward Services and Kraken are preparing to expand access to public markets by allowing retail investors around the world to participate in U.S. initial public offerings through tokenized shares. The xStocks framework aims to reduce barriers that have historically limited IPO allocations to institutional investors and private banking clients.
According to the company, users of Kraken and selected xStocks partners will soon be able to register their interest in upcoming U.S.-listed IPOs before companies begin trading on public exchanges. Eligible investors may receive tokenized shares at the IPO offering price, giving them access to opportunities often unavailable to retail participants.
Tokenized US IPO Access Expands Beyond Traditional Markets
The model allows partner platforms to collect non-binding indications of interest from users before an IPO. Payward aggregates demand and works with underwriting syndicates before allocations are finalized on listing day.
Once shares are allocated, they are tokenized and backed 1:1 by the underlying equity held by a regulated custodian. Investors receive digital assets representing ownership of the underlying stock, combining traditional finance with blockchain-based infrastructure.
For many retail investors, especially outside the United States, gaining exposure to IPOs at the offering price has been difficult. Most can only buy shares after public trading begins, often after prices have already increased. Payward believes tokenization can help close that gap.
xStocks Strengthens The Bridge Between Crypto And Equities
The offering is built on xStocks, a tokenized equities platform originally developed by Backed Finance before its acquisition by Payward. The framework supports Ethereum, Solana, and TON, enabling tokenized shares to move across multiple blockchain networks.
Unlike traditional brokerage systems, tokenized equities can integrate with decentralized finance applications. Supporters argue this creates a more open financial infrastructure where assets can move more efficiently across markets.
Payward says xStocks has already processed more than $30 billion in transaction volume and over $6 billion in onchain settlements, spanning more than 125,000 holders. Those figures highlight the growing interest in tokenized financial products.
The launch reinforces a broader trend toward using blockchain technology to expand access to financial markets beyond traditional geographic and institutional limitations.Â
