SEC’s five-year innovation exemption opened a clear compliance opening for bringing on-chain US stock markets. The permissioned AMM has been approved to pilot trades using tokenized real shares that come with dividends and voting rights, directly tugging at the market’s sensitive nerves regarding equity-type RWA liquidity. On the screens, $ONDO and $UNI also quickly revealed tentative capital-versus-capital positioning.
There is always a timing gap between opening up the rule framework and establishing real liquidity. Regulators set clear caps on eligibility, the number of tranches, and trading scale. This restrained pilot mechanism means that, in the early stage, on-chain order books and market-making pools cannot directly absorb large volumes of spot funds, and derivatives pricing is still waiting to see how quickly actual trading scale gets off the ground.
The channel is already in place—the real question is the quality of the underlying asset’s rollout. The most critical observation next is whether the first batch of compliant blue-chip tokenized spot assets can be smoothly pushed into the permissioned pool, and whether real buy-side demand can, under the quota constraints, run out sustained turnover depth.
There is always a timing gap between opening up the rule framework and establishing real liquidity. Regulators set clear caps on eligibility, the number of tranches, and trading scale. This restrained pilot mechanism means that, in the early stage, on-chain order books and market-making pools cannot directly absorb large volumes of spot funds, and derivatives pricing is still waiting to see how quickly actual trading scale gets off the ground.
The channel is already in place—the real question is the quality of the underlying asset’s rollout. The most critical observation next is whether the first batch of compliant blue-chip tokenized spot assets can be smoothly pushed into the permissioned pool, and whether real buy-side demand can, under the quota constraints, run out sustained turnover depth.