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...

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<p>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.</p>
<adv/><h1>Expanding Tokenized Equities</h1>
<p>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.</p>
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<p>Kraken x Alpaca just hit a new gear.<br/><br/>xStocks → first tokens on @AlpacaHQ’s ITN.<br/><br/>Two teams, one goal: make tokenized equities actually work at scale.<br/><br/>Info: https://t.co/sT4vgVZgOy</p>
— Kraken (@krakenfx) December 17, 2025</blockquote>
<p>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.</p>
<p>[#highlighted-links#]</p>
<p>“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.</p>
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<div>Mark Greenberg, Source: LinkedIn</div>
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<p>“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.”</p>
<p>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.</p>
<p>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.</p>
<h2>Market Leaders Eye Global Accessibility</h2>
<p>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.</p>
<p>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.</p>
<p>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.</p>

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Kraken Taps Alpaca for xStocks After Backed Finance Acquisition

Kraken旗下将现实世界股票代币化的xStocks正在扩大与Alpaca的合作。此前不久，这家加密货币交易所刚刚宣布已同意收购Backed...

<div><div><p>Kraken旗下将现实世界股票代币化的xStocks正在扩大与Alpaca的合作。此前不久，这家加密货币交易所宣布已同意收购Backed Finance，后者正是xStocks的发行方。</p><adv/><h1>扩大代币化股权</h1><p>Kraken指定 Alpaca 为其首选合作伙伴，负责一对一地获取和托管支持 xStocks 的股票。该协议使这家 API 经纪平台能够更深入地将 xStocks 集成到其经纪即服务产品中。</p><adv/><blockquote><p> Kraken x Alpaca 联手打造全新力作。<br/><br/> xStocks → @AlpacaHQ 的 ITN 上的首批代币。<br/><br/>两个团队，一个目标：让代币化股权真正实现规模化运作。<br/><br/>详情：https://t.co/sT4vgVZgOy</p> - Kraken (@krakenfx) 2025 年 12 月 17 日</blockquote><p>据该加密货币交易所称，此次合作旨在简化数字市场和传统市场之间的连接方式，承诺为美国以外的机构提供更快、更透明的代币化资产访问途径。</p><p> [#highlighted-links#]</p><p> Kraken全球消费者业务主管马克·格林伯格评论道：“xStocks正在证明，代币化股票并非未来概念，而是正在以创纪录的速度扩张的现实。”</p><div><br/><div><div>马克·格林伯格，来源：领英</div></div></div><p>“深化与 Alpaca 的合作关系，使我们能够加快这一进程，并提供机构级的基础架构，为现实世界资产如何在传统和链上渠道间流动树立标准。”</p><p>据报道，自 2025 年年中推出以来，xStocks 在链上和中心化平台上的交易量已累计超过 100 亿美元，凸显了代币化现实世界资产日益增长的吸引力。</p><p>此次合作的一项重要进展是Alpaca将xStocks整合到其即时代币化网络中。此次整合将为机构用户提供实时增发和赎回选项，从而降低流动性摩擦，并为代币化基础设施树立更高标准。</p><h2>市场领导者关注全球可及性</h2><p>此次合作也进一步巩固了两家公司对开放合规市场的共同承诺。xStocks目前仍在部分非美国地区提供服务，但随着监管框架的完善， Kraken和Alpaca计划扩大其服务范围。</p><p>本月初， Kraken同意收购Backed Finance，后者是一家开发基于区块链的代币的公司，这些代币可以追踪现实世界中的证券，例如个股和交易所交易基金（ETF）。此举是Kraken交易所计划将代币化股票纳入其核心交易产品的一部分，旨在为其2026年计划中的公开上市做好准备。</p><p> Kraken平台此前已提供多种由担保发行的代币化股票和 ETF，但此次交易将把发行和交易整合到一个统一的架构中。随着代币化资产的普及，预计此次整合将使Kraken能够更好地掌控产品设计、流动性和市场准入。</p></div></div>

Kraken在获得融资收购后，与 Alpaca 合作推出 xStocks

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