Alpaca dominates tokenized US stock market with 94% share

Alpaca, a self‑clearing broker‑dealer founded in 2015, reports that it custodies more than $1.5 billion of shares backing tokenized US equities and ETFs, representing roughly 94 % of the on‑chain market. The firm raised $135 million in July, bringing its total financing to about $435 million, and seeks to expand its infrastructure for crypto‑based stock tokens.

The concentration of tokenized‑stock custody raises concerns about a single point of failure. Regulators have noted the risks, with the SEC warning that third‑party stock tokens may expose investors to ownership and intermediary hazards. Meanwhile, the Depository Trust & Clearing Corporation (DTCC) plans to launch its own tokenisation service, potentially reshaping the market’s dynamics.