Key takeaways
- Kraken brings all 40 DAX companies onchain
- Deutsche Börse enables tokenized trading through 360X
- Share-backed tokens expand access but retain restrictions
Kraken parent Payward has launched tokenized representations of all 40 companies in Germany's DAX index, bringing some of Europe's largest publicly traded businesses onto blockchain infrastructure through its partnership with Deutsche Börse Group.
According to Deutsche Börse's November 11 announcement, the new assets are available through 360X, the exchange group's affiliated digital asset trading venue.
The launch includes tokenized exposure to SAP, Siemens, Allianz and Deutsche Telekom, extending the rapidly growing tokenized stock market beyond American companies.
Kraken Brings Germany's Biggest Companies Onchain
Payward's xStocks platform now supports tokenized representations of every DAX 40 constituent, expanding access to German equities for eligible investors across more than 110 markets.
Among the newly available products are SAPx, representing SAP; SIEx for Siemens; ALV.DEx for Allianz; and DTE.DEx for Deutsche Telekom.
Each xStock is backed one-to-one by underlying shares held with a regulated custodian, providing economic exposure through blockchain-based tokens.
The launch follows Kraken's earlier European stock trading expansion, which introduced conventional US equities alongside tokenized products.
However, the new tokens are not identical to direct share ownership. Holders generally do not receive the same shareholder rights as investors purchasing ordinary DAX shares through traditional brokerages.
Deutsche Börse Partnership Enables Around-the-Clock Trading
The launch builds on a strategic agreement established between Payward and Deutsche Börse Group in December 2025.
Their collaboration combines traditional exchange infrastructure with blockchain-based distribution, allowing tokenized equities to trade through 360X.
The venue has operated under the European Union's DLT Pilot Regime since February 2026, providing regulated infrastructure for blockchain-based securities activity.
Deutsche Börse also confirmed that Xetra-Gold, a physically backed gold exchange-traded commodity, is available as an xStock.
While the companies describe 24/7 trading across selected venues, availability depends on the platform. Kraken's European Economic Area service offers xStocks trading 24 hours a day, five days a week.
The initiative builds on earlier global tokenization partnerships designed to connect international equity markets with cryptocurrency infrastructure.
xStocks Expands Beyond $1 Billion in Assets
The DAX launch forms part of a broader expansion covering more than 200 UK- and EU-listed companies.
Payward's wider xStocks ecosystem now includes more than 1,500 tokenized assets, while cumulative transaction volume has exceeded $45 billion.
The platform has also surpassed $1 billion in assets under management, demonstrating growing interest in blockchain-based exposure to conventional securities.
The trend extends beyond Kraken. Other companies have introduced tokenized US equities, while investment platforms increasingly explore putting funds and portfolios onchain.
Recent tokenized portfolio launches also illustrate how blockchain infrastructure is expanding beyond individual cryptocurrency trading.
