Could 2026 be the year that sees an unprecedented boom in the tokenized stock market, revolutionizing traditional finance? Whatever happens, the discreet company Alpaca is currently establishing itself as a key player in this rapidly developing sector.
Alpaca: the broker dominating the tokenized stock market
At the start of this year, the rapidly developing tokenized stock market has just passed the symbolic milestone of $1 billion in capitalization. Some still see this amount as a clear lack of interest on the part of the markets concerned, while others believe that we are witnessing the beginnings of a real financial revolution.
Taking into account the combined market capitalization of publicly traded stocks (public equities) and privately held stocks (private equities), the amount currently listed on the RWA.xyz website totals $1.3 billion, of which $966 million (74%) relates to publicly traded stocks.
This represents a 110% increase over the past year, which skyrockets to more than 6,500% when compared to its value in December 2024, close to $20 million.
This context is capable of bringing to the fore “still modest but rapidly growing” players such as California-based fintech Alpaca and its automated brokerage and trading APIs, according to The Information journalist Yueqi Yang.
This vision is confirmed by its co-founder and CEO, Yoshi Yokokawa, on the project’s official LinkedIn account. And with good reason, as “tokenization is rapidly moving from the theoretical stage to that of a very real infrastructure” that can no longer be ignored.
Alpaca became the leading brokerage service provider for tokenized stock issuers last year, as the company has both the regulatory licenses required in traditional finance and the technological infrastructure necessary to connect to crypto platforms.
Yoshi Yokokawa
“Few brokers agree to sell shares to companies specializing in tokenization.”
According to available data, Alpaca currently holds 94% of the market share for tokenized stocks and ETFs. This significant dominance includes flagship projects in the sector, such as the xStocks recently launched by the Kraken cryptocurrency exchange platform, which has just surpassed $200 million in assets under management.
According to Yueqi Yang, this situation can largely be explained by the fact that “few other brokers agree to sell shares to companies specializing in tokenization.”
As a result, Alpaca has become the hub for projects such as Ondo Finance, xStocks, and Dinari, managing almost all of their users’ orders “to purchase the underlying stocks that serve as collateral for the stock tokens.”
According to Alpaca project managers, which tokenized stocks are currently the most popular? It seems that investors already involved in this venture currently favor six stocks that account for three-quarters of this market: Tesla, Nvidia, two S&P 500 trackers, one Nasdaq 100 tracker, and a Treasury fund with a maturity of over 20 years.
