A deep-dive analysis reveals that the so-called “US stock” trading products offered by crypto exchanges (CEXs) are not real equity ownership. Instead, they provide differentiated exposure through three paths: traditional API, tokenized assets, and perpetual contracts.
In the tokenized model, a five-layer architecture strips away voting rights, turns dividends into contractual payments, and eliminates SIPC insurance protection. More critically, Alpaca dominates 94% of the clearing and custody market for these products, creating a liquidity bottleneck and risk transfer problem. If Alpaca experiences a failure or default, users’ equity could suffer severe losses.
This article was originally published by Bit.Fan. For more cryptocurrency news and market insights, visit www.bit.fan.