Collateralized tokens take 86.5% of tokenized stock market
- —Collateralized tokens hold 86.5% of the market; issuer-sponsored just 6.5%
- —Alpaca custodies underlying shares for about 83.5% of the market
- —Tokenized stock market valued at roughly $3.5–3.8 billion
- —3.77–5.3 million holders represent about 82% of on-chain RWA holders
Why it matters: Wrapper holders rely on a custodian rather than direct ownership, and Alpaca's custody concentration puts millions of holders at operational risk.
Source: Crypto Briefing