CEXs are making big moves into the stock tokenization space, and it seems like all the partner institutions behind this are tied to Alpaca, including Ondo, Kraken xStocks. It’s likely Binance and Bitget are involved too. Currently, Alpaca holds about 94% of the global market share for tokenized U.S. stocks/ETFs, making it an absolute monopoly. If we go by previous industry predictions that global tokenized assets could reach $10-16 trillion by 2030 (in an ideal scenario), this company is definitely one to watch. This mysterious company transitioned to a broker-dealer in 2018, launched its tokenization network in 2025, and started laying the groundwork very early. During the early days, many traditional brokers and banks refused to collaborate with stock tokenization projects, mostly due to regulatory concerns. Alpaca, however, was the boldest player in the game, and as a result, it claimed this massive piece of the pie.