xStocks Momentum Accelerates as Alpaca Deepens Partnership with Kraken

Alpaca becomes preferred partner for venue and distribution of xStocks via its Instant Tokenization Network (ITN), accelerating global adoption of tokenized equities outside the US

CHEYENNE, Wyo.–(BUSINESS WIRE)–Kraken today announced a major expansion of its strategic partnership with Alpaca that will accelerate the global adoption of xStocks outside of the United States. xStocks is the gold standard for fully collateralized tokenized equities and one of the fastest-growing tokenization products in the industry.

Under the expanded agreement, Alpaca will become Kraken’s 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 the organizations’ shared vision for open, compliant, and globally accessible tokenized markets.

xStocks Take Center Stage in Next Phase of Partnership

Since their launch in June 2025, xStocks have rapidly emerged as a gold standard for tokenized equities. The offering has surpassed $10 billion in combined transaction volume across centralized and on-chain environments, demonstrating strong demand for real-world asset tokenization that is permissionless, fully collateralized, blockchain-agnostic, and accessible across 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.

Deepening the partnership, xStocks becomes 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.

Unified Vision for Global, Scalable Tokenization of RWAs

“xStocks is proving that tokenized equities aren’t a future concept. They’re a present reality scaling at record speed,” said Mark Greenberg, Kraken’s Global Head of Consumer. “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.”

“TradFi and digital assets are no longer two separate worlds. Tokenized equities reached billions in trading volume this year alone,” said Yoshi Yokokawa, Co-Founder and CEO of Alpaca. “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 Kraken’s traditional U.S. equities offering. Together, both companies see significant opportunity to extend xStocks beyond tokenized equities into a broader suite of regulated tokenized securities and real-world assets as technical and regulatory pathways evolve. At present, xStocks are available in certain non-U.S. countries, and both parties are working 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.

About Kraken

Founded in 2011, Kraken is one of the world’s longest-standing and most secure crypto platforms globally. Kraken clients trade more than 500 digital assets, traditional assets such as U.S. futures and U.S.-listed stocks and ETFs, and 6 different national currencies, including GBP, EUR, USD, CAD, CHF, and AUD. Trusted by millions of institutions, professional traders and consumers, Kraken is one of the fastest, most liquid and performant trading platforms available.

Kraken’s suite of products and services includes the Kraken App, Kraken Pro, the Krak App, Kraken Institutional, Kraken’s onchain offerings and the Ninja Trader retail trading platform. Across these offerings, clients can buy, sell, stake, earn rewards, send and receive assets, custody holdings, and access advanced trading, derivatives, and portfolio management tools.

Kraken has set the industry standard for transparency and client trust, and it was the first crypto platform to conduct Proof of Reserves. It complies with regulations and laws applicable to its business, while actively protecting client privacy and maintaining the highest security standards.

For more information about Kraken, please visit www.kraken.com.

Securities and brokerage services offered by Kraken Securities LLC, member FINRA/SIPC. Digital asset services offered by Payward Interactive Inc., (NMLS ID:1843762) a FINCEN registered money services business, not a member of FINRA/SIPC and not FDIC insured. xStocks are not offered in the U.S. and are not available to U.S. residents.

xStocks have not been registered under the United States Securities Act of 1933, as amended, or any U.S. state securities laws. xStocks are not available in the United States or to U.S. persons and may not be offered, sold or delivered, directly or indirectly, in the United States or to U.S. persons. This communication does not constitute an offer to sell or solicitation of an offer to buy xStocks in any jurisdiction in which the offering or sale is not permitted.

About Alpaca

Alpaca is a US-headquartered, self-clearing broker-dealer and a global leader in brokerage infrastructure APIs providing access to stocks, ETFs, options, fixed income, and crypto. Alpaca delivers embeddable finance solutions for tokenization, fully paid securities lending, high-yield cash, 24/5 trading, Shariah-compliant investing and more. Today, Alpaca powers over 8 million brokerage accounts across hundreds of fintechs and institutions in 40+ countries with over $170M in funding. For more information, visit: alpaca.markets.

Securities brokerage services are provided by Alpaca Securities LLC, member FINRA/SIPC. Cryptocurrency services are provided by Alpaca Crypto LLC, a FinCEN-registered MSB (NMLS #2160858), not a member of FINRA/SIPC, and not FDIC insured.

Alpaca’s Instant Tokenization Network is owned and developed by AlpacaDB, Inc. and Alpaca Crypto LLC

Additional geographic restrictions may apply for tokenization services based on local regulatory requirements. Neither Alpaca Crypto LLC nor Alpaca Securities LLC are the issuer of, nor directly involved in, the tokenization of any assets. Tokenization is performed by a third party. Tokenized assets do not represent direct equity ownership in any underlying company or issuer. Instead, tokenized assets generally provide economic exposure to the equity securities of an underlying issuer. As such, holders of tokenized assets have no voting rights, dividend entitlements, or legal claims to the underlying company shares or any residual assets in the event of the underlying company’s liquidation or insolvency, unless explicitly stated otherwise. All investments involve risk. For more information, please see our Tokenization Risk Disclosure.

Contacts

Media Contacts:

Lauren Post

press@kraken.com

Patrick Valoppi

press@alpaca.markets