Uniswap unveils permissioned pools for tokenized funds and equities

Uniswap Labs has introduced Permissioned Pools, a new Uniswap v4 hook standard designed to support regulated and permissioned assets through automated market makers.

Introducing Permissioned Pools on Uniswap v4

A new hook standard that brings permissioned assets to the AMM with compliance checks enforced at the protocol level

The system verifies whether a wallet is authorized before allowing it to execute a swap or add liquidity. Compliance checks are enforced through the pool’s smart contracts rather than through a website restriction or an external verification process.

Superstate, Securitize, and Dowgo are among the initial partners working with the standard. The companies plan to use the infrastructure for assets including tokenized funds, securities, and equities.

Under the design, issuers retain control of the allowlist that determines which addresses can trade or provide liquidity. Approved users can then access onchain trading and settlement through Uniswap v4.

Permissioned Pools use a contract called the Permissions Adapter to hold the underlying regulated asset. The pool trades a wrapped representation of the token, which is automatically created when assets enter the pool and removed when they leave. Users ultimately receive the underlying asset rather than the wrapped representation.

A permissioned hook checks the issuer’s allowlist during every swap and liquidity addition. Separate permissions can be assigned for trading and liquidity provision, meaning a wallet authorized to swap is not necessarily permitted to become a liquidity provider.

The infrastructure also gives issuers several administrative controls. They can update the contract used to verify approved wallets, authorize the routers and position managers that interact with the asset, pause trading, and unwind liquidity positions when required.

Liquidity position NFTs issued through Permissioned Pools cannot be transferred. This prevents an approved holder from transferring a position to an address that has not passed the issuer’s compliance requirements. Holders can still remove their own liquidity even if they later lose permission to trade or add more funds.

Uniswap said the broader v4 protocol remains permissionless. Developers can continue creating regular pools without approval, while regulated asset issuers can select the Permissioned Pools standard when their assets require identity verification or restrictions on ownership and trading.

Superstate helped design the standard for tokenized funds and equities. Uniswap Labs previously worked with Securitize to support compliant trading for assets issued through its DS Protocol, while Dowgo contributed an ERC 3643 integration. Dowgo plans to use the system after receiving authorization under the European Union’s DLT Pilot Regime.

The launch expands Uniswap’s infrastructure for tokenized real world assets by allowing regulated products to access AMM liquidity while preserving issuer controlled compliance requirements.