How Tokenized Stocks Could Undercut Interactive Brokers' 77% Profit Margin
About this episode
Laura Shin interviews Alex Cutler about the implications of Coinbase's launch of fully backed tokenized stocks and how they could impact traditional brokerage profit margins.
Coinbase just launched fully backed tokenized stocks on Base. Dromos Labs’ Alex Cutler says they’ll chip away at Interactive Brokers "77% profit margin." ======================================================== Thank you to our sponsor! Visit 1inch.com to swap tokenized securities, crypto and more. Simple. Secure. Self-custodial. Whatever asset you’re buying - swap it at 1inch.com ======================================================== Coinbase this week launched tokenized versions of Apple, Nvidia, Meta, and Google stock on Base, moving past the prior synthetic tokenized-stock wrappers. The tokens are fully backed, held in trust, with ETF-style minting and redemption. Alex Cutler, CEO and Co-Founder of Dromos Labs, joins Laura Shin to unpack what real backing changes about tokenized stocks, and to argue decentralized exchanges can beat legacy brokers on cost and access. Cutler points to Aerodrome's roughly 25% share of AMM volume on the new assets, about $80 million traded and 5,000 wallets active within days, plus integrations across nine DeFi protocols including Aave, Morpho, and 1inch. He argues…
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