London Stock Exchange Group (LSEG) announced on Tuesday that it will partner with Payward to launch tokenized UK shares, allowing products linked to London-listed companies to be represented as blockchain-based tokens. ^[1] LSEG has been under pressure from activist investor Elliott Management, which disclosed a stake in February, contributing to a 20% rise in LSEG shares since that disclosure. ^[2] LSEG plans to list these tokenized shares, called xStocks, on its new 24-hour trading venue, LSE 24, in 2027, subject to regulatory approval. ^[3] Holders of the xStock tokens receive price exposure and round-the-clock transfer capabilities but do not receive a place on the share register, meaning they lack voting rights and cannot demand delivery of the real stock. ^[4] Investors in more than 110 countries will qualify to purchase these tokenized stocks, but residents of the United Kingdom are explicitly excluded from participating. ^[5] The legal issuer for these tokens is Backed Assets (JE) Limited, a company incorporated in Jersey, which Payward agreed to purchase in December. ^[6] The World Federation of Exchanges urged regulators last year to crack down on tokenized stocks, warning they could create new investor risks and undermine market integrity. ^[7]