Key Takeaways:
Orca, the Solana-based automated market maker that has processed over $500 billion in cumulative trading volume, launched a 24/7 compliant secondary liquidity pool for tokenized securities, starting with Streamex's gold-backed GLDY token.
"The distribution problem has been the defining obstacle for tokenized securities — issuers can bring assets onchain, but without a compliant secondary market, investors have nowhere to trade them," Henry McPhie, co-founder and chief executive officer of Streamex, said.
The permissioned pool infrastructure enforces compliance at the Solana token level rather than layering it on as an afterthought. Investors must complete know-your-customer checks and verify accredited investor status before trading GLDY, which is offered under Rule 506(c) of Regulation D. Streamex will earn a portion of protocol fee revenue from the pool in addition to transfer fees inherent to GLDY, according to the company.
The launch addresses what industry participants describe as the defining obstacle for tokenized real-world assets, a market that has surged to over $34 billion, up 1,600% in two years, with tokenized equities alone exceeding $1 billion in market value, according to industry data. The move comes as the U.S. Securities and Exchange Commission delayed a planned innovation exemption for tokenized stocks amid pushback from traditional exchange officials concerned about liquidity fragmentation.
Orca's infrastructure has operated for five years without a smart contract exploit, the company said. The exchange's interface will show users whether an asset has restrictions and whether they qualify to trade it.
"Orca has spent five years building the liquidity infrastructure that Solana's market structure runs on," said Michael Hwang, chief executive officer of Orca. "As tokenized equities, funds and real-world assets arrive onchain at exponential rates, issuers need more than a place to list."
The GLDY pool represents a test case for whether decentralized exchanges can serve regulated securities markets. Streamex maintains the KYC and accredited investor whitelist, while Orca provides the trading infrastructure. Prospective investors should be aware that GLDY tokens are restricted securities under federal law and that there can be no assurance the secondary market will achieve meaningful trading volume, according to the offering materials.
This article is for informational purposes only and does not constitute investment advice.
