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Most tokenized US stocks still depend on Alpaca custody layer
Alpaca says it clears or custodies about 94% of tokenized US stocks and ETFs, holding more than $1.5 billion in underlying shares.
CryptoSlate reports that tokenized equities were marketed as a way to remove traditional intermediaries, letting investors hold and trade stock exposure in crypto wallets around the clock. The article describes tokenization as representing real-world assets with digital tokens, such as versions of companies like Apple or Nvidia that can trade on crypto exchanges without using a traditional brokerage account.
However, the reporting says that when tokenized stock products are traced back to the underlying share activity, the flow converges on a small set of broker-dealers. Alpaca, a self-clearing broker-dealer founded in 2015, says it clears or custodies roughly 94% of tokenized US stocks and ETFs and holds more than $1.5 billion of the shares backing them.
CryptoSlate adds that DTCC is preparing to launch its own tokenization service in October, while the SEC has warned that third-party stock tokens can introduce additional ownership and intermediary risks. In this context, Alpaca’s role is presented as a concentrated custody and clearance layer beneath the decentralized sales pitch.
The article also notes funding activity for Alpaca, saying it raised $135 million on July 16 led by Peak XV, with debt from Payward, Kraken’s parent, and from BMO lifting the total package to $435 million. CryptoSlate states that issuers building tokenized equity markets, including platforms tied to xStocks, Dinari, and Ondo, largely routed through brokerages willing to take the business, with Alpaca emerging as the common counterparty.