Alpaca is among the first participants to convert DTC-held US equities into tokenized form through regulated market infrastructure.
Yesterday, Alpaca joined the launch of the DTCC Tokenization Service (DTS), expanding our engagement with the DTCC in July of this year as one of the first members to ever convert US-listed securities into DTC-tokenized securities entitlements.
DTS allows for the minting of tokenized representations of The Depository Trust Company’s (DTC) real-world assets, which retain the ownership rights, investor protections, and economic entitlements of their traditional counterparts. It also records security entitlements onchain, within the legal and operational framework that institutions already rely on. The assets eligible at launch include Russell 1000 constituents, select exchange-traded funds tracking major indices, and US Treasury securities.
Alpaca’s participation in DTS started early. We joined DTCC’s Industry Working Group in May 2026, and in July 2026 we were among one of the first brokers to convert DTC-held entitlements into tokenized equity positions through DTS. During that event, we helped partners tokenize DTC-held SPY and CRCL holdings across the Canton Network and DTCC’s private Besu network, then redeem those positions back into the classic DTC environment through Alpaca’s Instant Tokenization Network (ITN). That work demonstrated multi-network convertibility ahead of today’s launch.
For our partners, this launch extends Alpaca’s infrastructure for tokenized stocks, with ITN being the settlement and conversion layer several partners use to mint and redeem tokenized US equities in kind across issuers and networks. With DTS live, we are bringing DTC-tokenized securities entitlements into our brokerage infrastructure, with DTC participants being able to convert between traditional and tokenized forms, move tokenized entitlements to eligible digital wallets, and operate under DTC’s resiliency, governance, and operational standards. DTS also uses a multi-network model, so firms can transact across traditional and digital environments without leaving the regulated post-trade system.
We believe tokenized US equities scale when traditional markets and onchain markets share the same foundation: trust, controls, and convertibility. Joining the launch of DTS advances Alpaca’s mission of opening financial services to everyone on the planet by building the infrastructure layer that makes financial markets more accessible, flexible, and available.
Contact Alpaca
Interested in learning more? For prospective partners, contact Alpaca’s Sales team at [email protected]. For existing partners, contact your Customer Success Manager or email [email protected].
Alpaca and DTCC are not affiliated and neither is responsible for the liabilities of the other.
Securities brokerage services are provided by Alpaca Securities LLC (dba "Alpaca Clearing"), member FINRA/SIPC, a wholly-owned subsidiary of AlpacaDB, Inc. Technology and services are offered by AlpacaDB, Inc.
This communication does not constitute an offer, solicitation, or recommendation to buy or sell any security or tokenized asset, or to open a brokerage account, in any jurisdiction where the applicable Alpaca entity is not registered, licensed, or otherwise authorized to conduct business.
Additional geographic restrictions may apply for tokenization services based on local regulatory requirements. Alpaca’s Instant Tokenization Network is owned and developed by AlpacaDB, Inc. Neither AlpacaDB, Inc. nor Alpaca Securities LLC issues tokenized assets or performs the tokenization of assets; tokenization is performed by third-party issuers. Alpaca Securities LLC provides brokerage, custody, clearing, and settlement services solely with respect to the underlying securities.
Unless explicitly stated otherwise in the applicable offering materials, tokenized assets generally provide economic exposure to underlying securities rather than direct equity ownership in the underlying company. Accordingly, holders may not possess shareholder rights, including voting rights, dividend entitlements, or legal claims to the underlying shares or residual assets in the event of the underlying company’s liquidation or insolvency.
Tokenized assets involve risk, including the possible loss of the entire investment. For more information, please review our Tokenization Risk Disclosure.
