Binance discloses revenue-sharing deal with Alpaca

Binance disclosed a revenue-sharing deal with Alpaca in its Securities Trading Terms, entitling Binance to 50% of Alpaca’s payment-for-order-flow (PFOF) fees and 65% of remaining profit from user stock lending after interest payments. Alpaca, which provides custody, clearing and brokerage infrastructure for Binance’s stock product, held $480 million in assets under custody as of Dec 2025 (about 29% of the $1.62 billion tokenized stock market). The move highlights how Binance plans to monetize its expansion into tokenized US stocks and ETFs (Binance has opened access to thousands of US-listed stocks/ETFs and previewed a bStocks product). Tokenized stock value rose ~29% over 30 days and holders increased 35% to ~304,700, even as monthly active addresses fell ~77%, suggesting more passive holding. The disclosure may accelerate competition among crypto exchanges entering tokenized equities and raises regulatory and market-structure questions around PFOF and revenue splits in tokenized markets.