The Crypto Tape – Tokenized Stocks, Dollar Hegemony, and Why APIs Are the New UI with Yoshi Yokokawa

Alpaca co-founder and CEO Yoshi Yokokawa joins Frank Chaparro to unpack the tokenized equity market that just crossed $1 billion in custody and tripled in six months, while remaining almost invisible to the average US investor.They discuss who actually buys tokenized US stocks, why national exchanges may lose their reason for existence once securities trade onchain in stablecoins, what tokenization means for dollar hegemony, and how composability rewrites prime brokerage. Yoshi also makes the case that in an agent-driven world, APIs and MCP servers replace the user interface as the real competitive moat.