“In several months, I think probably by the end of the year, we’ll see that all these tokenized stocks will have very deep liquidity. Just as deep as TradFi.” Our Head of Digital Assets, @arush, joined a panel at the 2026 SIFMA Operations Conference & Exhibition discussing tokenization and digital assets. The session explored: 1️⃣ The evolution of infrastructure for traditional markets as new generations of investors engage with more crypto-native ecosystems 2️⃣ Why connectivity between the DTCC and crypto world is important in reducing friction for institutions and end users 3️⃣ How tokenized US equities liquidity is deepening through products like Alpaca’s Instant Tokenization Network (ITN) Thank you to the industry leaders, including Michael Winnike from @The_DTCC, Charles DeSimone from SIFMA, Jonathan Jachym from @krakenfx, Mustafa Al Niama from @Mysten_Labs, and Germán Soto Sanchez from @Broadridge, for a great conversation.

“Nobody pre-funds trades on an institutional level in TradFi, but that’s all we have in crypto. In order to unlock all of that flow onto crypto rails, we need post-trade settlement for tokenized equities. This doesn't exist today,” said @arush. Arush, our Head of Digital Assets, joined the main stage at Digital Asset Summit 2026 Asia for a session on “Unlocking Tokenized Equities at Institutional Scale.” The session explored: 1️⃣ Why today’s tokenized equities market still relies heavily on pre-funding 2️⃣ How post-trade settlement can help reduce capital requirements and support deeper liquidity 3️⃣ Why clearing, custody, and settlement infrastructure are critical as tokenized equities scale 4️⃣ How Alpaca’s Instant Tokenization Network (ITN) supports in-kind minting and redemption between tokens and shares, recently passing $5 billion in volume Thank you to the @Blockworks team for hosting an important discussion on the infrastructure needed to support tokenized equities at an institutional scale.

ICYMI: We were live from @blockworksDAS Asia with @AlpacaHQ at @token2049 Singapore. 6 hours. 10+ phenomenal speakers. We dove into where global finance meets the onchain economy, and where the next buyer is coming from. We were met by some incredible guests like @arush, @FTDA_US, @chriseyin, @plumenetwork, @wagmiAlexander, @aeroxyz, @vnovakovski, @Lighter_xyz, @Krista_Lynch_, @Grayscale, @swiftcommunity, @tarunchitra, @gauntlet_xyz, @samkazemian, @fraxfinance, @connorbmilner, @hare_xyz, @vibhu, @solana

Why The Industry Still Pays Market Makers To Exist (Post-Trade Settlement) with @arush of @AlpacaHQ Timestamps: 00:00 Intro 01:21 What ITN Actually Is 04:07 The Slow Rail Fast Rail Problem 07:21 Locates And Naked Shorting 09:19 The Multimodal Equities Era 12:06 Transfer Agents Are A Crazy World 14:54 The Token Is Not The Share 17:25 How The AMC Weekend Worked 23:08 Expanding Beyond Alpaca 28:22 Multilateral Netting Explained 31:06 What’s Live Versus What’s Coming 35:09 The 24/7 Markets Question

All roads lead to @AlpacaHQ Alpaca is named as the custodian holding the underlying shares for 83.5% of tokenized stock market cap. Ondo, xStocks, Binance bStocks, Robinhood, Coinbase, and Reality name Alpaca as custodian.

Are you kidding me? The official Xbox response to mega-viral game remixing is "This is good for players. It challenges our business model, so what. We'll start a lab." Asha should run MS. Never seen anyone this tapped in

One of my #TOKEN2049 highlights was Hack Seasons. Great to share the stage with some sharp minds and discuss institutional adoption, the future of trading, and what financial infrastructure needs to look like next. The next step is making markets more accessible, efficient, and connected. Thanks to everyone who joined the conversation. @mickeyhardy from @ArcadiaGTM @yanabinance from @binance @MassFromCrypto from @ChangeNOW Jean-David Péquignot from Deribit by Coinbase @arush from @AlpacaHQ

Arush says 24/7 equity trading needs 24/7 fiat rails first, which means US real-time payment systems like RTP and FedNow have to reach wide adoption. He thinks even then people won't want to work weekends. "There's still a human element. People don't want to work on the weekend." "What that results in is liquidity events." "The Monday New York open stays the best time to access major liquidity across all markets." "Those coalesce liquidity, so you still get these spikes." @arush @AlpacaHQ

Tokenization’s next phase is clearing, and Arush Sehgal, Head of Digital Assets at Alpaca, says ITN lets people swap between traditional shares and tokenized versions instantly, 24/7. @AlpacaHQ @arush

Our Head of Digital Assets, @Arush Sehgal, will be speaking at Digital Asset Summit Asia 2026 in Singapore on October 7! 🇸🇬 He’ll join the panel “Unlocking Tokenized Equities at Institutional Scale,” moderated by @jchervinsky, CEO of @HyperliquidPC. The panel will explore how cash and collateral could drive the next phase of tokenization and what institutions need as financial markets continue moving on-chain. 📅 October 7 🕙 10:10–10:40 AM If you’re attending DAS Asia, add the session to your agenda and make sure to say hi to the Alpaca team.

