Alpaca, a global leader in brokerage infrastructure APIs providing access to crypto, stocks, ETFs, options, and fixed income, today announced it holds above 94% market share in tokenized US equities and ETFs — representing over $480 million in tokenized assets under custody (AUC). Additionally, Alpaca holds 97% of the market share for tokenized large and mega-cap US stocks with over $217 million in tokenized AUC.* These milestones follow strategic integrations with Ondo Finance, Backed Finance (xStocks), Dinari, and more — partnerships that are accelerating institutional and retail access to tokenized US equities worldwide.
Tokenization of US Equities Gaining Momentum
As of October, the total market capitalization of US equities reached $67.8 trillion,1 a 9% increase since January 2025. Representing nearly half (46%) of the $147.6 trillion global stock market,2 the US remains the primary focus for innovators and institutions driving the tokenization of traditional assets.
Global institutions are fully embracing tokenization, with BlackRock’s CEO, Larry Fink, recently stating that the industry is at “the beginning of the tokenization of all assets,”3 and as they make the tokenization of ETFs a strategic priority.4 Robinhood’s CEO Vlad Tenev echoed this sentiment, saying “tokenization is like a freight train. It can't be stopped, and eventually it's going to eat the entire financial system.”5
This advocacy for tokenized equities underscores a shared vision across financial services: a more inclusive, efficient, and programmable financial ecosystem that runs 24/7 with instant settlements.
The Infrastructure to Support Tokenization is Here
While talk about tokenization has gained momentum across the industry, the infrastructure to make it a reality, especially for US equities, has primarily been incomplete. Settlement systems remain slow, siloed, and costly, while regulation often lags behind innovation.
According to Janus Henderson, a leader in tokenized real-world asset funds,6 “tokenization is different from past attempts to modernize finance, because it is not just a new wrapper or a new distribution mechanism. It is a new foundation. The infrastructure of global capital markets evolves slowly, and the benefits of tokenization suggest it has in large parts been left behind.”7
Alpaca designed its Instant Tokenization Network to bridge regulated market infrastructure with blockchain technology — enabling real-time settlement, programmable compliance, and scalable on-chain issuance.
“TradFi and digital assets are no longer two separate, distinct worlds. The same principles of investor protection and market integrity have to apply on-chain. Tokenization won’t reach its potential until we bridge legacy systems with the chain,” said Yoshi Yokokawa, Co-Founder and CEO of Alpaca. “Alpaca’s position as a regulated clearing member across traditional assets and a crypto-native platform provides a practical foundation for tokenization. By building this infrastructure, we’re leading the way in bringing the whole global capital markets and financial services on-chain.”
According to Alpaca’s data, the top five tokenized US stocks and ETFs on public chains today are TSLA, SPY, QQQ, NVDA, and IVV — representing over $150 million in on-chain value.
If tokenization is a freight train, Alpaca is the railroad connecting TradFi and on-chain markets through their de facto global standard investing infrastructure. As the clearing broker for over 94% of the market share of tokenized US stocks and ETFs, and as partners continually onboard with their recently announced Instant Tokenization Network, Alpaca is positioning itself as a global leader in tokenization infrastructure. xStocks, one of Alpaca’s earliest partners for the tokenization of US equities, recently surpassed $10 billion in Total Daily Volume across CEX and DEX.8
For any issuers or authorized participants looking to build tokenization services, Alpaca is ready to onboard more partners at scale.
Learn more about tokenization at Alpaca: alpaca.markets/tokenization
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.
- “Total Market Value of the U.S. Stock Market”, Siblis Research, 2025
- “Global Stock Exchange Market Capitalization Reaches Record $148 Trillion in October 2025”, Voroni, November 3, 2025
- “BlackRock CEO Larry Fink: We’re at the beginning of the tokenization of all assets”, CNBC, Squawk on the Street, October 14, 2025
- “BlackRock Advances Tokenized ETFs Amid Push for Regulatory Clarity”, FinTech Weekly, October 22, 2025
- “Robinhood CEO: Tokenization is going to 'eat the whole global financial system'”, CNBC International Live, October 2, 2025
- “Blockchain and tokenization: Transforming asset management on behalf of clients”, Janus Henderson Investors, August 18, 2025
- “Tokenization is finance’s next ETF moment – and Wall Street isn’t ready”, Janus Henderson Investors, October 8, 2025
- “xStocks Official Dashboard”, Dune, data pulled November 16, 2025
*Where large and mega-cap companies are defined as any NYSE and Nasdaq stock valued over $10 billion according to Nasdaq.
Data as of November 15, 2025 using both publicly and privately available information across various data platforms.
Analysis was done by comparing tokenizers that have issued new US stocks and ETFs or their derivatives between June 1, 2025 to Nov 1, 2025.
Alpaca's Instant Tokenization Network is owned and developed by AlpacaDB, Inc. and Alpaca Crypto LLC
Additional geographic restrictions may apply for tokenization services based on local regulatory requirements. Neither Alpaca Crypto LLC nor Alpaca Securities LLC are the issuer of, nor directly involved in, the tokenization of any assets. Tokenization is performed by a third party. Tokenized assets do not represent direct equity ownership in any underlying company or issuer. Instead, tokenized assets generally provide economic exposure to the equity securities of an underlying issuer. As such, holders of tokenized assets have no voting rights, dividend entitlements, or legal claims to the underlying company shares or any residual assets in the event of the underlying company’s liquidation or insolvency, unless explicitly stated otherwise.
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