Overview

Before you can start integrating into Alpaca's ITN (Instant Tokenization Network) as an authorized participant, there are multiple steps that you need to ensure you have completed:

Sign up as an authorized participant with the issuer(s) directly so that you are allowed to mint and redeem their tokens.
Integrate into Alpaca's Broker API or Trading API offering to buy and sell stocks on an account in your name at Alpaca. This would allow Alpaca to move stocks to/from your account during the token mint and redeem flows.

Once you have completed the above, this document will guide you to integrate into ITN as an AP. You will need to:

Provide Alpaca's integration team with the email address you used when signing up with the issuer(s) as an AP & the Alpaca account number that you expect stock to be moved to/from.
- Alpaca integration team will need to perform a handshake process with the issuer to link your Alpaca account to your Issuer account.
Integrate with 1 Alpaca endpoint that you will utilize to complete token minting flow.
- Mint Request

Mint Endpoint and Workflow

The token minting flow has multiple steps that begin when you, as an AP, request token minting from Alpaca. The steps are explained below & depicted in Figure 1 to help you visualize. Any referenced endpoints are also documented below.

Once the handshake process mentioned earlier is completed, you will be able to request minting of tokenized assets using Alpaca's mint request endpoint.
The mint request is validated by both Alpaca and the Issuer.
1. Alpaca will validate that you:
  1. Are an AP authorized for tokenizations.
  2. Have enough underlying position to mint on your registered Alpaca account.
2. The Issuer will validate that:
  1. The wallet address you provided is registered to the AP.
  2. The requested token is available on the requested network.
Upon successful validation of the mint request, Alpaca journals the requested quantity of the underlying security from the your Alpaca account into the Issuer's Alpaca account.
Alpaca confirms with the Issuer that the underling security has been journaled to their account.
The issuer then deposits the tokenized assets in the wallet address you've provided on the mint request.
Finally, the Issuer informs Alpaca of the successful deposit of tokens in the AP’s wallet address.

Alpaca's Mint Request

Endpoint

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

Field	Description
account_id	Your Alpaca account_id that Alpaca linked to your AP account at the issuer.

Body

{
  "underlying_symbol": "AAPL",
  "qty": "1.23",
  "issuer": "xstocks",
  "network": "solana",
  "wallet_address": "0x1234567A"
}

Field	Description
underlying_symbol	Underlying asset symbol
qty	The underlying quantity to convert into the tokenized asset. The value can be fractional.
issuer	The tokenized asset's Issuer. Valid values are: xstocks st0x
network	The token's blockchain's network. Valid values are: solana base
wallet_address	The destination wallet address where the tokenized assets should be deposited. Important Note: You will need to check with the issuer whether this wallet address has to be whitelisted on their platform, and if so you will need to whitelist the address before you can use it as part of a mint request.

Response

Body

{
  "id": "14d484e3-46f9-4e11-99ac-6fee0d4455c7",
  "created_at":"2025-09-12T17:28:48.642437-04:00",
  "type": "mint",
  "status": "pending",
  "underlying_symbol": "AAPL",
  "token_symbol": "AAPLx",
  "qty": "3",
  "issuer": "xstocks",
  "network": "solana",
  "wallet_address": "0x1234567A",
  "fees" : "0.567"
}

Field	Description
id	Unique request identifier assigned by Alpaca
created_at	Timestamp when Alpaca received the mint request
type	Tokenization request type: mint
status	Current status of the mint request: pending completed rejected
underlying_symbol	The underlying asset symbol
token_symbol	The tokenized asset symbol
qty	The underlying quantity to convert into the tokenized asset. It can be fractional.
issuer	The tokenized asset's issuer. Valid values are: xstocks st0x
network	The token's blockchain network. Valid values are: solana base
wallet_address	The wallet address to receive the tokenized assets
fees	Fees charged for this tokenization request

Status Codes

Status	Description
200	OK - Mint request created successfully
403	Forbidden - Insufficient position quantity, unsupported account etc.
422	Invalid Parameters - One or more parameters provided are invalid.

Redeem Workflow

The token redeem flow has multiple steps that begin when you, as an AP, deposit tokens to an issuer's redemption wallet address. The steps are explained below & depicted in Figure 2 to help you visualize.

The token redemption process will be initiated by the AP by moving their tokens into the Issuer’s redemption wallet address. The Issuer will remove these tokens from circulation.
The Issuer will then notify Alpaca that an AP has redeemed their tokens. The issuer will provide multiple fields to Alpaca as documented here.
Finally, Alpaca will journal the underlying asset from the Issuer’s Alpaca account into the AP’s Alpaca account.

Figure 2 depicts the full tokenized asset redemption workflow.

Additional Useful Endpoints

List Tokenization Requests

You can use the following endpoint to list the tokenization requests performed on the Instant Tokenization Network platform.

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"
  }
]

Field	Description
id	Unique request identifier assigned by Alpaca
issuer_request_id	Unique identifier assigned by the Issuer
created_at	Timestamp when the request was created
updated_at	Timestamp when the request was last updated
type	Tokenization request type. Valid values are: mint redeem
status	Current status of the tokenization request: pending completed rejected
underlying_symbol	The underlying asset symbol
token_symbol	The token asset symbol
qty	The quantity for this request
issuer	The tokenized asset's Issuer. Valid values are: xstocks st0x
network	The token's blockchain's network. Valid values are: solana base
wallet_address	The wallet address associated with this request
tx_hash	The transaction hash on the blockchain
fees	The fees charged for this tokenization request

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.