Tokenized Stocks and RWAs
Tokenized stocks give an onchain token exposure to an equity product under an issuer’s terms. Other real-world-asset tokens can represent exposures such as currencies, commodities, or fixed-income products. What a particular token represents depends on its issuer and structure.
Multiswap provides the exchange and portfolio accounting for eligible tokens registered in a pool.
Shared capital for equity markets
Consider a pool containing stablecoins and several tokenized stocks. Each stablecoin reserve supports trades against every stock in the pool. Each stock reserve also serves trades against the other registered stocks. As that universe grows, the same capital participates in more markets.
Multiswap applies post-trade execution to those exchanges. A trader can buy a stock with stablecoins or exchange one stock token for another, using the shared reserves and a common valuation rule.
Liquidity providers hold the pool’s LP Token as a claim on its backing. That position combines portfolio exposure with participation in the pool’s trading markets. These examples describe an equity-pool configuration; the current testnet entry point is the stablecoin pool USD.cav.
Read Capital Efficiency and Trade Execution for the economic and execution model.
A portfolio that also supports trading
An equity portfolio gives its LP holders exposure to the registered stock tokens. Those same assets serve the portfolio’s trading markets and generate fee income as exchanges occur. Trades pay the pool the full value of the assets they receive, valued at post-trade prices. Trading fees generate income on top.
The combination is market exposure plus trading income. Pool reward rules determine distribution to LPs; issuer terms determine each stock token’s exposure and any asset-level distributions. Portfolio Exposure and Trading Income explains those layers.
What belongs to the issuer?
| Layer | Responsibility |
|---|---|
| Asset issuer and token | Define the exposure, backing, redemption terms, transfer conditions, and treatment of corporate actions. |
| Pool configuration | Register the accepted tokens, configure roles and prices, and set pool parameters. |
| Multiswap | Quote and settle supported exchanges, record reserves and scales, and account for LP liquidity. |
| App or integration | Present the asset and pool accurately, obtain approvals, and enforce the user’s receive minimums. |
The issuer’s terms establish the token’s legal exposure, shareholder rights, and redemption arrangements. The pool quote describes its exchange value within the selected market.
Market design choices
A tokenized-stock pool needs a coherent opening portfolio and asset-specific operating assumptions. Transfer restrictions, token pauses, corporate actions, or unavailable issuance and redemption can affect how the market operates. A pool price can differ from an external reference price.
The current PTE swap curve is determined by reserves, scales, fees, and elasticity. External-price alignment depends on market activity and asset-specific issuance and redemption. Corporate actions follow issuer arrangements. Stake targets record staking allocations.
Portfolios can compose
An equity pool’s LP Token can become a Reserve Asset in a broader portfolio. Currency, commodity, and equity portfolios can then be held and exchanged through an aggregate pool. Each layer has its own reserve state, price, and liquidity.
Composable Pools explains that relationship. For current availability, see Deployments.