The resulting shares will be tokenized and distributed through partner exchanges, enabling investors to receive exposure to newly listed companies without opening accounts with traditional brokerage providers.
The first tokenized IPO offerings are expected to become available to customers of Kraken and other xStocks Alliance members in the coming weeks, with Payward planning to add more launch partners and markets over time. “Going public should mean public to everyone,” said Mark Greenberg, global head of Payward Services, adding that getting in at the IPO price has been a “privilege of geography and net worth” for decades. “Now a retail investor in Medellín, Madrid, or Malaysia can have similar access to a US-listed IPO, and Payward Services’ xStocks infrastructure is finally making that possible for the masses,” the executive added
Related: Binance launches SpaceX-linked perpetual futures ahead of IPO The announcement comes as interest in tokenized RWAs continues to grow, with Bernstein Research estimating the RWA market has reached $51 billion after expanding 42% this year. Payward Services said xStocks processed more than $30 billion in transaction volume during its first year, including over $6 billion settled onchain, across more than 125,000 holders globally. Kraken acquired xStocks operator Backed Finance in late 2025.
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