Alpaca holds the real shares behind most tokenized stocks
- —Alpaca custodies 85.8% of underlying shares behind tokenized stocks, per a figure on X
- —Token Terminal puts Alpaca's share at 83.5% of tokenized stock market cap as of October 2026
- —Company self-report: about 94% of the tokenized US stocks and ETFs market, over $1.5 billion in shares
- —Alpaca serves 10+ issuers and platforms, including Binance, Robinhood, Coinbase, Ondo and xStocks
Why it matters: The tokenized equity market leans on a single custodian, so any outage or compliance issue at Alpaca would hit Binance, Robinhood and Coinbase at once.
Source: Crypto Briefing