Binance acquires stake in US stock token custody firm Alpaca

Binance has acquired a stake in Alpaca, a key infrastructure company that controls approximately 94% of the U.S. stock token and ETF custody market, SpotOnChain reported. Beyond a simple equity investment, Binance has also entered into an exclusive revenue-sharing agreement. The deal secures Binance 50% of the fees from Payment for Order Flow (PFOF) and 65% of the residual profits generated by Alpaca's user stock lending services. SpotOnChain commented that this move marks Binance's entry into the real-world asset (RWA) tokenization space. The analytics firm added that by establishing a revenue-sharing structure with a dominant company in the stock token custody market, Binance has secured a direct pipeline to global RWA trading liquidity.