Binance disclosed a minority stake in Alpaca and outlined commercial terms tied to its stock-trading product. Binance said Alpaca reportedly controls about 94% of the custody market for tokenized U.S. stocks and ETFs. Alpaca provides the brokerage, clearing and custody infrastructure for Binance’s securities offering, while Binance Securities trading terms state Binance receives 50% of payment for order flow fees and 65% of residual user stock-lending profit after interest is paid to users. The companies also announced a partnership to expand access to tokenized U.S. stocks and ETFs.