Binance’s expansion into U.S. stock and ETF trading now has a clearer revenue engine behind it.
The exchange’s stock-trading rollout gives eligible users access to more than 7,000 U.S.-listed stocks and ETFs from the same Binance account they use for crypto. The product supports fractional exposure from $5, 24/5 trading and direct purchases with supported Binance balances.
The execution stack runs through traditional brokerage infrastructure. Nest Trading Limited acts as the introducing broker, while Alpaca Securities handles execution, clearing, settlement and custody. Binance does not handle or custody the securities.
The newer detail is the economics. Binance has a minority stake in Alpaca, and the partnership gives Binance 50% of Alpaca’s payment-for-order-flow fees tied to user stock orders. Binance also receives 65% of remaining profit from user stock lending after interest is paid to users.
That makes the stock product more than a user-acquisition feature. It gives Binance recurring exposure to order routing, securities lending and the infrastructure layer behind tokenized equity markets.
Alpaca Gives Binance A Tokenized Equity Gateway
Alpaca is not a small backend provider in this category. The company has claimed more than 94% market share in tokenized U.S. stocks and ETFs custody, with over $480 million in tokenized assets under custody as of its late-2025 measurement.
That position matters because Binance is not stopping at direct stock and ETF trading. The exchange plans to launch bStocks, tokenized securities representing select U.S. stocks and ETFs, in the coming weeks. Binance’s own language makes an important distinction: bStocks are not ordinary shares and do not give holders direct ownership of the underlying listed company.
Alpaca gives Binance a bridge between regulated securities infrastructure and onchain distribution. Binance brings the user base, stablecoin balances and trading interface. Alpaca brings brokerage rails, custody, settlement and tokenization infrastructure.
The combination puts Binance directly into the same market that has already pushed tokenized stocks above $1.5 billionand turned equity exposure into one of the fastest-growing RWA categories.
PFOF And Lending Turn Access Into Revenue
The revenue split shows how Binance can monetize stock access even with zero-commission trading. Payment for order flow lets a broker or platform receive remuneration for routing customer orders to execution partners. Stock lending adds another revenue stream when eligible securities are lent out and users receive interest.
Binance’s own stock-trading terms state that it may receive payment for order flow remuneration for directing orders. That disclosure matters because the product is marketed as low-cost access, but the commercial model still earns from order routing and stock-lending activity.
This is the same brokerage playbook that made retail stock apps powerful in traditional finance. Crypto exchanges already understand spreads, routing, liquidity, rebates and collateral. The Alpaca deal brings those economics into U.S. equities and ETFs inside a crypto-native app.
The move also follows Binance’s earlier push into stock-linked and pre-IPO perpetuals, where traders used crypto rails for synthetic exposure to assets such as stocks, commodities and private-market names. Direct stock trading and bStocks now add a more regulated securities layer beside that derivatives activity.
Binance Is Building A Multi-Asset Funnel
The sharper story is not only that Binance added stocks. It is that the exchange is building a full funnel around traditional assets: direct stocks and ETFs, tokenized bStocks, stock-linked perps, stablecoin funding and revenue participation through Alpaca.
That structure gives Binance several ways to benefit if crypto users start treating equities as part of the same portfolio as BTC, ETH, BNB and stablecoins. Users can buy ordinary U.S. stocks, later convert equity exposure into tokenized assets, and trade synthetic equity-linked products through derivatives markets.
The risks are also clearer now. U.S. securities access brings brokerage regulation, best-execution expectations, PFOF scrutiny, custody obligations, stock-lending disclosures and regional eligibility limits. Tokenized products add another layer because users must understand whether they hold a share, a certificate, a derivative, or a blockchain representation tied to a separate legal structure.
Binance’s Alpaca deal puts the exchange closer to the center of tokenized equity infrastructure while giving it a direct cut of the brokerage economics behind user activity. If stock trading gains real adoption inside Binance, the company is not only earning from crypto trades anymore. It is earning from the rails that move retail equity orders, lend shares and convert traditional assets into onchain products.
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