Under the expanded agreement, Alpaca will become our preferred venue for sourcing and custodying the underlying equities that back xStocks on a 1:1 basis. Alpaca will also explore opportunities to enhance the adoption of xStocks through its widely used brokerage-as-a-service API, supporting seamless buy and sell functionality for fintechs, developers, and institutions.
This strengthened collaboration marks a significant milestone in the evolution of xStocks and reinforces our shared vision for open, compliant, and globally accessible tokenized markets.
xStocks take center stage in next partnership phase
Since their launch in June 2025, xStocks have surpassed $10 billion in combined transaction volume across centralized and on-chain environments, demonstrating strong demand for real-world-asset tokenization. xStocks are permissionless, fully collateralized, blockchain-agnostic, and accessible around the world.
Alpaca has played an important role in supporting xStocks’ early growth by serving as custodian for the underlying equities backing 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 equities offering available through Alpaca’s Instant Tokenization Network (ITN). This enhances real-time mint and redeem capabilities for institutional partners, setting a new benchmark for institutional-grade tokenization infrastructure.
A unified vision for global, scalable RWA tokenization
Mark Greenberg, Kraken Global Head of Consumer: “xStocks is proving that tokenized equities aren’t a future concept. They’re a present reality scaling at record speed. Deepening our partnership with Alpaca allows us to accelerate that trajectory and deliver an institutional-grade foundation that sets the standard for how real-world assets move across traditional and onchain rails.”
Yoshi Yokokawa, Co-Founder and CEO of Alpaca: “TradFi and digital assets are no longer two separate worlds. Tokenized equities 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 across fiat and onchain rails for tokenized equities today and more asset classes tomorrow.”
This collaboration builds on years of partnership between Kraken and Alpaca, including Alpaca’s role in powering our traditional U.S. equities offering. Together, both companies see significant opportunity to extend xStocks beyond tokenized equities and into a broader suite of regulated tokenized securities and real-world assets as technical and regulatory pathways evolve.
Advancing a more open, globally connected financial market
At present, xStocks are available in certain non-U.S. countries. We are working with Alpaca to expand that coverage based on various regulatory approvals.
Kraken and Alpaca view this partnership expansion as a pivotal step toward building more efficient, interoperable, and globally connected markets where investors can move between traditional and tokenized assets with unprecedented speed, control, and transparency.
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