True Markets Debuts Tokenized Nvidia Orderbook Against USDC

True Markets has launched an on-chain orderbook for tokenized equities, opening with a tokenized Nvidia market quoted against USDC, according to Financemagnates. The first market, NVDAc/USDC, is live for beta clients through the company’s APIs and FIX gateway.

The venue is aimed at pricing and execution problems that appear when tokenized securities trade around the clock. True Markets calls the failure mode “unanchored pricing” — the risk that a token drifts away from the value of the underlying share it is meant to track.

Also read: Citi and Coinbase Launch Stablecoin-to-Dollar Conversion for US Institutions

Key facts

• True Markets launched an on-chain orderbook for tokenized equities, beginning with NVDAc/USDC against USDC.
• The first market is available to beta clients through the company’s APIs and its FIX gateway.
• Vishal Gupta, Co-Founder and CEO of True Markets, said market orders of a few hundred dollars can incur more than 100 basis points in slippage on some AMM pools.
• The orderbook offers limit orders, price protection, best execution reporting and price improvement.
• Tokenized equities are available to eligible clients outside the United States, and True Markets said more orderbooks will follow.

Gupta: buyers should get the underlying price

Gupta framed the product around a simple expectation. “If you buy tokenized Nvidia, you should get Nvidia prices,” he said, pointing to execution gaps that have dogged automated market maker pools in continuous markets.

Slippage — the gap between the price an order was expected to fill at and the price it actually filled at — has been a recurring complaint in retail trading venues. True Markets is positioning an orderbook rather than an AMM as the answer, adding the execution and reporting tools that broker-style venues offer.

Also read: Nvidia launches agent safety platform and $150bn buyback

Tokenized stocks move into round-the-clock trading

The launch lands as tokenized equities push into 24-hour trading. Financemagazines reported in January that tokenized stocks were creating a parallel market for equities, while the New York Stock Exchange has been developing a tokenized securities venue with 24-hour trading. Alpaca has also launched infrastructure for 24/7 tokenized US stocks, using a model designed to keep tokens aligned with their underlying assets.

Other platforms have expanded outside the US. In May 2025, Kraken announced plans to offer more than 50 tokenized US stocks and ETFs, including Nvidia, to clients in selected non-US jurisdictions. In September 2026, Kraken introduced DeFi yield products linked to tokenized Nvidia and other xStocks.

Why it matters

Execution quality is the practical test for tokenized equities. If a token trades around the clock but fills far from the reference price of the underlying share, the product loses its claim to represent that share. True Markets is betting that an orderbook with limit orders and best-execution reporting can hold the link where AMM pools have struggled.

For eligible non-US investors, the choice of venue now spans exchange-backed projects, infrastructure providers like Alpaca, and Kraken’s tokenized listings, each with a different answer to how tokens stay anchored to the assets behind them.

What to watch

True Markets said additional orderbooks will follow the Nvidia debut, and the pace of those listings — plus whether execution data backs up the slippage claims — is the next marker. Beta access through the API and FIX gateway also sets the stage for wider client onboarding.

Tokenized Nvidia markets do not come with a published price target here, and nothing in this report is financial advice; tokenized equity markets are volatile and prices can move sharply against expectations.

Written by

Emily Torres

Emily Torres covers cryptocurrency and decentralized finance for StockPil, tracking blockchain markets and regulatory developments.

Source: Finance Magnates