Advanced DeFi execution on NVDAc/USDC will go live with initial clients this month, followed by TSLAc/USDC and other books.
SINGAPORE, October 1, 2026 — 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, slippage versus the underlying asset will become increasingly integral to make sure prices do not diverge 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.
Price discovery for the underlying occurs on NASDAQ, 32.5 hours a week, but the token trades all 168 hours of the week. Arbitragers can only reference a market that's quoting, and for 80% of the week, nothing is quoting. Nvidia has a price, quoted and arbitraged by thousands of participants during market hours, and a tokenized version inherits that price. The tokenized version then carries it where the exchange can't: into wallets, stablecoin settlement, and DeFi collateral. When the market closes, that anchor disappears: an AMM will keep quoting the token, but with no arbitrage against the underlying, the quote is a guess that looks like a price.
"If you buy tokenized Tesla, you should get $TSLA 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."
True Markets gives on-chain stocks the execution standards of a regulated equity market:
- Price protection. Orders that arrive too far from the reference price are rejected rather than filled. A client cannot accidentally buy a $375 stock at $400.
- A real order book. Ability to rest non-marketable limit orders on an orderbook and resting liquidity from professional market makers, with price-time priority. Fills improve against the outlying on-chain markets rather than tracking them.
- Best execution reports. For every order: where the asset was trading across venues, where the client filled, and the slippage, positive or negative. The same report a regulated equity venue produces, now available for tokenized stocks.
"It's hard to gauge slippage on long tail assets like memecoins, but when it's Tesla, 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."
The launch lands in a month when tokenized securities stopped being theoretical. Coinbase's tokenized U.S. stocks did roughly $228 million of on-chain volume in their first thirty days. On September 4, Korea's Financial Services Commission committed to tokenizing stocks, bonds and funds starting in February 2027 On September 17, the U.S. Securities and Exchange Commission issued a five-year exemption allowing tokenized U.S. stocks to trade through permissioned automated market maker pools. Tokenization is no longer the future; it’s the present.
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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