Binance discloses revenue-sharing deal with Alpaca
Binance disclosed a revenue-sharing deal with Alpaca for its stock trading and tokenized securities push. Under Binance Securities Trading Terms, Binance gets 50% of Alpaca’s payment-for-order-flow fees and 65% of profit from user stock lending after users are paid interest. Alpaca provides brokerage, clearing, and custody infrastructure for Binance’s stock product and is a major infrastructure provider for tokenized US stocks and ETFs. The disclosure suggests Binance may monetize its expansion beyond crypto as it rolls out access to more than 7,000 US-listed stocks and ETFs and prepares a tokenized stock product called bStocks. Alpaca reported $480 million in assets under custody, about 29% of the tokenized stocks market value tracked by RWA.xyz. The tokenized stock market has grown recently, but active trading has fallen sharply, indicating more holding than trading. Other exchanges, including Bitget, Kraken, and Bitpanda, are also expanding into stocks and ETFs.
