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Frankfurt-based exchange operator Deutsche Börse Group has made tokenised versions of all 40 DAX constituents available for trading on 360X, its affiliated digital asset venue, through the xStocks framework developed by Payward, the parent company of Kraken (@kraken).
The tokens, which include SAPx (SAP), SIEx (Siemens), ALV.DEx (Allianz) and DTE.DEx (Deutsche Telekom), are backed 1:1 by the underlying shares held with a regulated custodian. Deutsche Börse said they are within reach of investors in more than 110 markets, who can hold them in the same wallets they already use, with trading available 24/7 across select venues. Xetra-Gold has also been made available as a physically backed xStock.
The move follows Deutsche Börse's launch of 24/7 trading for DAX 40 equities on 360X on 27 October, which allows off-hours request-for-quote trading in the standard shares on the venue's regulated MTF segment, with settlement through Clearstream. The latest launch extends that offering to tokenised instruments for a global, wallet-based investor base.
360X has been regulated under the EU DLT Pilot Regime since February 2026, when xStocks were first listed on the venue. The venue has also been used for other tokenisation initiatives, including a partnership with Ondo and Clearstream announced in April.
"Our partnership with Payward is exactly the kind of collaboration that accelerates the transformation of capital markets. 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."
Carlo Kölzer, Head of FX and Digital Asset at Deutsche Börse Group and Co-CEO of 360X
Deutsche Börse and Payward have worked together on several initiatives since announcing a strategic partnership in December 2025, which also covered access to FX liquidity from Deutsche Börse's 360T (@360t) and the distribution of Clearstream-custodied securities in tokenised form. In April, Deutsche Börse acquired a $200 million stake in Kraken.
According to Payward, xStocks has grown to more than 1,300 tokenised instruments since its June 2025 launch, with over $1 billion in assets under management, more than $45 billion in total transaction volume and over 500,000 unique holders. Payward has also been deepening its relationship with Nasdaq on tokenised equities.
Mark Greenberg, Chief Commercial Officer, Payward said:
"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. 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."
The tokens are not available in the United States or to US persons, and other geographic restrictions apply. Trading hours vary by venue: on Kraken in the European Economic Area, xStocks trade 24 hours a day, five days a week. Within the EEA, the service is provided by Payward Europe Digital Solutions (CY) Ltd under a CySEC licence.
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