Tokenised DAX 40 shares launch on Deutsche Börse’s 360X
Payward’s xStocks adds all 40 German blue chips, plus Xetra-Gold, for round-the-clock onchain trading
Tokenised versions of all 40 companies in Germany’s DAX index are now available on 360X, a digital asset venue affiliated with Deutsche Börse Group, through xStocks, the tokenised equities framework developed by Kraken owner Payward.
A tokenised share is a digital token on a blockchain that represents a real share. The firms said on Wednesday 11 November that each xStock is backed one-for-one by the underlying share, held by a regulated custodian, and can be traded 24/7 on selected venues. Tokens for SAP, Siemens, Allianz and Deutsche Telekom are among those available from launch.
Xetra-Gold, Deutsche Börse’s physically backed gold security, has also been added as an xStock.
The firms said the move puts the shares within reach of investors in more than 110 markets, many of whom have not previously been able to invest in German companies. xStocks are not available in the US or to US persons.
Mark Greenberg, chief commercial officer at Payward, said the launch would allow someone in Southeast Asia or Latin America “to finally hold tokenised Siemens or Allianz from the same wallet they already use, and trade whenever they like, including the hours when Frankfurt is asleep.”
Carlo Kölzer, head of FX and digital assets at Deutsche Börse Group and co-chief executive of 360X, said the partnership was the kind of collaboration that speeds up change in capital markets.
“Our vision is to provide a unified hybrid exchange ecosystem – delivering seamless trading on- and off-chain across traditional and tokenised assets, bridging deep centralised liquidity with interoperable settlement,” he added.
Deutsche Börse and Payward have worked together on several initiatives since December 2025. 360X is regulated under the EU’s DLT Pilot Regime, and xStocks were already trading on the venue before this launch.
xStocks launched in June 2025 with tokenised US stocks and exchange-traded funds. Payward says the framework now covers more than 1,300 tokenised stocks, ETFs and pre-IPO assets, with more than $1bn in assets under management, more than $45bn in total transaction volume and more than 500,000 holders. The tokens are issued by Backed Assets (JE), a Jersey company, and are not registered with local securities regulators.