Crypto promised to eliminate stockbrokers, but 94% of its tokenized market now relies on an Alpaca

Alpaca, a little-known California broker, clears or custodies 94% of tokenized US stocks—$1.5 billion in underlying shares—making it the dominant intermediary in a market built on the promise of disintermediation. The SEC has warned that third-party token holders lack voting rights and direct dividend claims, exposing them to intermediary risk, while the DTCC prepares to launch its own tokenization service in October.

This Wire brief sits within Fusion42's coverage of Fintech. Wire is Fusion42's founder-focused intelligence feed: each story is connected to the funds and startups it names — every one with a live profile on Raise or Scout — so founders can follow the capital and the momentum behind the headline rather than just the headline itself. Wire analysis is one of the live surfaces Arthur reasons over.