Alpaca custodies 94% of tokenized US stocks already — Arbitrum, Base, and Solana all run on this same plumbing, so Monad's edge reduces to execution speed and DeFi composability that every prior launch promised and none delivered. Backed's bTokens and Dinari's dShares have been live 2+ years with minimal traction, Robinhood's tokens are trapped in a closed ecosystem that won't let them leave to external wallets, and FTX's stock tokens died in regulatory limbo. Top 10 Nasdaq also competes against Hyperliquid and dYdX perps already offering synthetic NVDA/TSLA exposure at deeper liquidity and without the KYC friction.

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