Kraken’s xStocks, which tokenizes real-world stocks, is expanding its partnership with Alpaca. The acquisition follows the cryptocurrency exchange’s recent announcement that it has agreed to acquire Backed Finance, the company behind the issuance of xStocks.
Kraken has appointed Alpaca as its preferred partner to source and store the equity backing xStocks on a one-to-one basis. This agreement will enable API brokerage platforms to more deeply integrate xStocks within their brokerage-as-a-service offering.
Kraken x Alpaca has new gear.
xStocks → ITN’s first token from @AlpacaHQ.
Two teams, one goal: to make tokenized stocks actually work at scale.
Information: https://t.co/sT4vgVZgOy
— Kraken (@krakenfx) December 17, 2025
According to the crypto exchange, the partnership aims to streamline the way digital and traditional markets connect, promising faster and more transparent access for institutions to tokenized assets outside the United States.
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“xStocks proves that tokenized stocks are not a futuristic concept. Tokenized stocks are a current reality that is expanding at record speed,” commented Mark Greenberg, Head of Global Consumer at Kraken.
Mark Greenberg, Source: LinkedIn
“Deepening our partnership with Alpaca will enable us to accelerate that trajectory and provide an institutional-grade foundation that sets the standard for how real-world assets move across traditional and on-chain rails.”
Since its debut in mid-2025, xStocks has reportedly processed more than $10 billion in total transaction volume across on-chain and centralized platforms, highlighting the growing appeal of tokenized real-world assets.
In a major step in the partnership, Alpaca will incorporate xStocks into its instant tokenization network. This integration adds real-time minting and redemption options for institutions, reduces liquidity friction, and sets a higher standard for tokenization infrastructure.
Market leaders focus on global accessibility
The partnership also strengthens the companies’ joint commitment to open and compliant markets. xStocks remains available in select jurisdictions outside the United States, but Kraken and Alpaca plan to expand access as regulatory frameworks evolve.
Earlier this month, Kraken agreed to acquire Backed Finance, a company that develops blockchain-based tokens that track real-world securities such as individual stocks and exchange-traded funds. The move is part of the exchange’s intention to incorporate tokenized stocks into its core trading products ahead of a planned listing in 2026.
Kraken already offered several backed-issue tokenized stocks and ETFs on its platform, but this partnership will consolidate issuance and trading into a single structure. The integration is expected to give Kraken control over product design, liquidity, and market access as tokenized assets gain traction.
