London Stock Exchange plans tokenized-equity market with Payward

Separately, the exchange says it intends to list Payward's xStocks in 2027 on LSE 24, its planned round-the-clock venue. Both the tokenized-equity structure and the xStocks listing remain subject to regulatory approval; the announcement does not create a live UK market today.

The legal wrapper matters as much as the token

Payward describes xStocks as blockchain-based instruments that track underlying shares and can move among exchanges, self-custodied wallets and onchain applications. The London proposal goes further by asking how a regulated exchange, depository and asset-servicing system should connect those digital instruments to the rights investors expect from public equities.

The next evidence will come from the regulatory structure, eligible investors, custody model, corporate-action handling and final listing terms. Until those details clear approval, the project is a market-design commitment rather than proof of trading demand or completed settlement infrastructure.