Holding a token in a hardware-secured wallet gives its owner control of the keys used to authorize a transfer. The Ledger device supplies a separate approval step when the holder decides to move the asset. Payward’s announcement describes the xStocks work across Ledger Wallet as an integration the companies are developing; it does not give a date when every planned feature will become available.
“Self-custody and exchange access shouldn’t feel like separate experiences and ecosystems,” Payward co-CEO David Ripley said in the announcement. He said investors who control their own assets also need access to trading services and market infrastructure.
Payward Services will handle trading inside Ledger Wallet
Beyond tokenized shares, Payward Services will become a provider of crypto purchases, sales and swaps within Ledger Wallet. The companies said the initial payment options will include debit cards and bank transfers in Europe and the U.K., with additional payment methods and locations planned later.
Payward also plans to connect Ledger Enterprise customers, including banks and fintech firms, with trading, custody, payment and funding services through its exchange infrastructure. Ledger chairman and CEO Pascal Gauthier said the arrangement would cover both individual customers and institutions using Ledger Enterprise.
The xStocks arrangement follows other ways Payward has put tokenized shares to work. In May, Bitget Wallet added 130 xStocks products for eligible users of its self-custody app. On Sep. 14, Kraken launched three xStocks vaults, allowing eligible customers to deposit tokens linked to Nvidia shares and two U.S.-listed exchange-traded funds in return for variable on-chain rewards. The vaults involve lending and other transactions; holding an xStock in a Ledger-secured wallet does not by itself place it in one of those strategies.
Payward put xStocks’ cumulative transaction volume above $42 billion in its Ledger announcement. Earlier in September, the London Stock Exchange and Payward outlined a plan to bring tokens linked to 100 large London-listed companies onto the xStocks framework. Trading through the exchange’s planned LSE 24 venue remains subject to regulatory approval.
U.S. stock exposure does not mean U.S. access
Many xStocks follow shares and funds traded on American exchanges, but Payward’s product terms say xStocks are unavailable in the United States and to U.S. persons. The company says the tokens have not been registered under the U.S. Securities Act. Ledger’s hardware support does not change those eligibility restrictions.
The legal position of a token holder also differs from that of a shareholder who bought stock through a broker. As previously covered on crypto.news, Kraken says xStocks holders receive exposure to a referenced security’s price but do not receive voting rights, dividend rights or a legal claim against the company represented by the token. Payward identifies Backed Assets as the issuer of xStocks.
In a separate U.S. tokenization project, Nasdaq and Payward are developing a system for Nasdaq Equity Tokens that is designed to retain rights attached to the underlying securities. Nasdaq agreed in September to invest $100 million in Payward as the companies expanded that work, with the token service targeted for the second quarter of 2027. The proposed Nasdaq tokens and the xStocks covered by the Ledger partnership have different stated rights and rollout plans.
Payward’s separate U.S. derivatives plan remains pending
Payward has also proposed bringing selected on-chain perpetual futures to eligible American customers using Hyperliquid’s HIP-3 infrastructure. Under the plan reported on Sep. 16, its CFTC-regulated Bitnomial businesses would administer, clear and settle the markets, while NinjaTrader Clearing would carry approved customer accounts.
Payward said the proposed contracts remain subject to regulatory approval. The company has not announced a launch date for those Hyperliquid markets.
