The biggest winner of this wave of tokenized and 24-hour US stock trading frenzy is actually Alpaca Alpaca is not an exchange or a project party that issues stock tokens, but a fintech company that provides infrastructure for US stock trading. Nowadays, exchanges such as Binance and Bitget can quickly launch 24/5 US stock and tokenized stock services, and one of the most important drivers behind this is Alpaca. Alpaca Markets is a Silicon Valley fintech company founded in 2015, headquartered in California, USA. Its positioning is not as an exchange, but as a provider of securities infrastructure. It provides APIs to enable other financial platforms to quickly access the US stock market ETF、 Why do people turn to Alpaca for options and cryptocurrency trading capabilities? Because the difficulty of enabling global users to trade US stocks lies not in the app, but in US brokerage licenses, KYC/AML compliance, stock custody, clearing and delivery, market data, fragmented stock trading, extended trading hours, and 24/5 trading machines. Alpaca has turned all of these into APIs, and exchanges only need to connect them In June 2026, Binance officially launched a 24/5 trading service for over 7000 US stocks and ETFs, with Alpaca as its official partner. The Reality platform launched by Bitget also utilizes Alpaca infrastructure, allowing cryptocurrency users to directly trade US stocks and ETFs. MEXC and Gate are gradually integrating tokenized stock products, hoping to trade encrypted assets and traditional financial assets in the same account. Alpaca's true goal is to become the AWS+Stripe behind global financial applications. Currently, its infrastructure supports hundreds of financial institutions and covers over 40 countries, Regardless of whether Binance wins, Bitget wins, MEXC wins, or Gate wins in the end, as long as everyone uses Alpaca's brokerage infrastructure, Alpaca can benefit from trading traffic. Alpaca has a market share of over 90% in the global tokenized US stock and ETF infrastructure market, so the biggest winner is Alpaca But... Binance announced on Wednesday a strategic equity investment in Alpaca, Inc. According to the terms of the agreement, Binance will receive a 50% profit share from Alpaca's payment instruction traffic fees and a remaining 65% profit share from Alpaca's user stock lending service. Alpaca dominates the US stock token and ETF custody market with an estimated market share of up to 94%. This collaboration enables Binance to effectively obtain a direct channel for global RWA trading liquidity, making it clear who the real winners are @cz_binance @heyibinance @binance @binancezh @BinanceUS Alpaca Binance