Handshake Process

Before the client can mint and redeem tokenized assets, they will need to reach out to Alpaca’s operation team for a handshake step. This step is meant to ensure that the client is both a client of Alpaca and the tokenization Issuer. Additionally, they will need to be an Authorized Participant (AP) with the Issuer.

Mint Endpoint and Workflow

Figure 1 depicts the full tokenized asset minting workflow.

Once the handshake process is completed, the Authorized Participant (AP) is now able to request minting of tokenized assets using the endpoint below.

Alpaca's Mint Request Endpoint

POST /v2/tokenization/mint

Mint request 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
network	The token's blockchain's network. Valid values are: solana
wallet_address	The destination wallet address where the tokenized assets should be deposited

Mint response body example:

{
  "tokenization_request_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
tokenization_request_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
network	The token's blockchain network. Valid values are: solana
wallet_address	The wallet address to receive the tokenized assets
fees	Fees charged for this tokenization request

In addition, the response can contain the following statuses:

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.

The mint request is validated by both Alpaca and the Issuer. Some of these validations include:
1. Alpaca validations:
  1. client is an AP authorized for tokenizations
  2. AP has enough underlying position to mint
2. Issuer validations:
  1. the wallet address provided is registered to the AP
  2. 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 AP's account into the Issuer's account.
Alpaca confirms with the Issuer that the underling security has been journaled to the Issuer's account.
The issuer then deposits the tokenized assets in the AP’s provided wallet address.
Finally, the Issuer informs Alpaca of the successful deposit of tokens in the AP’s wallet address.

Redeem Workflow

Figure 2 depicts the full tokenized asset redemption workflow.

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. It will provide the following information on the notification.

Field	Description
underlying_symbol	Underlying asset symbol to redeem
qty	Redemption quantity
wallet_address	The address where the redeemed tokens were originally held
network	The originating token’s blockchain network
tx_hash	The transaction hash of the tokens being sent to the Issuer's redemption wallet

Finally, Alpaca will journal the underlying asset from the Issuer’s account into the AP’s account.

List Requests

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

Alpaca's List Request Endpoint

GET /v2/tokenization/requests

List response example:

[
   {
    "tokenization_request_id": "12345-678-90AB",
    "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"
  },
  {
    "tokenization_request_id": "12345-678-90AB",
    "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"
  },
  {
    "tokenization_request_id": "12345-678-90AB",
    "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
tokenization_request_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
network	The token's blockchain's network. Valid values are: solana
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.