Kraken’s xStocks, which tokenizes real-world equities, is expanding its partnership with Alpaca. The acquisition follows recent announcement by the crypto exchange that it had agreed to acquire Backed Finance, the firm behind the issuance of xStocks.
Kraken named Alpaca as its preferred partner for sourcing and custodying the equities backing xStocks on a one-to-one basis. This agreement allows the API brokerage platform to integrate xStocks more deeply within its brokerage-as-a-service offering.
Kraken x Alpaca just hit a new gear.
xStocks → first tokens on @AlpacaHQ’s ITN.
Two teams, one goal: make tokenized equities actually work at scale.
Info: https://t.co/sT4vgVZgOy
— Kraken (@krakenfx) December 17, 2025
According to the crypto exchange, the collaboration aims to streamline how digital and traditional markets connect, promising institutions faster and more transparent access to tokenized assets outside the United States.
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“xStocks is proving that tokenized equities aren’t a future concept. They’re a present reality scaling at record speed,” commented Mark Greenberg, Kraken Global Head of Consumer.
Mark Greenberg, Source: LinkedIn
“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.”
Since their mid-2025 debut, xStocks has reportedly processed more than $10 billion in combined trading volume across on-chain and centralized platforms, highlighting the growing appeal of tokenized real-world assets.
A major step in the partnership sees Alpaca incorporating xStocks into its Instant Tokenization Network. The integration will add real-time mint and redeem options for institutions, reducing liquidity frictions and setting higher standards for tokenization infrastructure.
Market Leaders Eye Global Accessibility
The partnership also reinforces both companies’ joint commitment to open and compliant markets. xStocks remains available in select non-U.S. jurisdictions, though Kraken and Alpaca plan to expand access as regulatory frameworks evolve.
Early this month, Kraken agreed to acquire Backed Finance, the firm behind blockchain-based tokens that track real-world securities such as individual stocks and exchange-traded funds. The move is a part of the exchange’s intention to bring tokenized equities into its core trading offering as it positions itself ahead of a planned public listing in 2026.
Kraken already offered several Backed-issued tokenized stocks and ETFs on its platform, but the deal would bring issuance and trading into a single structure. That integration is expected to give Kraken control over product design, liquidity, and market access as tokenized assets gain traction.
