Deutsche Börse Group Offers 24/7 Global Trading for Tokenized DAX 40 Equities on 360X

Tokenized DAX 40 equities are now available on 360X, an affiliated company of Deutsche Börse Group, alongside Xetra-Gold as an xStock. This opens up onchain distribution for Europe's largest gold security with physical backing. In addition to the recently announced 24/7 trading of DAX 40 equities, it extends distribution to digital-native investors.

xStocks, the tokenized equities framework developed by Payward, has deployed tokenized equities representing every constituent of the DAX 40, Germany’s benchmark stock index. The launch brings onchain the 40 largest blue-chip companies listed on the Frankfurt Stock Exchange and puts them within reach of investors in more than 110 markets. The exchange is operated under Deutsche Börse Group, Payward’s strategic partner. 

Each xStock is backed 1:1 by the underlying share, held by a regulated custodian, and tradable 24/7 across select venues. Tokenized versions of SAP (SAPx), Siemens (SIEx), Allianz (ALV.DEx), Deutsche Telekom (DTE.DEx) and others are available from day one. For many investors around the world, this expansion is the first practical way to gain exposure to German capital markets. It also gives the companies themselves a new distribution channel into a global pool of onchain investors, whose demand feeds back to the underlying shares.

“German companies have a track record of building innovative products which the whole world relies on, yet there are investors on every continent who have been restricted from investing in these companies,” says Mark Greenberg, Payward’s Chief Commercial Officer. “Bringing the DAX 40 fully onchain through our work with Deutsche Börse Group breaks that barriers, allowing someone in Southeast Asia or Latin America to finally hold tokenized Siemens or Allianz from the same wallet they already use, and trade whenever they like, including the hours when Frankfurt is asleep.”

“Our partnership with Payward is exactly the kind of collaboration that accelerates the transformation of capital markets,” says Carlo Kölzer, Head of FX and Digital Asset at Deutsche Börse Group and Co-CEO of 360X. “Our vision is to provide a unified hybrid exchange ecosystem – delivering seamless trading on- and off-chain across traditional and tokenized assets, bridging deep centralized liquidity with interoperable settlement.”

Deutsche Börse Group and Payward have partnered on several initiatives since December 2025 as part of a broader agreement to combine regulated infrastructure with crypto-native expertise and deliver frictionless institutional access. xStocks already trade on 360X, the Deutsche Börse-backed venue regulated under the EU’s DLT Pilot Regime since February 2026.

xStocks launched in June 2025, initially as tokenized representations of U.S. stocks and ETFs, proving that permissionless, onchain and 24/7 markets could unlock global distribution channels for assets to be held, transacted and deployed across DeFi from anywhere in the world. The framework has since grown to span more than 1,300 xStocks, representing tokenized stocks, ETFs and early access to IPOs, the widest range of assets offered by any tokenized equities framework. It has also grown to include more than US$1 billion in assets under management, with more than US$45 billion of total transaction volume and more than 500,000 unique holders worldwide.
 

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Editorial note: high-resolution photos of Carlo Kölzer and Mark Greenberg are available.

Media contacts:
Payward
Lauren Post
press@payward.com

Deutsche Börse Group
Niels Tomm
+49 172 300 9640
niels.tomm@deutsche-boerse.com
 

About Deutsche Börse Group
 
As an international exchange organization and innovative market infrastructure provider, Deutsche Börse Group ensures that capital markets are fair, transparent, reliable, and stable. With its wide range of products, services, and technologies, the Group organizes safe and efficient markets for sustainable economies.

Its business areas cover the entire financial market transaction process chain. This includes the provision of indices, data, software, SaaS, and analytical solutions, as well as admission, trading, and clearing. Additionally, it comprises services for funds, the settlement and custody of financial instruments, and the management of collateral and liquidity. As a technology company, the Group develops state-of-the-art IT solutions and offers IT systems worldwide.

