Tokenized stocks market cap 91%, estimated by Alpaca custody… connected to 7 issuers

Roughly $4.17 billion of the ~$4.6 billion market for tokenized equities—about 91%—is custodied through U.S. broker Alpaca, according to an estimate by independent researcher stein (@steinRWA) that aggregates issuer-level data rather than Alpaca's own figures. Seven issuers, including Binance and Ondo Finance, are said to route their products through Alpaca, based on Token Terminal market-cap data and Blockworks holder data showing about 4.7 million holding addresses as of Feb. 5. The concentration matters because it ties most of the tokenized-stock market's underlying shares to a single brokerage, making Alpaca a key chokepoint for settlement and custody risk. Watch whether Alpaca confirms the figures and whether issuers diversify custodians as tokenized equity supply grows.