Uniswap adds Permissioned Pools to let regulated tokenized assets trade on v4

How the new pools work

Under Uniswap’s usual model, any wallet can interact with a pool. Permissioned Pools change that by adding an approval layer controlled by the issuer. Wallets on the issuer’s approved list can trade or deposit liquidity, while transactions from unapproved wallets are blocked.

Uniswap Labs built the feature using a v4 hook, a plug-in framework that lets developers add custom rules to a pool without altering the core protocol. According to the company, the regulated tokens remain in a separate permissions-enabled contract, while the pool uses Uniswap v4’s accounting system to handle trades.

Uniswap has described the release as the first open-source standard built for institutions that want to trade regulated assets on an automated market maker.

Focus on compliance without separate infrastructure

The launch is designed to address a long-standing issue for tokenized securities and funds: how to use decentralized trading infrastructure while preserving issuer-level compliance controls. Ken Ng, head of ecosystem at Uniswap Labs, told CoinDesk that the standard lets issuers define their own compliance rules without needing to build standalone trading venues.

That framing positions the product as an attempt to merge onchain market structure with the access restrictions often required for regulated financial instruments. Rather than treating compliance as an external gate before market access, the new model embeds those checks directly into pool participation.

Initial launch partners

Three companies launched alongside the new standard. Superstate, which tokenizes equities and funds, acted as an early design partner and helped shape how the pools operate for those kinds of assets. Securitize, which had previously worked with Uniswap Labs to bring its DS Protocol tokens onchain in a compliant way, is also part of the rollout.

Dowgo, a European digital securities platform, developed the ERC-3643 integration tied to the standard. The company said it plans to use Permissioned Pools once it receives DLT TSS authorization under the European Union’s DLT Pilot Regime.

In a post on X, Securitize said the new model would allow regulated assets to access AMM liquidity while issuers retain control over who can trade them. Superstate CEO Robert Leshner said the feature addresses a missing piece for tokenized securities by moving compliance rules into the pool itself.

Broader tokenization push

The release comes amid a wider push to bring real-world and regulated financial assets onto blockchains while adapting DeFi systems for institutions that require tighter controls. Asset managers including BlackRock, Apollo, Franklin Templeton and VanEck have all launched tokenized funds, underscoring the broader industry effort to connect traditional financial products with onchain infrastructure.