Uniswap (UNI) extended its rally on Friday, jumping more than 28% over the past 24 hours as a new U.S. regulatory framework for tokenized stocks put permissioned automated market makers back in focus.
UNI was trading at $8.76 as of 12:32 UTC on September 18, up 28.2% over the previous 24 hours, according to CoinGecko. The token traded between an intraday low of $6.76 and a high of $8.83, leaving it just below the session peak at the time of writing.
Uniswap’s market capitalization stood at roughly $5.44 billion, while 24-hour trading volume climbed to about $1.84 billion. Trading activity was up sharply from the previous day, while UNI remained about 40% higher over the past seven days.
The rally comes as two developments converge around Uniswap: the U.S. Securities and Exchange Commission (SEC) has created a temporary U.S. framework for trading qualifying tokenized stocks through permissioned AMMs, while tokenized-stock trading activity on Uniswap itself continues to expand.
SEC Opens Five-Year Path for Tokenized Stock AMMs
The SEC issued its Innovation Exemption on September 17, granting temporary and conditional relief to qualifying Tokenized Securities Venues, or TSVs.
Under the order, TSVs can facilitate trading in tokenized National Market System stocks through permissioned AMM liquidity pools without being treated as exchanges under the Exchange Act, provided they meet the SEC’s conditions. Certain liquidity providers can also receive conditional relief from the Act’s dealer definition.
The exemptions are scheduled to expire five years after publication. The SEC is simultaneously requesting public comments as it considers whether additional or more permanent rules are needed.
SEC Chairman Paul Atkins said the exemption is intended to facilitate onchain trading of certain tokenized stocks while the Commission considers further regulatory action.
The order does not specifically approve Uniswap, Uniswap v4 or the UNI token. Instead, it establishes a framework for qualifying operators using permissioned AMM liquidity pools, making Uniswap’s existing v4 infrastructure relevant to the market’s reaction.
Why the SEC Decision Matters for Uniswap v4
Uniswap already has infrastructure built for the type of permissioned AMM trading described in the SEC framework. Uniswap Labs launched Permissioned Pools for Uniswap v4 in July. The system uses v4 hooks to check whether a wallet appears on an issuer-managed allowlist before allowing a swap or liquidity action to proceed.
Unlike a frontend-only restriction, the eligibility check is enforced at the pool level. Issuers retain control over their allowlists while approved participants can trade through Uniswap v4’s AMM infrastructure.
The infrastructure was developed for regulated assets including tokenized securities, equities and funds, with Superstate, Securitize and Dowgo among the initial collaborators.
The overlap does not mean every Uniswap Permissioned Pool automatically qualifies under the SEC exemption. A Tokenized Securities Venue seeking to rely on the order must independently meet the Commission’s requirements.
SEC Sets Conditions for Tokenized U.S. Stocks
The exemption also places several restrictions on the securities and venues that can use the framework.
A TSV must verify that a tokenized NMS stock gives investors the same rights and privileges as the equivalent traditional share. The order also limits the number of securities and trading volume that can operate under the exemption.
Smart contracts used by a TSV must be public and auditable and deployed on a public, permissionless distributed ledger. Trading in a tokenized stock must also stop whenever trading in the underlying share is halted on its primary listing exchange.
For tokenized shares created by a party unaffiliated with the underlying company, the venue must notify the issuer and provide an opportunity to object before making the tokenized stock available for trading.
The framework therefore covers rights-bearing tokenized shares rather than simply giving unrestricted approval to synthetic tokens tracking stock prices. Reuters reported that synthetic products without ownership rights are outside the exemption.
Uniswap Stock-Token Activity Adds to UNI Rally
The SEC announcement is not the only development surrounding Uniswap. Tokenized-stock trading has also become a growing source of activity for the protocol. Uniswap v2, v3 and v4 are deployed on Robinhood Chain, where tokenized equities have emerged as some of the network’s most actively traded assets.
Tracked data for September 17 showed Uniswap v3 and v4 accounting for roughly 81% of DEX volume on Robinhood Chain, with the network recording about $1.33 billion in tracked 24-hour trading volume. Tokenized stocks including Nvidia, SPY, SpaceX, Meta and Alphabet were among the largest markets.
Uniswap has confirmed in a september 18 X post that, Robinhood stock tokens had crossed $10 billion in cumulative Uniswap trading volume, with Uniswap accounting for around 80% of the reported activity.
That gives the latest UNI rally two closely related catalysts: rapidly expanding tokenized-stock activity on Uniswap and a new SEC framework explicitly allowing qualifying tokenized U.S. stocks to use permissioned AMM liquidity pools.
UNI Price Nears $9 After 28% Rally
UNI’s latest move has taken the token from below $7 to within touching distance of $9.
As of 12:32 UTC on September 18, CoinGecko showed UNI at $8.76, compared with its 24-hour low of $6.76 and intraday high of $8.83. The token was up 28.2% over 24 hours and 40% over the previous seven days.
| UNI Market Data | September 18 |
| Price | $8.76 |
| 24-hour change | +28.2% |
| 7-day change | +40.0% |
| Intraday high | $8.83 |
| Intraday low | $6.76 |
| Market cap | ~$5.44B |
| 24-hour volume | ~$1.84B |
Onchain data from Arkham shows wallet 0x7541 accumulated about 1.97 million UNI across transactions in February and March 2025, spending roughly $17.67 million at an average price near $8.97.
With UNI trading around $8.76–$8.80 on September 18, the position has recovered sharply from the losses it carried earlier in the year. Based on the wallet’s acquisition cost and current holdings, the position is now close to breakeven, with its unrealized P&L fluctuating alongside UNI’s latest rally.
The $8.83 intraday high is now the immediate level being tested by the rally. A move beyond it would mark a fresh seven-day high, while a retreat would show that UNI has failed to hold the latest breakout.
For now, the price move is unfolding alongside a broader expansion of Uniswap’s role in tokenized-asset trading. The SEC exemption gives permissioned AMMs a formal, although temporary and conditional, route into the U.S. tokenized-equity market, while Uniswap v4 already has infrastructure designed for permissioned assets.
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