xStocks gains momentum as it deepens its partnership with Alpaca

We are pleased to announce a significant expansion of our strategic partnership with Alpaca to further accelerate the global adoption of xStocks outside of the United States. xStocks is the gold standard for fully collateralized tokenized stocks and one of the fastest growing tokenized products in the industry.

Under the expanded agreement, Alpaca will be the preferred location for sourcing and storing the underlying assets backing xStocks on a 1:1 basis. Alpaca will also explore opportunities to enhance xStocks adoption through its widely used intermediary-as-a-service API, which supports 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 for an open, compliant, and globally accessible tokenization market.

xStocks will be at the center of next partnership phase

Since its launch in June 2025, xStocks has exceeded $10 billion in total trading volume in centralized and on-chain environments, demonstrating strong demand for the tokenization of real-world assets. xStocks is permissionless, fully collateralized, blockchain-agnostic, and globally accessible.

As the custodian of the underlying assets backing xStocks, Alpaca has played a key role in supporting the early growth of xStocks. With the expanded partnership, Alpaca will play a central role in xStocks’ future roadmap across tokenization initiatives, infrastructure strategy, and partner integration.

xStocks will also be a preferred tokenized stock product available through Alpaca’s Instant Tokenization Network (ITN). This enhances real-time minting and redemption capabilities for institutional partners and sets a new benchmark for institutional-level tokenization infrastructure.

A unified vision for global, scalable RWA tokenization

Mark Greenberg, Global Head of Consumer, Kraken: “xStocks is proof that tokenized stocks are not a futuristic concept. Tokenized stocks are a current reality, expanding at record speed. Deepening our partnership with Alpaca allows us to accelerate that trajectory and provide an institutional-grade foundation that sets the standard for how real-world assets move across traditional and on-chain rails.”

Alpaca Co-Founder and CEO Yoshi Yokokawa“TradFi and digital assets are no longer separate worlds. This year alone, tokenized stock trading volume reached billions of dollars. Our expanded partnership with xStocks, now part of Kraken, brings together two category leaders to enable seamless minting, redemption, and liquidity across fiat and on-chain rails for today’s tokenized stocks and more asset classes tomorrow.”

This collaboration builds on the long-standing partnership between Kraken and Alpaca, including Alpaca’s role in enhancing our traditional U.S. equity products. Together, the companies see significant opportunities to expand xStocks beyond tokenized stocks to a broader suite of regulated tokenized securities and real-world assets as technological and regulatory pathways evolve.

Promoting more open and globally connected financial markets

xStocks is currently available in certain countries outside of the United States. We are working with Alpaca to expand its coverage based on various regulatory approvals.

Kraken and Alpaca see this expanded partnership as a pivotal step toward building a more efficient, interoperable, and globally connected marketplace where investors can move between traditional and tokenized assets with unprecedented speed, control, and transparency.