Exchanges are rushing to list U.S. stocks, but the real winner behind the scenes might be Alpaca. Platforms like Binance, MEXC, Gate, and Bitget have quickly rolled out 24/7 U.S. stock trading, all thanks to Alpaca's brokerage API, self-clearing, and tokenization infrastructure. It connects players like Binance, Kraken, Ondo, xStocks, and Dinari, and reportedly holds about 94% of the tokenized U.S. stocks and ETF market share. While the buzz around stock tokenization is happening upfront, Alpaca feels more like the one selling shovels in this gold rush.