Marc Zuckerberg explained how Muse AI works. It can book reservations, make payments, and keeps your passwords and card details secure. If the agent messes up a payment, it's insured so you'll get paid back. It works via a chat interface in its own Muse app (and on WhatsApp). --- Let's say you want to book a movie or pay for something: 1. @Stripe Link mints a single-use virtual card scoped to the purchase you approved. Muse never sees your real card. 2. If Muse makes a mistake, a refund guarantee covers it. XCover (Cover Genius) underwrites it, Link pays the premium. 3. Eligible purchases get price protection and damage or loss cover up to $500 per claim, plus no-fee returns up to $250. Only 9% of consumers say they'd let an agent complete a purchase for them (Accenture, June 2026). I mean, if an agent buys the wrong flight, that sucks! The question holding agentic commerce back is who eats that loss. An insured agent can be wrong and people will still let it spend. Insurance is the killer app for agentic commerce. Card networks answered it in the 90s. People typed card numbers into websites because zero liability and chargebacks made a bad merchant the bank's problem. The difference there was the user was involved. The card networks will absolutely want to own this kind of protection. The industry needs to get ready for that. On the business model, Zuckerberg told Alex Heath: Muse gives 100 million free tokens a week to win market share, $20 or $100 a month for power users, and eventually "a very small cut of whatever the transaction is." So subscription plus payments. There's a SURPRISING privacy-forward approach here: He and Nat Friedman recruited Moxie Marlinspike, Signal's founder, to build a Confidential VM where "even Meta cannot see the content." That ships later this year. And we already saw a privacy backlash with Instinct, which was storing your passwords and card credentials in its own vault. In the last two weeks it added Stripe Link and 1Password. Muse launched with both. (You have to credit the partnerships folks at Stripe and 1Password here, locking in the personal agents super early.) Where's Google in all of this personal agents discourse? Google has the email, the calendar, the cards and the search history. Apple has a strong bit of user trust. Neither has shipped a personal agent. This will become your control center and your interface. The everything app. Is your consumer service ready for Muse as a customer? Is your Neobank? Your bank? Is Meta a fintech now? Is all AI fintech?

The discussions about tokenized equities stemming from the debate between @CEOAdam, @vladtenev, and @dangallagher is electric. I've studied tokenized equity structures for half a decade now, the good, the bad, the ugly. Here are my thoughts: (1) The world is bigger than just the US. Yes, the US is the most important and the largest financial market in the world. The tokenized equities issued by entities like @RobinhoodCrypto and @xStocksFi are not US securities, they're not offered to US persons, and no one is advertising them as US securities. The tokens are registered under a European prospectus. They are structured in reference to the Swiss DLT Act, which is more than half a decade old and recognizes securities in token format. Criticizing offshore securities for existing offshore and targeting offshore investors is silly. (2) Unsponsored securities are everywhere. The original $MEME ETF issued by Roundhill ***in the US*** held $AMC. In general, ETFs act as unsponsored proxies for their underlying securities. ETFs do not require, nor is it practical that they would, issuer "approval" to buy and hold publicly traded shares. If an issuer doesn't like it, then perhaps they should consider delisting and managing their cap table as a private company. That's always a choice. Instead, we see the opposite: issuers actively court ETF inclusion because it's relevant to the growth in their investor base. To suggest that a security is illegitimate because it exists without the issuer's approval is a weak argument. (3) Voting rights are important, but do not in of itself define whether a security is "legitimate." Easy counterfactual: all of the tech companies with super voting shares where your vote as a common equity holder is substantively meaningless. Or how about ADRs listed in US markets that own interests in VIEs where it's not even clear you have economic rights, let alone voting rights. The goal of this post isn't to strike up a least dirty shirt contest. It's meant to highlight that blanket assertions about the legitimacy of a security -- particularly one marketed outside of the US -- are vacuous, because you can find plenty of examples of the same criticisms in the US market, too. And no one bats an eye. At the end of it all, what matters is that an issuer is meeting the obligations under their prospectus and that investors are able to become well informed of the objectives and the risks of that particular security. These 1:1 backed tokenized securities that I've referenced above, on balance, are delivering on that.