As an analyst, I’m watching a significant development from Payward, Kraken’s parent company. They’ve announced a new feature allowing everyday investors globally to buy into U.S. IPOs at the initial offering price using their xStocks platform. This is a big deal because, traditionally, access to IPOs at that price has been largely reserved for institutional investors – it’s a privilege that’s been very difficult for regular people to access.
As a crypto investor, I’m really excited about this news from Kraken! They’re partnering with xStocks to let us signal our interest in upcoming US IPOs *before* they actually go public. The best part? We’ll get tokenized shares at the IPO price the moment they start trading. It’s a cool way to get in on the ground floor of new companies using crypto.
Payward Services shared on X that historically, institutions have had first access to initial public offerings (IPOs) at the IPO price, while individual investors received what was left. They claim xStocks has changed that, giving retail investors the same opportunity.
How it works
As a researcher studying this process, I’ve found it begins several weeks before a company goes public. Our partner exchanges open a period we call an ‘indication of interest,’ allowing users to submit preliminary, non-binding offers within a price range the company sets. Then, we at Payward Services collect all that demand and work directly with the underwriting banks on behalf of all our xStocks Alliance partners.
Once the IPO is listed, share allocations are confirmed. These shares are then converted into digital tokens, with each token representing one actual share of stock. A trusted, regulated company securely holds these shares, and eligible investors receive them through their usual exchange at the IPO price.
Traditionally, buying shares in a new company at the initial public offering (IPO) price has been difficult for most people, often limited to those with wealth or connections. Mark Greenberg, head of Payward Services, says this is changing. Now, thanks to Payward Services’ xStocks technology, everyday investors around the world – even in cities like Medellín, Madrid, or Malaysia – can access US IPOs, leveling the playing field for everyone.
The fine print: U.S. investors get a different deal
A key detail hidden in Payward’s press release significantly changes how American users can access IPOs. U.S. investors won’t be able to use tokenized xStocks for this purpose. Instead, Kraken Securities, Kraken’s traditional stock trading division, will partner with Alpaca Securities LLC and Click Capital Markets (ClickIPO) to offer IPO access.
Payward is operating two separate systems. Investors outside the U.S. can buy tokenized IPO shares using the xStocks platform, while U.S. investors access them through a standard, regulated brokerage. Currently, these xStocks tokens aren’t available to residents of the United States, the United Kingdom, Canada, or Australia.
xStocks by the numbers
As an analyst tracking digital asset infrastructure, I’ve been watching the growth of xStocks closely. Originally built by Backed Finance and then acquired by Payward in December 2025, it’s really taken off. Since its June 2025 launch, the framework has now facilitated over $30 billion in transactions, with a significant $6 billion of that settled directly on the blockchain. What’s also impressive is the broad user base – we’re seeing over 125,000 unique holders worldwide.
This represents a major increase from the $25 billion in trading volume recorded in March 2026, when xStocks offered 100 tokenized stocks. The platform began with 60 assets and aims to grow to over 500 by the end of the year.
xStocks tokens aren’t limited to any single blockchain; they work across multiple networks like Ethereum, Solana, and TON. This flexibility allows investors to use them with various DeFi applications and easily transfer them between platforms, instead of being restricted to one exchange or service.
Bigger picture: Kraken’s own IPO and tokenized finance push
Payward, the company behind Kraken, is navigating a shifting financial landscape. While co-CEO Arjun Sethi revealed they confidentially filed for an IPO in April 2026, reports indicate the listing is now likely to occur in 2027 because of challenging market conditions. The company’s value has also decreased, falling from a high of $20 billion in late 2025 to $13.3 billion in an April 2026 investment round with Deutsche Borse.
Payward has been rapidly building out its infrastructure. In March 2026, they teamed up with Nasdaq to create a connection between traditional stock markets and new blockchain systems, using xStocks as the base for processing transactions. Nasdaq plans to launch its framework for tokenized stocks in the first six months of 2027.
Kraken customers and members of the xStocks Alliance should soon have access to the first initial public offerings (IPOs) released as tokens through xStocks. Payward, the company behind xStocks, intends to launch this offering in more countries and partner with even more companies in the coming months.
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2026-06-03 16:41