Core Insights - The tokenized stock industry, although still small, is experiencing rapid growth and is largely dependent on a lesser-known brokerage firm [1] - California-based brokerage Alpaca is dominating the tokenized stock market due to the limited number of other brokerages willing to sell stocks for tokenization [1] - Several tokenized stock projects, including Ondo Finance, Kraken's xStocks, and Dinari, are routing user orders to Alpaca, which is responsible for purchasing the underlying physical stocks that support the stock tokens [1]