Uniswap founder Hayden Adams says real-world asset tokenization is changing who provides liquidity and which assets can trade, potentially making automated market makers, or AMMs, a core part of financial markets. He says the SEC has approved Nasdaq and the New York Stock Exchange to trade tokenized stocks, while the Depository Trust & Clearing Corporation has conducted live trading tests. On the previously launched Robinhood Chain, a Uniswap pool containing 10 tokenized stocks and SPY, an ETF tracking the S&P 500, recorded $33 million in volume over 12 days, including some trades directly between stocks rather than through dollars. Adams says blockchain-based markets can make capital more fluid than traditional market-making structures, though AMMs remain early-stage and face challenges including capital efficiency, slippage, smart-contract vulnerabilities, regulatory uncertainty and reliable price oracles. The expansion of tokenized funds by projects such as Ondo Finance and BlackRock's BUIDL fund highlights the convergence of traditional finance and decentralized protocols.