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Binance partners with Alpaca to power tokenized stocks

Binance partners with Alpaca to power its tokenized stocks

Tokenized stocks are going mainstream as Binance, the world’s largest crypto exchange, partners with Alpaca, one of the sector’s most important infrastructure providers.


Binance has launched 24/5 trading of US stocks and ETFs, powered by Alpaca’s brokerage infrastructure.


The combination matters: Binance brings more than 300 million users and enormous global distribution, while Alpaca provides the brokerage rails connecting digital platforms to traditional securities markets.


➡️ Why this matters


As I argued in a recent Strategic Note, the future of crypto exchanges is about to become much less exclusively crypto.


Binance is the world’s largest digital asset exchange by a considerable margin. It serves more than 300 million users, commands over half of crypto spot and derivatives trading, and generated an estimated $17 billion in revenue in 2025.


Like Coinbase, Kraken and Robinhood, Binance is making a deliberate move toward becoming a multi-asset financial platform.


Alpaca is emerging as a critical enabler of that transition. Its brokerage infrastructure already supports some of the largest tokenized-stock platforms, including Ondo, xStocks and now Binance’s bStocks.


Although bStocks launched only in July, it has already attracted 300,000 users and generated $14.7 billion in trading volume.


Given Binance’s scale, liquidity and global distribution, it could rapidly become the dominant venue for tokenized-stock trading.


But the equally important story is Alpaca.


While consumer platforms compete to own the investor relationship, Alpaca is positioning itself as the infrastructure layer connecting traditional equity markets with the growing on-chain distribution ecosystem.


Binance may become the dominant storefront. Alpaca is becoming the picks-and-shovels provider behind the market.



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