Alpaca holds the real shares behind most tokenized stocks

A single California broker-dealer now custodies the underlying shares for the large majority of the tokenized equity market Alpaca, a California-based broker-dealer, holds 85.8% of the underlying shares behind tokenized stocks as their custodian, according to a figure circulating on X. That matters now because tokenized stocks are drawing major exchanges and brokerages into the market. Binance, Robinhood and Coinbase all count among Alpaca’s clients. When that many big names lean on one back office, the back office starts to look like critical infrastructure. The numbers behind the dominance Data from Token Terminal put Alpaca’s slice at 83.5% of tokenized stock market capitalization as of October 2026. Alpaca’s own number was bigger. In a self-report from July 2026, the company claimed roughly 94% of the tokenized US stocks and ETFs market, backed by more than $1.5 billion in real shares. Its client roster spans Ondo, xStocks, Binance, Robinhood and Coinbase. The tokenized products it supports include Binance bStocks. In total, the company says it services more than 10 issuers and platforms. The work goes beyond storage. Alpaca handles real-time minting and redemption, meaning it ...