Yield Stripping for Tokenized Equities

Separating official Coinbase tokenized stocks into multiplier and price exposure on Base.

Protocol Primitive

Underlying Stock

1 AAPLc

Coinbase Tokenized Stock on Base

decomposes 1:1 via tear() ➔

clipAAPLc

Multiplier Exposure

1.0 Unit

talonAAPLc

Pure Equity Price Delta

1.0 Unit

No debt in split flow

Neither leg is debt or margin-backed. There are zero oracle margin calls.

Non-Custodial Escrow

Collateral is locked in transparent verified contracts directly on Base.

1:1 Mathematical Invariant

1 clip + 1 talon can always be recombined into 1 underlying stock with zero slippage.