London Stock Exchange to issue FTSE 100 as tokens
The London Stock Exchange will work with Payward, Kraken’s parent, to issue the FTSE 100 as 1:1 tokenized shares under Payward’s xStocks framework and test trading on its new 24-hour venue, LSE 24, at the end of 2026 with a target launch in 2027 pending regulatory approval. xStocks deliver price exposure and dividends but do not carry voting rights, and the framework has processed more than $40 billion in volume across over 200,000 holders. The project aims to expand global distribution and shorten settlement cycles, but UK regulatory limits currently bar domestic retail access and questions remain about overnight liquidity and governance.
LSE and Payward plan tokenized FTSE 100 trading from 2027.
Context
Kraken's xStocks has processed over $40 billion and many holders. The SEC cleared DTCC tokenization in 2025 and exchanges are exploring token models. LSE 24 testing is planned for end of 2026 and a UK regulatory decision will shape a 2027…
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