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@steinRWA

Independent RWAs & Tokenization Research.

Pharmacist.

website → steiny-liard.vercel.app Joined August 2020

392 Following 2.2K Followers 19K Posts

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stein @steinRWA 1d

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.

stein @steinRWA 4h

Every tokenized stock issuer has a personality.

Same asset class but completely different lives onchain.

Where the tokens actually sit tells you how people use them.

> @bstocksfinance is the Exchange Dweller - 80% of its $1.40B sits on exchanges.

> @RealityFi_xyz is the Homebody - It’s bitget's in-house tokens, and 53% never leave the exchange.

> @xStocksFi is the Commuter - 48% on exchanges, 34% in wallets, the rest in pools and lending across 10 chains. It lives everywhere.

> @Ondo is the Hodler - 81% of its $830M sits in wallets.

> @Securitize is the Vault - $197M across 29 wallets, with $0 on exchanges or DEXs.

> @RobinhoodApp is the Liquidity Machine - Half its supply sits in DEX and perp pools.

> @Backpack is the Pool Party - An exchange whose tokens mostly (49%) live in onchain DEX pools.

> @coinbase is the Collateral - 36% sits in lending, posted as collateral to borrow against.

> @SuperstateInc is the Institution - 83 holders, zero on exchanges, 43% working in lending.

So simply, a tokenized stock isn't one product. They are different behaviours wearing the same ticker.

Which one are you holding?

stein @steinRWA 8h

Here is how @AlpacaHQ’s instant tokenization system works.

- The trading firm puts the real shares they want to tokenize in their own alpaca’s account - ofc, the purchase is via a broker that settles via DTC and into alpaca.

- a request is made for tokenizing these shares.

- alpaca then move the shares into the token issuer’s alpaca account - for example, they move it into @Ondo’s account.

- the issuer then mints one token per share and send them back to the firm’s account.

So basically, alpaca works like a big restaurant that has the whole plumbing in place and not like the guys involved have to borrow a microwave first, then get another equipment somewhere else.

Now you know.

stein Verified account @steinRWA 1d

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.

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stein @steinRWA 9h

If you haven’t seen this, kindly check it out.

happy Sunday, RWAers.

stein Verified account @steinRWA 1d

I had a discussion w/ @xximpod on one of my recent articles - “whose name is on your share”

and tbh, it’s my first time jumping on a podcast but I really enjoyed the discussion as everything tokenization is my passion.

the discussion covered everything on how stocks are presented to you, what you get from holding them, and who sits between you and your stock.

you can start your weekend here.

And thanks to @xximpod for having me 🙏

youtu.be/GEGPSG7yGZo?si…
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stein @steinRWA 21h

everyone has been asking the same question - why did they pick @AlpacaHQ?

here is why.

- they run a broker API called the stripe of securities trading in which these issuers can plug into them to open accounts, buy shares and custody them. They have created a brokerage infra that has all the plumbing these issuers need instead of just having them in bits.

- they handle all clearing processes themselves (DTC participant #3021) and hold shares in their own DTC account.

- they trade 24/5.

- they also launched an instant tokenization network in 2025 which is an API call to turn a real share into a token, or a token back into a share, 24/7.

basically, they have all an issuer wants and they have been proven and tested by multiple issuers, so why not???

also, all the shares end up recorded in cede and co’s name in the master ledger, so they are all beneficial ownerships.

stein Verified account @steinRWA 1d

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.

View quoted post on X