NVDAc/USDC goes live with initial beta clients on day one and tokenized Tesla follows in October.
SINGAPORE--BUSINESS WIRE--
True Markets, the markets API & infrastructure company, today announced DeFi Orderbook trading on tokenized equities, starting with tokenized Nvidia (NVDAc/USDC).
In 24/7 markets, managing slippage versus the underlying asset will become increasingly integral to make sure prices do not stray too far away from the primary markets of the underlying assets. True Markets calls this unanchored pricing: a tokenized security trading at a price that has come loose from the asset it is meant to track.
"If you buy tokenized Nvidia, you should get Nvidia prices," said Vishal Gupta, Co-Founder and CEO of True Markets, who previously scaled Coinbase Exchange and led USDC go-to-market at Circle. "Today a market order worth a few hundred dollars can cost more than 100 basis points on a given AMM pool. Tokenized assets are the next evolution of markets, and necessitate the same quality of execution, if not better, than traditional markets."
The venue gives on-chain stocks the execution standards of a regulated equity market:
- Price protection
- Ability to rest non-marketable limit orders on an orderbook
- Post-trade best execution reporting
- Price improvement, so brokers can receive better execution than the out loud market
"It's hard to gauge slippage on a memecoin, but when it's Nvidia, everyone can see the difference," Gupta said. "That's not a knock on AMMs. Eighteen months ago, this market didn't exist at scale. Now it's maturing, and what it needs next is execution quality."
NVDAc/USDC is available for beta clients through the True Markets APIs and FIX gateway with more books to follow. Tokenized equities are available to eligible clients outside the United States. Platforms and trading firms can request access here.
About True Markets
True Markets is a stablecoin-native exchange and markets infrastructure company. Its single API gives institutions and developers access to more than 300 assets across centralized and decentralized venues, with organization-level account structures, sponsored gas, and on-chain settlement to self-custody wallets. True Markets is based in New York.
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