Uniswap Explains How to Build Tokenized Securities Platforms After Trading Tops $20 Billion
Key Facts
On November 10, 2026, Uniswap Labs published an explanation of how to build a tokenized securities platform using the Uniswap Protocol, offering guidance to operators, issuers and liquidity providers on its use under the U.S. regulatory exemption. The company said more than $20 billion in stock tokens had been traded on the protocol as of the publication date. Most of that volume came from products such as Robinhood Stock Tokens and xStocks, alongside issuers such as Ondo and Dinari. The figure represents activity on the protocol; the publication does not say that all of it took place under the new exemption. The explanation focuses on how to create independent trading platforms, not on Uniswap Labs operating a tokenized securities platform.
On September 17, 2026, the U.S. Securities and Exchange Commission granted a temporary, conditional exemption from the definition of an “exchange” to qualifying tokenized securities platforms trading National Market System stocks using automated market makers and licensed liquidity pools. The exemption provides a path to trading in a regulated environment while the agency considers whether further action is needed to facilitate onchain trading. Its conditions apply to qualifying platforms and tokenized stocks; it is not a blanket exemption for all assets or platforms. The SEC also granted a separate conditional exemption from the definition of a dealer to certain liquidity providers. The SEC specified that the exemptions expire five years after publication.
The rules include limits on the number of tokens available and the volume traded on a platform. A platform must also verify that a tokenized stock gives its holder the same rights and privileges as the equivalent traditional stock. If the platform plans to offer a tokenized stock from an unaffiliated third party, it must notify the underlying stock issuer in writing 30 days in advance and give it an opportunity to object. The SEC requires smart contracts to be auditable, public and published on a public, permissionless distributed ledger. Trading in the tokenized stock must also be halted whenever trading in the underlying stock is halted on its primary listing exchange.
Uniswap Labs said version 4 of the protocol allows teams to customize how trading pools operate through “hooks,” code that runs at specific points, such as before or after a swap is executed. Execution and settlement remain on the protocol, while platform operators determine who can trade, which assets are available and when. The company said the Permissioned Pools hook provides a foundation for building access-restricted pools, while the exemption’s conditions include access controls, public fee disclosures, token and volume limits, and mechanisms to halt trading. Platform design therefore depends on rules set by its operator within the framework of the exemption’s conditions. Uniswap Labs said it does not operate or control these platforms and has no role in their operation.
The company gave an example of the expansion of trading in tokenized stocks and exchange-traded funds against the SPY fund on Robinhood Chain. In August, trading began in 10 tokenized stocks and ETFs against SPY; three months later, more than 40 assets had a trading pool with it. Trading volume through those pools exceeded $900 million across 130,000 wallets, according to Uniswap Labs. The figures reflect an increase in the number of assets and participating wallets during the three months after launch. They come amid growing use of the protocol for stock tokens, while the regulatory exemption remains conditional on the rules set for each qualifying platform.
Uniswap Labs stressed that every platform built using the protocol operates independently, and that its operator alone is responsible for design decisions, legal analysis and compliance with applicable laws, including the exemption’s conditions. The SEC’s consultation on the exemption remains open: the agency’s order invited public comment on potential amendments and next steps, and the docket page showed new comments through November 10, 2026. Commissioner Hester Peirce described the exemption as a transitional step toward permanent rules and welcomed public participation in shaping them. She also said issuers that do not want their stocks traded through these platforms can opt out of the pathway. The exemptions will expire five years after publication as the agency considers any further regulatory steps that may be needed.