Today marks a significant step in the evolution of tokenized equities as Kraken announces a major expansion of its strategic partnership with Alpaca. This partnership will allow for the acceleration and global adoption of xStocks, Kraken's fully collateralized tokenized equities and an emerging category leader, outside of the United States.
The Rise of xStocks
Since their launch in June 2025, xStocks has cemented its position amongst the leaders in tokenized equities, becoming one of the fastest-growing tokenization products in the industry. In a short time, the offering has facilitated over $13 billion in combined transaction volume, signaling that the market demand for compliant, transparent, permissionless, blockchain-agnostic, and fully collateralized assets is growing.
Providing the Infrastructure for Scale
With this milestone, Alpaca solidifies its role as the infrastructure partner for xStocks. Alpaca will serve as Kraken’s preferred venue for sourcing and custodying the underlying equities that back xStocks on a 1:1 basis.
Furthermore, Alpaca's API infrastructure empowers our partners, including fintechs, developers, and institutions, to distribute and offer xStocks through their applications. With this continued collaboration, Alpaca is positioned as a key player in xStocks’ future roadmap across tokenization initiatives, infrastructure strategy, and partner integrations.
Accelerating Real-Time Tokenization
As we look toward the future of on-chain finance, speed and efficiency are paramount. To support this, we have integrated xStocks onto Alpaca’s Instant Tokenization Network (ITN), enhancing real-time mint and redeem capabilities for institutional partners, setting a new benchmark for speed in the tokenization space. By streamlining these processes, Alpaca’s ITN can help Kraken deliver an institutional-grade foundation that operates with the immediacy that modern markets demand.
A Unified Vision for the Future
Both teams view this expanded partnership as a pivotal step toward supporting greater interoperability between fiat and on-chain rails.
“xStocks is proving that tokenized equities aren’t a future concept. They’re a present reality scaling at record speed,” said Mark Greenberg, Kraken’s Global Head of Consumer. “Deepening our partnership with Alpaca allows us to accelerate that trajectory and deliver an institutional grade foundation that sets the standard for how real-world assets move across traditional and on-chain rails.”
“TradFi and digital assets are no longer two separate worlds. Tokenized equities reached billions in trading volume this year alone,” said Yoshi Yokokawa, Co-Founder and CEO of Alpaca. “Our expanded partnership with xStocks, now part of Kraken, brings together two category leaders to enable seamless minting, redemption, and liquidity across fiat and on-chain rails for tokenized equities today and more asset classes tomorrow.”
As Kraken continues to push the boundaries of what is possible in on-chain finance, Alpaca is honored to stand beside them, providing the robust infrastructure necessary to scale its vision to the world.
Contact Alpaca
About Alpaca
Alpaca is a US-headquartered, self-clearing broker-dealer and a global leader in brokerage infrastructure APIs providing access to stocks, ETFs, options, fixed income, and crypto. Alpaca delivers embeddable finance solutions for tokenization, fully paid securities lending, high-yield cash, 24/5 trading, Shariah-compliant investing and more. Today, Alpaca powers over 8 million brokerage accounts across hundreds of fintechs and institutions in 40+ countries with over $170M in funding.
About Kraken
Founded in 2011, Kraken is one of the world’s longest-standing and most secure crypto platforms globally. Kraken clients trade more than 500 digital assets, traditional assets such as U.S. futures and U.S.-listed stocks and ETFs, and 6 different national currencies, including GBP, EUR, USD, CAD, CHF, and AUD. Trusted by millions of institutions, professional traders and consumers, Kraken is one of the fastest, most liquid and performant trading platforms available.
Kraken’s suite of products and services includes the Kraken App, Kraken Pro, the Krak App, Kraken Institutional, Kraken’s onchain offerings and the Ninja Trader retail trading platform. Across these offerings, clients can buy, sell, stake, earn rewards, send and receive assets, custody holdings, and access advanced trading, derivatives, and portfolio management tools.
Kraken has set the industry standard for transparency and client trust, and it was the first crypto platform to conduct Proof of Reserves. It complies with regulations and laws applicable to its business, while actively protecting client privacy and maintaining the highest security standards.
Securities and brokerage services offered by Kraken Securities LLC, member FINRA/SIPC. Digital asset services offered by Payward Interactive Inc., (NMLS ID:1843762) a FINCEN registered money services business, not a member of FINRA/SIPC and not FDIC insured. xStocks are not offered in the U.S. or are available for U.S. residents.
xStocks have not been registered under the United States Securities Act of 1933, as amended, or any U.S. state securities laws. xStocks are not available in the United States or to U.S. persons and may not be offered, sold or delivered, directly or indirectly, in the United States or to U.S. persons. This communication does not constitute an offer to sell or solicitation of an offer to buy xStocks in any jurisdiction in which the offering or sale is not permitted.
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