CEX is making a big move into the spot stock trading space, aiming to build an all-in-one exchange. Interestingly, their core partner institutions are almost all Alpaca (Alpaca Securities). Whether it’s Ondo, Kraken xStocks, or platforms like BIT @BITstocks_CN, Binance @binance, and Bitget @bitget, they’ve either already integrated or are very likely to integrate Alpaca’s infrastructure. Yesterday, I was super curious—why are all these exchanges choosing this broker? Wouldn’t integrating with Futu, Tiger, or IBKR make users feel more secure? After digging into some info, I found out that this relatively low-profile company transitioned into a licensed broker-dealer as early as 2018. Then in 2025, they officially launched a tokenized network, positioning themselves way ahead of most competitors. Back in the early days, most traditional brokers and banks rejected stock tokenization projects due to regulatory risks. Alpaca, however, was the boldest and most decisive, grabbing a huge slice of this rapidly growing pie. Currently, Alpaca holds about 94% of the global market share in tokenized U.S. stocks and ETFs, establishing an absolute monopoly. ‘Compliance can only double your gains, but boldness can turn the tables.’ Alpaca Securities’ dominance in the crypto-stock space is the perfect example of this saying.