Uniswap Labs launched Permissioned Pools on Uniswap v4 on July 23, 2026, introducing an open-source standard designed to add onchain access checks for regulated assets. The format allows approved users to trade tokenized funds, securities, equities, and other restricted products directly through automated market maker pools.

Superstate, Securitize, and Dowgo were launch partners and helped shape the standard and its compliance integrations. Uniswap Labs said the rollout does not change existing Uniswap v4 markets or add new access requirements to standard pools.

Those regular v4 pools remain permissionless. Issuers can instead choose the restricted Permissioned Pools format when an asset requires identity verification, transfer limitations, or investor eligibility rules. That distinction matters for tokenized real-world assets, where issuers often need to enforce transfer rules while still using public blockchain settlement.

— Uniswap (@Uniswap) July 25, 2026

How Permissioned Pools Verify Wallets

Each Permissioned Pool checks an issuer-managed allowlist before every swap. The same hook also reviews the allowlist before a user opens a liquidity provider position. If a wallet is not approved, the transaction is blocked and cannot proceed through the pool.

The issuer controls the allowlist and the operating rules for the relevant asset. Uniswap does not determine which wallets qualify for access and does not manage participant approvals.

The access check runs inside the pool’s smart contract rather than through a public interface, placing the compliance controls within the protocol-level structure of the pool. The model uses Uniswap v4 hooks, which allow custom instructions to run at selected stages of a transaction.

Permissioned Pools also use virtual accounting so that exchanges occur onchain while regulated assets remain within a permissioned contract. Under issuer-imposed limits, approved traders can continue using an AMM rather than a traditional order book.

Liquidity providers deposit the required assets into each market and support trades by approved participants. Pricing and settlement then take place under the rules set by the issuer.

The structure is intended to provide eligible participants with onchain liquidity while preserving transfer restrictions tied to regulated products. For issuers, the key operational question is whether compliance controls can be enforced at the asset and pool level without requiring changes to the broader Uniswap v4 protocol.

Superstate and Securitize Support Compliant Trading

Superstate was an independently funded early design partner with Uniswap, with a focus on tokenized equities and investment funds. The company develops onchain financial products and supports tokenized funds and company shareholding.

Superstate said the Permissioned Pools format can connect eligible equities with AMMs, lending markets, and other whitelisted financial applications.

Securitize worked directly with Uniswap Labs to adopt the standard before its general release. The companies are working to make products issued through the Securitize DS Protocol compatible and compliant for onchain trading.

That work creates a path for regulated assets to enter automated liquidity pools while keeping issuer protections in place. It also shows how tokenization providers are trying to make regulated instruments interoperable with decentralized finance infrastructure without removing the controls required for restricted products.

Dowgo Proposes ERC-3643 Integration

Dowgo proposed an integration with the ERC-3643 standard, which is designed for onchain identity checks and transfer controls.

If Dowgo receives DLT TSS authorization under the European Union’s DLT Pilot Regime, it plans to use the integration in Permissioned Pools. France’s ACPR is still reviewing Dowgo’s application for that authorization. The EU DLT Pilot Regime provides a framework for testing market infrastructure based on distributed ledger technology for financial instruments.

The restricted model cannot be used for a selected asset unless it is deployed by an issuer or developer. It does not introduce generalized identity checks at the Uniswap v4 level.

Developers can continue building standard pools without approval from Uniswap, and users can continue using those pools under the protocol’s existing guidelines.

Uniswap cited forecasts projecting that the tokenized asset market could reach $11 trillion by 2030. Current figures remain far below that estimate. As of May 2026, tokenized real-world assets totaled close to $34 billion, including about $1.55 billion in tokenized equities.