According to The Information, the stock tokenization sector is increasingly dependent on a single brokerage firm. The brokerage – Alpaca Securities, based in California, has become the primary trading venue for this area, as very few other brokerages are willing to sell stocks to tokenized companies.
Currently, many major projects such as Ondo Finance, xStocks from Kraken exchange, and Dinari are routing user transactions through Alpaca. This entity directly purchases the underlying stocks, using them as collateral for the stock tokens issued on the blockchain.
This concentration helps tokenized projects easily access the traditional stock market, but it also raises concerns about centralization risk, as the entire ecosystem relies heavily on a single intermediary for transaction execution and liquidity.
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