Uniswap founder Hayden Adams has made a detailed case for automated market makers becoming the core infrastructure behind the expanding tokenized real-world asset market. His argument comes as onchain RWA deposits have surged and Uniswap pushes deeper into tokenized stock trading.
Adams contrasted blockchain architecture with traditional markets, noting that conventional firms bundle execution, custody and settlement under one roof. Blockchains separate these layers, which lowers barriers to entry and prevents liquidity provision from being concentrated among a small number of vertically integrated institutions. He argued that AMMs are especially suited to closely correlated asset pairs, where passive liquidity carries lower inventory risk and can compete on cost with large professional desks.
The data reinforces part of the narrative: onchain RWA deposits grew from $650.88 million to roughly $3.98 billion in twelve months, while total tokenized issuance reached $34.55 billion. Uniswap already supports more than 190 Robinhood stock tokens and recorded $33 million in trades on a single tokenized SPY pair over 12 days. In July, Uniswap introduced Permissioned Pools, a v4 hook restricting trading to approved wallets, with Securitize, Superstate and Dowgo as launch partners. Despite the broader trend, UNI traded near $3.25 with a market cap around $2.03 billion, well below levels seen earlier in the year.
