Mad Pilot

91% of all tokenized stocks lead back to one broker. Tokenized stocks total $4.60B today and $4.17B of that is backed by real shares held at a single US broker called Alpaca Securities. - 7 issuers use it - Binance bStocks, Ondo, xStocks, Robinhood, Reality, Coinbase and Dinari. - Alpaca holds those shares at DTC, the central US securities depository. On the company's books, the owner is Cede & Co., and not you. - Securitize and Backpack take a different path, through RQD Clearing but still ends at DTC. - Superstate and Securitize’s ISTs are the only one that skips both. The shares sit on the company's own register, with no broker and no DTC. In total, that’s 4.7M token holders across those 7 issuers, and one broker between all of them and the real shares. Now you know.