Tokenized DAX 40 equities are now available on 360X, an affiliated company of Deutsche Börse Group, alongside Xetra-Gold as an xStock.

This opens up onchain distribution for Europe’s largest gold security with physical backing. In addition to the recently announced 24/7 trading of DAX 40 equities, it extends distribution to digital-native investors.

xStocks, the tokenized equities framework developed by Payward, has deployed tokenized equities representing every constituent of the DAX 40, Germany’s benchmark stock index. The launch brings onchain the 40 largest blue-chip companies listed on the Frankfurt Stock Exchange and puts them within reach of investors in more than 110 markets. The exchange is operated under Deutsche Börse Group, Payward’s strategic partner.

Each xStock is backed 1:1 by the underlying share, held by a regulated custodian, and tradable 24/7 across select venues. Tokenized versions of SAP (SAPx), Siemens (SIEx), Allianz (ALV.DEx), Deutsche Telekom (DTE.DEx) and others are available from day one. For many investors around the world, this expansion is the first practical way to gain exposure to German capital markets. It also gives the companies themselves a new distribution channel into a global pool of onchain investors, whose demand feeds back to the underlying shares.

“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,” says Mark Greenberg, Payward’s Chief Commercial Officer. “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.”

“Our partnership with Payward is exactly the kind of collaboration that accelerates the transformation of capital markets,” says Carlo Kölzer, Head of FX and Digital Asset at Deutsche Börse Group and Co-CEO of 360X. “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.”

Deutsche Börse Group and Payward have partnered on several initiatives since December 2025 as part of a broader agreement to combine regulated infrastructure with crypto-native expertise and deliver frictionless institutional access. xStocks already trade on 360X, the Deutsche Börse-backed venue regulated under the EU’s DLT Pilot Regime since February 2026.

xStocks launched in June 2025, initially as tokenized representations of U.S. stocks and ETFs, proving that permissionless, onchain and 24/7 markets could unlock global distribution channels for assets to be held, transacted and deployed across DeFi from anywhere in the world. The framework has since grown to span more than 1,300 xStocks, representing tokenized stocks, ETFs and early access to IPOs, the widest range of assets offered by any tokenized equities framework. It has also grown to include more than US$1 billion in assets under management, with more than US$45 billion of total transaction volume and more than 500,000 unique holders worldwide.