Crypto Exchanges Roll Out Tokenized U.S. Stocks as Alpaca Captures More Than 90% of Global Market

Tokenized U.S. stocks map ownership interests in equities and ETFs onto blockchains, allowing investors to trade them through crypto platforms on a nearly round-the-clock basis. By combining API infrastructure with brokerage licenses, Alpaca connects traditional securities clearing systems with onchain networks. It has become a key supplier linking crypto exchanges to the U.S. stock market within the real-world asset sector.

As of July 2026, exchanges including Binance, MEXC and Gate had launched 24-hour spot trading in U.S. stocks. Alpaca reportedly controlled about 94% of the global market for tokenized U.S. stocks and ETFs. Binance also disclosed a revenue-sharing agreement with Alpaca, though neither company has announced the revenue split or transaction value.