PANews reported on June 3 that, according to Cointelegraph, Binance's newly released Securities Trading Terms reveal a revenue-sharing arrangement with Alpaca, a US brokerage infrastructure provider. Under the agreement, Binance will receive 50% of Alpaca's Payment for Order Flow (PFOF) revenue and 65% of the remaining profits from user securities lending after interest payments to users.

Alpaca currently provides brokerage, clearing, and custody infrastructure for Binance's stock trading business, and is also a major service provider in the tokenized US stock and ETF markets. As of December 2025, Alpaca had approximately $480 million in assets under custody, representing about 29% of the current $1.62 billion tokenized stock market.