CEX US Stock Tokenization: Clearing Monopoly and Time-Gap Risks – Traditional API vs Tokenized Models

News Editor

2026-06-29 14:01:27

Centralized exchanges (CEXs) now offer US stock trading products in three modes: traditional API, tokenized, and perpetual contracts. The tokenized model relies heavily on Alpaca for clearing, monopolizing 94% of the market share, but suffers from a time gap between on-chain real-time and off-chain T+1 settlement. This market is still in a blue ocean phase, with asset scale expanding 15x and DeFi collateral potential emerging. Traditional API provides legal safeguards, dividends, and voting rights. Exchanges are deploying multi-mode strategies to serve diverse client needs.

CEX US stockstokenizedclearing monopolytime-gap riskAlpacaDeFi collateraltraditional APIperpetual contracts

Three Modes of CEX US Stock Trading Products

Centralized exchanges (CEXs) have differentiated their US stock trading offerings into three modes: traditional API, tokenized, and perpetual contracts. The tokenized mode heavily depends on Alpaca for clearing, with Alpaca currently monopolizing 94% of the clearing volume. This model introduces a time-gap risk between on-chain real-time and off-chain T+1 settlement, exposing investors to potential asset liquidation delays and uncertainty.

CEX US Stock Tokenization: Clearing Monopoly and Time-Gap Risks – Traditional API vs Tokenized Models 2

CEX US Stock Tokenization: Clearing Monopoly and Time-Gap Risks – Traditional API vs Tokenized Models 3

Tokenized US Stocks: Blue Ocean and DeFi Collateral Potential

The tokenized US stock market remains in a blue ocean phase, with asset scale expanding 15-fold. DeFi collateralization potential is just beginning to emerge. In contrast, the traditional API model provides legal protections, enabling users to enjoy full dividend rights and voting rights, offering higher security.

CEX US Stock Tokenization: Clearing Monopoly and Time-Gap Risks – Traditional API vs Tokenized Models 4

Exchanges Adopt Multi-Mode Parallel Strategies

To cater to different customer segments, exchanges are adopting parallel multi-mode strategies, simultaneously covering traditional, tokenized, and perpetual contract product lines to capture growth opportunities and diversify risks.

CEX US Stock Tokenization: Clearing Monopoly and Time-Gap Risks – Traditional API vs Tokenized Models 5

This article was originally published by Bit.Fan. For more cryptocurrency news and market insights, visit www.bit.fan.

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