Researcher stein (@steinRWA) estimated that seven Alpaca-linked product groups represented $4.17 billion, or 91%, of tokenized-stock value on Nov. 7, showing how several brands use a common brokerage route.
That share applies to stein’s grouping within a $4.6 billion market tally. It does not establish that Alpaca Securities LLC held backing shares worth $4.17 billion. Backed Assets’ documentation for xStocks lists InCore Bank and Maerki Baumann among its custodians, so the value of products linked to Alpaca differs from a measured balance at the broker.
stein’s calculation included products associated with Coinbase, Dinari, Ondo Finance and Robinhood, alongside Binance bStocks, Bitget’s Reality and xStocks. The researcher counted about 4.7 million holder addresses using figures dated Nov. 5.
Alpaca says the tokens generally give holders economic exposure to shares rather than direct shareholder status. For shares held through Alpaca at the Depository Trust Company (DTC), the U.S. securities depository, DTC says its nominee, Cede & Co., appears in company shareholder records. Other arrangements include RQD Clearing for some Securitize products and Backpack exchange products; issuers directly register Securitize’s SECZ shares and Superstate products.
Token Terminal’s Nov. 8 snapshot covered 23 issuers and put Binance bStocks at about $1.4 billion in value. Ondo Finance stood at roughly $1.3 billion and xStocks at around $1.1 billion. Together, the three accounted for more than 80% of the tokenized-stock market in that snapshot. Those figures describe product values, rather than shares held by a particular custodian.
Alpaca claimed more than 94% market share for tokenized U.S. stocks and exchange-traded funds, and more than $480 million under custody, in a Dec. 4, 2025, announcement. Its figures were dated Nov. 15, 2025, and used a different market-share calculation from stein’s November 2026 estimate.
Separately, Bitget said customers using its stock and ETF transfer service can move eligible securities to an Alpaca account before receiving matching rTokens.
