Alpaca has launched its Instant Tokenization Network, or ITN, aiming to streamline the transfer of tokenized equities onchain. The network allows approved participants to create issuer tokens directly from shares they hold at Alpaca, using Alpaca’s private ledger and removing the need for lengthy stock settlement cycles. According to Alpaca, the network already supports major issuers and manages shares backing 96% of the value of wrapped tokens.
Building on that infrastructure, Ondo Finance has opened a new in-kind minting route for approved institutions. Instead of using new cash, institutions can now move shares they already hold from their Alpaca account to the Ondo Alpaca account through an internal book transfer. Ondo then creates tokens for those shares on Ethereum and BNB Chain. Redemptions return the shares to the institution’s Alpaca account, and Ondo said conversions do not require manual approval on each transaction.
Alpaca Clearing, a FINRA-regulated broker-dealer, provides the brokerage and custody behind the network. Ondo Stocks also trade on Solana, but the September 21 announcement only cited conversions on Ethereum and BNB Chain. Ondo expects the new route to give market makers a way to refill token inventory and to provide “tighter spreads and deeper liquidity” to secondary markets.
Access is limited to approved Alpaca account holders on a case-by-case basis, and participants must have active accounts on both Ondo and Alpaca. Ondo notes that ITN is not a generally available Ondo Stocks feature. The platform says it provides tokens only to eligible non-U.S. persons and that the tokens offer economic exposure to referenced securities without being stocks, ETFs, or ADRs. As of September 22, Ondo’s platform had $3.63 billion in distributed assets across 441 products. The stock platform reached $1 billion in total value locked in May, less than a year after launching in September 2025. The launch follows the SEC’s order for temporary, conditional exemptions on some Tokenized Securities Venues on September 17.
