Alpaca Securities Is Estimated to Hold Shares Backing 91% of Tokenized Stocks

Independent researcher stein (@steinRWA) estimated on Nov. 7 that shares held at Alpaca Securities backed about $4.17 billion, or 91%, of the $4.6 billion tokenized-stock market that day; the estimate used holder figures dated Nov. 5. The estimate covered products from Binance’s bStocks, Ondo, xStocks, Robinhood, Bitget’s Reality, Coinbase and Dinari. Those products represented about 4.7 million holder addresses.

A separate Nov. 8 snapshot of 23 issuers showed Binance bStocks at about $1.4 billion, or 30.7% of the market. Ondo stood at about $1.3 billion, or 28.4%, and xStocks at about $1.1 billion, or 23%. Together, the three represented more than 80% of the market.

Alpaca is not the custodian for the entire market. It is xStocks’ main custodian, but some xStocks shares are held at InCore Bank and Maerki Baumann. Securitize tokens and Backpack exchange products use RQD Clearing, while Securitize’s SECZ shares and Superstate products are registered directly with issuers. Those direct-registration products totaled about $250 million.

For tokens backed through Alpaca, holders receive economic exposure to the stock but are not recorded as direct shareholders. Alpaca is a self-clearing broker and a participant in DTC, the U.S. central securities depository. The underlying shares are held through Alpaca at DTC, where Cede & Co., DTC’s nominee, appears as the registered holder on company shareholder records. The arrangement links products sold under separate brands to a shared broker for their backing shares.

In December 2025, Alpaca said its network supported about 94% of tokenized U.S. equities and ETFs and that it held about $480 million in tokenized assets. The earlier custody estimate used a different market-share calculation, so it is not directly comparable with the Nov. 5 estimate.