Alpaca, a California-based broker-dealer, custodies 85.8% of the underlying shares behind tokenized stocks, according to a widely circulated figure on X. Token Terminal put its share at 83.5% of the tokenized stock market’s capitalization in October 2026, while Alpaca reported in July that it held about 94% of the US tokenized stocks and ETFs market, backed by more than $1.5 billion in real shares. The company also handles real-time token minting and redemption as well as dividends, splits and other corporate actions. Its clients include Ondo, xStocks, Binance, Robinhood and Coinbase, making Alpaca a central infrastructure provider for the market. This concentration reduces issuers’ need to build their own custody, settlement and corporate-action systems, but leaves several platforms exposed to the same operational or compliance failure. After raising $135 million in July 2026, Alpaca brought its total capital raised to $435 million.
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