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Stock Tokens

Stock tokens are Catswap's most important target market: tokenized stocks trading on-chain — spot, margin, and perpetuals — with liquidity providers protected by mechanism rather than promise. The global equity market is an order of magnitude larger than the entire crypto market, yet no on-chain venue today is seriously designed for stock tokens. That is the gap we are built to fill.

What Stock Tokens Need​

Stocks are not meme coins; they come with rules attached:

  • Controlled access — who can trade is decided by the issuer or its administrator, not an open free-for-all.
  • Follow the underlying — when the underlying stock halts, the token halts; trading sessions stay aligned.
  • Real trading surfaces — spot alone is not enough. Equity traders want leverage, hedging, derivatives — and depth.

Most on-chain protocols fail all three: permissionless by design (no access control possible), prices fed by external oracles (an even bigger attack surface for stocks than for coins), and spot/derivatives split across separate venues, so depth is thin from day one.

Our Answer​

Issuers Control Access (Permissioned Pools)​

The protocol reserves a "permissioned pool" capability: a pool can carry an allowlist, with the issuer or its appointed administrator deciding who may trade and who may make markets. This is not a patch — it is a reserved layer of the architecture.

In September 2026, the U.S. SEC's innovation exemption spelled out the venue for tokenized stocks as a permissioned AMM on a permissionless ledger — the same road we reserved. The regulator's blueprint and our architecture point the same way.

One Pool, All Three Forms on Day One​

Stock tokens enter like every other asset: into the same pool. Spot, margin, and perpetuals share one liquidity pool — all trading forms are available the moment the token lists, and spot depth is leverage depth. See all trading shares one pool.

Liquidity Providers Are Not the Backstop​

LPs in stock-token pools worry about what LPs always worry about: manipulation and extreme moves. Our answers apply to stocks unchanged:

  • Manipulators pay the LPs — pushing prices away from fair value costs progressively higher fees, and that money goes to the pool;
  • A single trade can take at most half the pool's reserves — the pool can never be drained;
  • Profitable positions are never forcibly shaved (no ADL); bankruptcies are backstopped by the insurance fund under fixed rules, with its balance readable on-chain at any time.

Follow the Underlying​

Halt synchronization and session alignment both have reserved landing points in the protocol: a pool can carry "trade only during designated sessions" rules, and a halt event closes the gate directly. Mechanism details are defined in the permissioned-pool specification.

Status: Honestly Labeled​

Stock-token trading is a roadmap capability: the interfaces are reserved at the protocol level, and actual listings depend on issuer and regulatory cooperation. We do not advertise "trade Tesla today" before it is true. Coins first, stocks next — every step verifiable on-chain.