We are excited to announce a major expansion of our strategic partnership with Alpaca, further accelerating the global adoption of xStocks outside of the United States. xStocks is the benchmark for fully collateralized tokenized stocks and one of the fastest growing tokenization products in the industry.
Under the expanded agreement, Alpaca will become our preferred venue for sourcing and custody of the underlying shares that support xStocks on a 1:1 basis. Alpaca will also explore opportunities to improve xStocks adoption through its widely used brokerage-as-a-service API, supporting seamless buying and selling capabilities for fintechs, developers and institutions.
This enhanced collaboration marks an important milestone in the evolution of xStocks and reinforces our shared vision of open, compliant and globally accessible tokenized markets.
xStocks takes center stage in next phase of partnership
Since its launch in June 2025, xStocks have exceeded $10 billion in combined trading volume across centralized and on-chain environments, demonstrating strong demand for the tokenization of real-world assets. xStocks are permissionless, fully collateralized, blockchain agnostic, and globally accessible.
Alpaca played an important role in supporting the initial growth of xStocks by serving as a custodian of the underlying stocks that support them. The expanded partnership now positions Alpaca as a central player in xStocks’ future roadmap across tokenization initiatives, infrastructure strategy and partner integrations.
xStocks will now also be a preferred tokenized stock offering available through Alpaca’s Instant Tokenization Network (ITN). This enhances real-time creation and redemption capabilities for institutional partners, setting a new benchmark for institutional-grade tokenization infrastructure.
A unified vision for global and scalable RWA tokenization
Mark Greenberg, Global Head of Consumer Affairs at Kraken: “xStocks proves that tokenized stocks are not a future concept. It is a current reality that is evolving at record speed. Deepening our partnership with Alpaca allows us to accelerate this trajectory and provide an institutional-grade foundation that sets the standard for how real-world assets move on traditional and on-chain rails.”
Yoshi Yokokawa, co-founder and CEO of Alpaca: “TradFi and digital assets are no longer two separate worlds. Tokenized stocks have reached billions in trading volume this year alone. Our expanded partnership with xStocks, now part of Kraken, brings together two category leaders to enable seamless minting, redemption and liquidity on fiat and onchain rails for tokenized stocks today and more asset classes tomorrow.”
This collaboration builds on years of partnership between Kraken and Alpaca, including Alpaca’s role in strengthening our traditional U.S. equity offering. Together, the two companies see a significant opportunity to expand xStocks beyond tokenized stocks and into a broader range of regulated tokenized securities and real-world assets as technical and regulatory pathways evolve.
Advancing a more open and globally connected financial market
Currently, xStocks are available in select non-US countries. We are working with Alpaca to expand this coverage based on various regulatory approvals.
Kraken and Alpaca view the expansion of this partnership as a crucial step toward creating more efficient, interoperable and globally connected markets, where investors can move from traditional to tokenized assets with unprecedented speed, control and transparency.