With over 17,000 employees, the Group is headquartered in the financial center of Frankfurt/Rhine-Main and has a strong global presence in locations such as Luxembourg, Prague, Cork, London, Paris, Copenhagen, New York, Chicago, Hong Kong, Singapore, Beijing, Tokyo, and Sydney. 

About xStocks

xStocks is the industry benchmark for tokenized real world assets, bringing publicly listed equities and other assets onchain through fully collateralized, 1:1-backed tokens. Powered by Payward’s digital asset infrastructure, xStocks places traditional assets on blockchain rails, expanding access to global capital markets with extended availability, global reach, and digital-native settlement. Starting with tokenized US equities, xStocks now spans markets across the US, Europe and Asia.

Designed for interoperability, xStocks move seamlessly between centralized exchanges, self-custodied wallets, and onchain applications, unlocking new utility across trading, collateralization, and decentralized finance. Since launching in June 2025, xStocks has grown to power billions of dollars in transaction volume across multiple blockchain ecosystems, anchoring a rapidly expanding global network shaping the future of tokenized markets.

For more information, visit www.xstocks.com. 

About Payward

Payward, Inc. is a unified financial infrastructure platform that powers a family of products advancing an open, global financial system. Built on a single shared architecture, Payward enables customers to hold, trade, earn, pay, and invest across asset classes without friction or fragmentation.

At its core, Payward provides the infrastructure layer behind Kraken and a growing set of purpose-built products, including NinjaTrader, Breakout, xStocks, and CF Benchmarks.

Payward separates infrastructure from product expression. Each product surface is designed for a specific customer segment, regulatory regime, and use case, while operating on the same global foundation:

• One global liquidity pool
• One unified risk and margin engine
• One collateral and settlement system
• One compliance and licensing framework

This shared architecture allows Payward to scale efficiently, launch new products at low marginal cost, and serve diverse global markets while maintaining consistent risk management, regulatory integrity, and operational resilience.
For more information about Payward, please visit www.payward.com.

Trading hours vary by venue; on Kraken in the EEA, xStocks trade 24/5. xStocks are issued by Backed Assets (JE) Limited (a Jersey private limited company) and offered to eligible Kraken customers via Payward Digital Solutions Ltd. (“PDSL”), a company licensed to conduct digital asset business by the Bermuda Monetary Authority. xStocks are not, nor will they be registered with any local securities regulators. Not available in the U.S. or to U.S. persons. Geo restrictions apply. Read Kraken’s xStocks Risk Disclosure at kraken.com/legal/xstocks as well as the Base Prospectus and related Final Terms for xStocks at assets.backed.fi/legal-documentation to learn more. This material summarizes publicly available third-party information. Kraken does not control, endorse, or guarantee the accuracy or completeness of that information or any linked sites. Content may be restricted or unavailable in some jurisdictions. Kraken and its affiliates may hold positions in digital assets referenced. xStocks are not offered by or associated with Kraken Securities, are not registered with the SEC, and are not insured or guaranteed by FDIC or SIPC.

In the EEA, investment services, ancillary services and investment activities (the "Services") in relation to financial instruments are provided and carried out by Payward Europe Digital Solutions (CY) Limited (ex I.F. Greenfields Wealth Ltd) ("PEDSL-CY"). PEDSL-CY is authorised and approved by the Cyprus Securities and Exchange Commission (CySEC) for the provision of the Services with licence number 342/17. PEDSL-CY is registered in Cyprus with registered number HE 356603 and registered office at Athalassas, 62, MEZZANINE, Strovolos 2012, Nicosia, Cyprus. See Risk Disclosures here.

These materials are for general information purposes only and are not investment or financial product advice or a recommendation or solicitation to buy or sell financial instruments or to engage in any specific trading strategy. The unpredictable nature of the financial markets can lead to loss of funds. Tax may be payable on any return and/or on any increase in the value of your investment and you should seek independent advice on your taxation position. Geographic restrictions may apply.