TechFlow News, June 03: Binance disclosed in its latest legal filing that it has a revenue-sharing arrangement with Alpaca, a provider of custody and brokerage infrastructure APIs.
According to the disclosure, Binance receives 50% of Alpaca’s Payment for Order Flow (PFOF) fees and 65% of the residual profits from stock lending after users receive their interest. Alpaca provides brokerage, clearing, and custody infrastructure for Binance’s stock trading products and is also a key infrastructure provider for tokenized U.S. equities and ETFs.
Data shows that as of December 2025, Alpaca’s assets under custody totaled $480 million, representing 29% of the current total market value of tokenized stocks—$1.62 billion.
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