Coinbase just launched fully backed tokenized stocks on Base.&nbsp;
Dromos Labs’ Alex Cutler says they’ll chip away at Interactive Brokers "77% profit margin." 
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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 Interactive Brokers extracts a 77% profit margin as a middleman, and cites Nvidia's earnings, released after the bell, as proof onchain markets kept pricing news around the clock.
They also cover the SEC innovation exemption and a roadmap of more assets, a Centrifuge migration to Aerodrome, and a launch on Circle's Arc chain.

Host:
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 <li><a href="https://x.com/laurashin">⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Laura Shin⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠</a>, Host / Unchained</li>
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Guest:
<ul>
 <li><a href="https://x.com/CryptoHayes">⁠⁠⁠</a><a href="https://x.com/ilblackdragon">⁠</a><a href="https://x.com/wagmiAlexander">Alex Cutler</a> - CEO and Co-Founder of Dromos Labs
</li>
</ul>
Timestamps
🪙 01:15 How Cutler splits tokenized stocks: real backing vs synthetic wrappers
📈 04:44 Cutler's launch numbers: 25% of AMM volume, $80M traded, 5,000 wallets
💧 13:10 1inch Aqua: back multiple liquidity positions with one wallet balance at<a href="http://unchainedcrypto.com/go/1inch-x"> http://unchainedcrypto.com/go/1inch-x</a>
🧩 13:59 Why composability across 9 DeFi protocols is Dromos' biggest draw
🌙 19:11 Cutler on 24/5 oracle risk: weekend price gaps are a feature, not a bug
🏛️ 24:23 Cutler on the SEC exemption bid and Armstrong's 10%-of-GDP vision Learn more about your ad choices. Visit <a href="https://megaphone.fm/adchoices">megaphone.fm/adchoices</a>

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