Global X ETFs lists the first European ETF on stablecoins and tokenisation: TKNX debuts on the LSE and Xetra

Global X ETFs Europe today listed the Global X Stablecoin & Tokenisation UCITS ETF (ticker: TKNX) on the London Stock Exchange and Deutsche Börse Xetra.

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Article created by the editorial staff of ETFWorld.co.uk

Gea Blumberg, Head of Business Development and Co-Head of Global X ETFs Europe

Listing on Borsa Italiana and SIX Swiss Exchange is expected in the coming weeks. The ETF tracks the Mirae Asset Stablecoins and Tokenisation UCITS Index, launched by Mirae Asset Global Indices on 5 February 2026, and has a Total Expense Ratio of 0.50%.

The fund was authorised by the Central Bank of Ireland (CBI) on 19 March 2026, as part of the Global X ETFs ICAV, the Ireland-domiciled UCITS vehicle through which Global X distributes its thematic products in the European market.

A product with a North American precedent

The TKNX did not come out of nowhere. Global X Investments Canada launched the Global X Tokenization Ecosystem Index ETF (TSX: TOKN) on the Toronto Stock Exchange on 22 January 2026, tracking the Mirae Asset Stablecoins and Tokenization CAD Index. The TKNX therefore represents the UCITS version of the same thematic strategy, with a benchmark index adapted to European eligibility rules.

The portfolio comprises 30 securities: 20 classified as ‘disrupters’ — companies with direct exposure to the transformation of digital financial infrastructure — and 10 as ‘adapters’, i.e. large traditional financial institutions that are integrating these technologies. Among the ‘adapters’ are JPMorgan Chase, Goldman Sachs and Citigroup.

The top three holdings by weight in the index are the digital banking platform Nu Holdings (9.3%), the payments company Block Inc (8.5%) and the fintech group Fiserv (8.3%). The top five is rounded off by Robinhood Markets and Coinbase Global.

Robinhood, with a weighting of 6.8%, launched over 200 ETF and equity tokens in August 2025 to enable extended-hours trading via blockchain.

The target market: rapid growth, evolving regulatory landscape

The launch of TKNX comes at a time of accelerated expansion in the stablecoin and tokenisation market. According to data cited in the official press release, stablecoin volumes exceeded $10 billion in August 2025, with payments forecast to reach up to $122 billion by the end of the year. The value of US Treasuries tokenised on blockchain has reached nearly $10 billion.

On the regulatory front, in the United States, the GENIUS Act, passed in June 2025, established the first federal regulatory framework for stablecoins, removing one of the main uncertainties that had held back institutional adoption. Intercontinental Exchange, the parent company of the NYSE, announced that it is developing an independent digital platform for the 24-hour trading of digital tokens.

The index’s four thematic categories

The index includes companies divided into four thematic categories: stablecoin issuers, tokenisation platforms, trading and distribution venues, and providers of payment, settlement and custody infrastructure. This classification reflects the intention to capture the sector’s entire value chain, from the underlying technological layers to applications in the capital markets.

Andrew Ye, thematic investment strategist at Global X ETFs Europe, said: “As the regulatory framework becomes clearer and major financial institutions continue to test and implement these technologies, the market is increasingly moving towards practical and institutional use cases. The TKNX offers investors the opportunity to invest in the companies and platforms driving this transformation.”

Gea Blumberg, Head of Business Development and Co-Head of Global X ETFs Europe, added: “The TKNX is a unique product offering targeted exposure to the growing ecosystem of stablecoins and tokenisation. Investors are seeking clear and effective pathways to benefit from this structural shift. The TKNX complements our offering focused on digital financial infrastructure.”

Competitive positioning in Europe

The TKNX is the first UCITS ETF specifically dedicated to tokenisation and stablecoins available to European investors. In a market where several thematic ETFs linked to blockchain, crypto and digital assets already exist, TKNX stands out for the specificity of its mandate: not generic exposure to the crypto sector, but companies that build and manage the infrastructure for programmable payments, instant settlement and the digital representation of ownership on blockchain.

The presence of major banks such as JPMorgan, Goldman Sachs and Citigroup among the ‘adapters’ lends the portfolio a degree of relative stability, balancing the more speculative exposure of purely ‘disruptor’ stocks.

Global X and Mirae Asset: the parent group

Global X is a wholly-owned subsidiary of Mirae Asset Global Investments, the Korea-based asset management arm of the Mirae Asset Financial Group. Global X ETFs Europe operates as the group’s European division, based in London, and manages a range of thematic ETFs already distributed across European markets. The index is calculated and administered by Mirae Asset Global Index Private Limited, an affiliate of the manager.

Investor considerations

The TKNX offers concentrated exposure to a structurally significant theme that is still in its early stages of development. The main risks to consider include the inherent volatility of fintech and crypto-adjacent securities, residual regulatory uncertainty in certain jurisdictions, and the portfolio’s concentration in just 30 securities. On the other hand, the UCITS structure provides a robust regulatory framework, and the TER of 0.50% is competitive for a niche thematic ETF.

Simultaneous listing on two leading European exchanges — the LSE and Xetra — ensures liquidity and accessibility for a broad range of European institutional and retail investors from day one.

Source : ETFWorld.co.uk