CHEYENNE, Wyo.--(BUSINESS WIRE)--Kraken today announced a major expansion of its strategic partnership with Alpaca that will accelerate the global adoption of xStocks outside of the United States. xStocks is the gold standard for fully collateralized tokenized equities and one of the fastest-growing tokenization products in the industry.

Under the expanded agreement, Alpaca will become Kraken's preferred venue for sourcing and custodying the underlying equities that back xStocks on a 1:1 basis. Alpaca will also explore opportunities to enhance the adoption of xStocks through its widely used brokerage-as-a-service API, supporting seamless buy and sell functionality for fintechs, developers, and institutions.

This strengthened collaboration marks a significant milestone in the evolution of xStocks and reinforces the organizations' shared vision for open, compliant, and globally accessible tokenized markets.

Since their launch in June 2025, xStocks have rapidly emerged as a gold standard for tokenized equities. The offering has surpassed $10 billion in combined transaction volume across centralized and on-chain environments, demonstrating strong demand for real-world asset tokenization that is permissionless, fully collateralized, blockchain-agnostic, and accessible across the world.

Alpaca has played an important role in supporting xStocks' early growth by serving as custodian for the underlying equities backing them. The expanded partnership now positions Alpaca as a central player in xStocks' future roadmap across tokenization initiatives, infrastructure strategy, and partner integrations.

Deepening the partnership, xStocks becomes a preferred tokenized equities offering available through Alpaca's Instant Tokenization Network (ITN). This enhances real-time mint and redeem capabilities for institutional partners, setting a new benchmark for institutional-grade tokenization infrastructure.

This collaboration builds on years of partnership between Kraken and Alpaca, including Alpaca's role in powering Kraken's traditional U.S. equities offering. Together, both companies see significant opportunity to extend xStocks beyond tokenized equities into a broader suite of regulated tokenized securities and real-world assets as technical and regulatory pathways evolve.

At present, xStocks are available in certain non-U.S. countries, and both parties are working to expand that coverage based on various regulatory approvals. Kraken and Alpaca view this partnership expansion as a pivotal step toward building more efficient, interoperable, and globally connected markets where investors can move between traditional and tokenized assets with unprecedented speed, control, and transparency.