Binance buys Alpaca stake, takes 50% of PFOF revenue
Alpaca's 94% share of tokenized US stock and ETF custody makes it the rails Binance is buying into — the revenue split is the structural tell about who captures the on-chain equities market.
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Alpaca's 94% share of tokenized US stock and ETF custody makes it the rails Binance is buying into — the revenue split is the structural tell about who captures the on-chain equities market.
The listing is the clearest U.S. platform reversal since the SEC's 2023 enforcement wave named ALGO as an unregistered security — a recalibrated internal legal call, not a regulatory green light.