How Tokenized Stocks Could Undercut Interactive Brokers' 77% Profit Margin
Спикеры
Alex Cutler
— CEO and co-founder, DROS Labs
Alex Cutler, CEO of Dromos Labs, discusses Coinbase's launch of fully backed tokenized Apple, Nvidia, Meta, and Google stocks on Base. He argues these onchain spot markets can trade 24/7, lower costs, and challenge incumbent brokers like Interactive Brokers. He highlights early adoption through Aerodrome, which captured about 25% of AMM volume. The conversation also covers DeFi composability, risks, US regulatory status, and upcoming tokenized asset expansions.
- Coinbase launched tokenized AAPL, NVDA, META, and GOOGL on Base with ETF-style minting/redemption and beneficial ownership.
- Alex Cutler says these are the first true tokenized stocks, unlike prior synthetic wrappers.
- Early volumes reached about $80M with 5,000 wallets; Aerodrome held ~25% AMM share.
- Onchain Nvidia markets traded after earnings, showing 24/7 price discovery.
- Cutler argues decentralized venues can undercut Interactive Brokers' 77% profit margin.
- Tokenized stocks are integrated into DeFi protocols including Aave, Morpho, KyberSwap, and 1inch.
- US users currently cannot access them; Coinbase is awaiting SEC innovation exemption guidance.
- Aerodrome plans to expand tokenized assets and FX, including on Circle's Arc chain.
Идеи
Fully backed tokenized stocks gain adoption.
Coinbase's tokenized Apple, Nvidia, Meta, and Google stocks are paradigm-shift assets because each token is fully backed 1:1 by actual shares held in a regulated trust and uses ETF-style mint/redeem mechanics, giving beneficial ownership. The speaker expects these onchain spot markets to scale significantly, trade 24/7/365, and become venues for price discovery with lower cost and global access.
Aerodrome AERO captures tokenized-asset volume.
Aerodrome captured about 25% of AMM volume in the new tokenized stocks, roughly $80 million traded and 5,000 wallets within days. The protocol redistributes 100% of revenue to AERO holders, giving the token a direct claim on fees, and the platform aims to be the hub for tokenized equities, Bitcoin, FX, and real-world assets.
Interactive Brokers margins face tokenized competition.
Interactive Brokers is an expensive incumbent middleman extracting about a 77% profit margin, and the new onchain tokenized stock markets already showed moments of better execution; decentralized exchanges should keep undercutting its cost and access advantages.
Coinbase leads tokenized equity shift.
Coinbase is positioned as the leader in fully backed tokenized equities; its product has actual beneficial ownership, it is pushing for SEC innovation-exemption clarity, and eventual US guidance is expected to be synergistic with Coinbase's product, unlocking more of the market for it.
Далее
This Unchained (Chopping Block) video, published August 28, 2026, features Alex Cutler discussing AAPL, NVDA, META, GOOGL, AERODROME, IBKR, COIN. 4 trade ideas extracted by AI with direction and confidence scoring.
Speakers: Alex Cutler · Tickers: AAPL, NVDA, META, GOOGL, AERODROME, IBKR, COIN