On July 23, Uniswap Labs, in collaboration with Superstate and Securitize, introduced Permissioned Pools, a v4 hook standard that allows regulated assets to trade through AMMs while enforcing transfer restrictions onchain.
Before a swap or liquidity action can proceed, the pool checks whether the participating wallet has been approved by the asset issuer through an onchain allowlist. This moves compliance enforcement into the settlement path itself, rather than relying on a particular frontend or offchain policy.
That is an important piece of infrastructure. This is the technical blueprint for a regulated asset to trade onchain.
But for apps and wallets, it left one question completely unanswered. How does a user get onto the allowlist in the first place?
Without qualified users, these assets will never actually trade onchain.
A permissioned pool can enforce an issuer’s allowlist, but it cannot onboard users to it. Someone still needs to verify identity, screen for sanctions and AML risks, confirm jurisdiction and accreditation where required, connect those credentials to a wallet, and maintain eligibility over time.
Right now, if you want to integrate Uniswap’s permissioned pools into your wallet or app, you need to redirect your users to Superstate or Securitize’s onboarding portals to get allowlisted and then hope that they come back to your frontend.
That challenge becomes even more complex across multiple assets. Each issuer may have different eligibility standards, documentation requirements, and approval processes. Without a common onboarding layer, an app or wallet offering three permissioned assets may need to support three separate user journeys.
This is the problem Passage is designed to solve.
Passage allows apps, wallets, exchanges, and other platforms to qualify their users for Superstate’s allowlist directly within their existing product experience. In fact, it is the only live solution for this problem as of today.
Once approved, those users can trade supported Superstate assets through permissioned Uniswap pools without being redirected through a separate issuer onboarding portal.
The division of labor is straightforward:
Superstate defines who is eligible and maintains the allowlist.Passage helps platforms qualify their users and get their wallets onto it.Uniswap’s Permissioned Pools enforce the allowlist when users trade.
Permissioned pools provide the compliant trading rails. Passage gives platforms a scalable way to bring eligible users onto those rails.
Both are necessary. Without enforcement, regulated assets cannot trade compliantly. Without onboarding and distribution, there may be no one eligible to trade them.
The integration with Passage is only a few lines of code – opening up access to trading of permissioned assets in a single afternoon. Check it out: https://docs.passage.coinlist.co/use-cases/permissioned-defi-pools
