Alpaca’s Instant Tokenization Network, or ITN, has become core infrastructure for institutional tokenized U.S. equity activity, clearing or custodizing roughly 94% of the market and managing more than $1.5 billion in underlying stocks. The network allows approved institutions to mint or redeem tokenized equities directly against shares held in Alpaca brokerage accounts, avoiding the traditional step of selling securities and converting proceeds into cash or stablecoins. The process operates through a single API around the clock and is designed to reduce settlement delays, financing friction and potential taxable events associated with cash conversions. Ondo Finance integrated with ITN on September 21, 2026, enabling in-kind minting and redemption of Ondo Stocks representing U.S. stocks and ETFs on Ethereum and BNB Chain. Alpaca launched ITN on October 2, 2025, at TOKEN2049 in Singapore. The company raised $150 million in January 2026 at a $1.15 billion valuation, followed by a further $135 million equity raise in July; including debt financing, total capital raised reached $435 million. Its July partnership with Broadridge, announced on July 20, 2026, adds governance and proxy-voting functions for traditional and tokenized equities. Ondo’s service remains limited to approved, KYC- and AML-verified institutions with accounts at both companies, and is not available to retail users.