Overview

Before you start integrating into Alpaca's ITN (Instant Tokenization Network) as an issuer of tokenized assets, you would need to:

• Complete your integration into Alpaca's Broker API offering.
• Have an account in your name at Alpaca.

If you have not done so yet, please make sure to reach out to Alpaca sales to initiate the conversation.

If you have already done so, the below document will guide you to integrate into ITN. This will be achieved by:

• Implementing 4 endpoints on your platform that Alpaca will utilize to process account linking & token minting.
  • Account Linking
  • Tokenized Assets
  • Mint Request
  • Mint Confirmation
• Integrating with 2 Alpaca endpoints that you will utilize to complete token minting and redemption flows.
  • Mint Confirmation Callback
  • Redeem Request

Important Prerequisite

During the mint and redeem process, Instant Tokenization Network will journal securities to/from the AP's Alpaca account to/from the Issuer's Alpaca account. If you, as an issuer, hold multiple accounts at Alpaca, please ensure to inform Alpaca which of your accounts should be designated for tokenization.

Handshake Process

Before an entity can mint or redeem your tokenized assets through ITN, they will need to reach out to Alpaca’s operation team for a "handshake" step through which Alpaca will need to verify that the entity is:

• An existing client of Alpaca.
• An existing client of your firm and registered as an authorized participant (AP) on your platform.

To automate this process, you will need to provide an account linking endpoint that Alpaca can utilize to link an AP’s account at Alpaca to their account on your platform. Alpaca will maintain this linking and use it during the mint and redeem processes.

Issuer’s Account Linking Endpoint

Alpaca will invoke your account linking endpoint by providing the AP's email and their Alpaca account number. Your endpoint should respond with the AP’s account number on your platform that Alpaca will store for future use during the mint and redeem flow:

Expected Request

Endpoint

POST /tokenization/accounts/connect

Body

{
  "email": "[email protected]",
  "account" : "alpaca_account_number"
}

Expected Response

Body

{
  "client_id": "5505-1234-ABC-4G45"
}

Status Codes

Tokenized Assets Data

You will need to provide Alpaca an endpoint that can be used to retrieve the list of supported tokenized assets on your issuer platform. The endpoint should provide the following data:

• underlying symbol
• token symbol
• supported blockchain networks

Expected Request

Endpoint

GET /tokenization/tokens

Expected Response

Body

{
  "tokens": [
    {
	"underlying": "AAPL",
	"token": "tAAPL",	
	"networks": ["solana", "ethereum"]
    },
    {
	"underlying": "TSLA",
  	"token": "tTSLA",
	"networks": ["solana", "ethereum"]
   }
  ]
}

Alpaca will use this information when validating an AP's mint request.

Mint Endpoint and Workflow

The token minting flow has multiple steps that begin when an AP requests token minting from Alpaca. The steps are explained below & depicted in Figure 1 to help you visualize, and all endpoints mentioned are documented below as well.

1. The Authorized Participant sends Alpaca a mint request.
2. Alpaca invokes an endpoint on your platform to submit a mint request, with a JSON object in the body. Your platform will need to validate the mint request.
3. Alpaca journals the underlying security from the AP’s account into your Alpaca account.
4. Alpaca invokes another endpoint on your platform to confirm the underlying asset's journal status.
5. Your platform deposits the tokens into the AP’s wallet on a successful journal.
6. Your platform invokes Alpaca’s endpoint to confirm the successful token mint, providing the designated Alpaca tokenization account_id as a URL parameter in the endpoint.

Endpoints you need to provide

Issuer’s Mint Request Endpoint

This endpoint will be invoked by Alpaca at step 2.

Expected Request

Endpoint

POST /tokenization/mint

Body

{
  "id": "12345-678-90AB",
  "qty": "1.23",
  "underlying_symbol": "TSLA",
  "token_symbol": "TSLAx",
  "network": "solana",
  "client_id": "98765432",
  "wallet_address": "<AP's wallet address to deposit the tokenized asset>"
}

Expected Response

Body

{
  "issuer_request_id": "123-456-ABCD-7890",
  "status": "created"
}

Status Codes

Issuer Mint Journal Confirmation Endpoint

This endpoint will be invoked by Alpaca at step 4.

Expected Request

Endpoint

/tokenization/mint/confirm

Body

{
  "id": "12345-678-90AB",
  "issuer_request_id": "ABC-123-DEF-456",
  "status": "<completed/rejected>"
}

Expected Response

Expected Status Codes

Endpoints you need to integrate with

Alpaca's Mint Confirmation Callback Endpoint

This endpoint will be invoked by your platform at step 6.

Request

Endpoint

POST /v1/accounts/:account_id/tokenization/callback/mint

Body

{
  "id": "12345-678-90AB",
  "client_id": "5505-1234-ABC-4G45",
  "wallet_address": "<AP's wallet address where the tokenized assets were deposited>",
  "tx_hash": "0x12345678",
  "network": "solana"
}

Response

Status Codes

Redeem Endpoint and Workflow

The token redeem flow has multiple steps that begin when an AP deposits token into a redemption wallet address that you provide them with. The steps are explained below & depicted in Figure 2 to help you visualize, and all endpoints mentioned are documented below as well.

