Debate Over AMM Continues After $33 Million Trade

When stocks and government bonds are traded on blockchain payment layers, it has been argued that the use of Automated Market Makers (AMM) could expand into traditional financial markets. Hayden Adams, the founder of Uniswap, stated in a blog post on the 18th that tokenization can make markets programmable and that the trading structure between assets could shift from dollars to highly correlated asset pairs. Uniswap has reported a cumulative trading volume exceeding $4.6 trillion, with the share of decentralized exchange (DEX) spot trading surpassing 20% of centralized spot trading. Ten tokenized stocks were traded with SPY on the Robinhood chain, recording a trading volume of $33 million and 11,000 participating traders in the first 12 days. Robinhood offers stock tokens in over 120 countries but does not provide them to the U.S. and U.S. citizens. The U.S. Securities and Exchange Commission (SEC) has warned that the rights structure of tokenized securities may differ from that of underlying securities. The Depository Trust & Clearing Corporation (DTCC) plans to start a tokenization service for DTC custodial assets in the second half of 2026. Industry reactions are mixed, with concerns and possibilities regarding the application of AMM in traditional markets being raised simultaneously. Adams' claims are still largely hypothetical, and the relationship with actual stock ownership remains uncertain.