1. The token redemption process will be initiated by an end client by moving tokens into the a redemption wallet address provided by you as an Issuer, at which point these tokens should be removed from circulation.
2. Your platform should then notify Alpaca that an AP has redeemed their tokens by invoking an endpoint. Your platform should provide their designated Alpaca tokenization account_id as a URL parameter in the endpoint.
3. Alpaca will journal the underlying asset from your Alpaca account as an issuer, into the AP’s Alpaca account.

Endpoint you need to integrate with

Alpaca's Redeem Request Endpoint

This endpoint will be invoked by your platform at step 2.

Request

Endpoint

POST /v1/accounts/:account_id/tokenization/redeem

Body

{
  "issuer_request_id": "ABC-123-DEF-456",
  "underlying_symbol": "AAPL",
  "token_symbol": "AAPLx",
  "client_id": "5505-1234-ABC-4G45",
  "qty": "1.23",
  "network": "solana",
  "wallet_address": "<the originating wallet address for the redeemed tokens>",
  "tx_hash": "0x12345678"
}

Response

Body

{
  "id": "12345-678-90AB",
  "issuer_request_id": "ABCDEF123",
  "created_at":"2025-09-12T17:28:48.642437-04:00",
  "type": "redeem",
  "status": "completed",
  "underlying_symbol": "TSLA",
  "token_symbol" : "TSLAx",
  "qty" : "123.45",
  "issuer" : "xstocks",
  "network": "solana",
  "wallet_address": "0x1234567A",
  "tx_hash" : "0x1234567A",
  "fees" : "0.567"
}

Additional Useful Endpoints

List Tokenization Requests

You can use the following endpoint to list the tokenization requests performed through your platform. You will need to provide your designated Alpaca tokenization account_id as a URL parameter in the endpoint.

Request

Endpoint

GET /v1/accounts/:account_id/tokenization/requests

Response

Body

[
   {
    "id": "12345-678-90AB",
    "issuer_request_id": "ABCDEF123",
    "created_at":"2025-09-12T17:28:48.642437-04:00",
    "updated_at":"2025-09-12T17:28:48.642437-04:00",
    "type": "redeem",
    "status": "completed",
    "underlying_symbol": "TSLA",
    "token_symbol" : "TSLAx",
    "qty" : "123.45",
    "issuer" : "xstocks",
    "network": "solana",
    "wallet_address": "0x1234567A",
    "tx_hash" : "0x1234567A",
    "fees" : "0.567"
  },
  {
    "id": "12345-678-90AB",
    "issuer_request_id": "ABCDEF123",
    "created_at":"2025-09-12T17:28:48.642437-04:00",
    "updated_at":"2025-09-12T17:28:48.642437-04:00",
    "type": "redeem",
    "status": "completed",
    "underlying_symbol": "TSLA",
    "token_symbol" : "TSLAx",
    "qty" : "123.45",
    "issuer" : "xstocks",
    "network": "solana",
    "wallet_address": "0x1234567A",
    "tx_hash" : "0x1234567A",
    "fees" : "0.567"
  },
  {
    "id": "12345-678-90AB",
    "issuer_request_id": "ABCDEF123",
    "created_at":"2025-09-12T17:28:48.642437-04:00",
    "updated_at":"2025-09-12T17:28:48.642437-04:00",
    "type": "redeem",
    "status": "completed",
    "underlying_symbol": "TSLA",
    "token_symbol" : "TSLAx",
    "qty" : "123.45",
    "issuer" : "xstocks",
    "network": "solana",
    "wallet_address": "0x1234567A",
    "tx_hash" : "0x1234567A",
    "fees" : "0.567"
  }
]

Glossary

• Authorized Participant: An entity licensed to conduct digital asset business in the tokenized asset, e.g xstocks. The Issuer only sells tokenized assets to Authorized Participants (AP). The AP can sell the tokenized assets to their clients.
• Issuer: Financial entity which purchases the underlying equity securities, wraps them and creates/issues tokens which are backed by the same.
• Mint: The act of converting underlying equity securities into tokenized assets.
• Redeem: The act of converting tokenized assets into their underlying equity securities.

Alpaca's Instant Tokenization Network is owned and developed by AlpacaDB, Inc. and Alpaca Crypto LLC. Additional geographic restrictions may apply for tokenization services based on local regulatory requirements. Neither Alpaca Crypto LLC nor Alpaca Securities LLC are the issuer of, nor directly involved in, the tokenization of any assets. Tokenization is performed by a third party. Tokenized assets do not represent direct equity ownership in any underlying company or issuer. Instead, tokenized assets generally provide economic exposure to the equity securities of an underlying issuer. As such, holders of tokenized assets have no voting rights, dividend entitlements, or legal claims to the underlying company shares or any residual assets in the event of the underlying company’s liquidation or insolvency, unless explicitly stated otherwise. All investments involve risk. For more information, please see our Tokenization Risk Disclosure.