Overview
Stove Protocol is an open infrastructure for the issuance of tokenized securities and other regulated financial assets.
It connects blockchain networks with regulated brokerage, custody, and settlement infrastructure, enabling financial assets to be issued, distributed, and operated on-chain through a standardized framework.
Through a single integration, exchanges, wallets, protocols, and financial institutions can offer compliant access to real-world financial assets without building the underlying financial infrastructure themselves.
The protocol supports the full lifecycle of tokenized assets, including issuance, minting and redemption, custody verification, corporate actions, settlement, and lifecycle management.
By standardizing how regulated financial assets move on-chain, Stove Protocol serves as foundational infrastructure for the next generation of global capital markets.
The information on this page is provided for informational purposes only and is subject to the disclaimers set out in Disclaimers. Stove tokens are offered only to eligible non-U.S. persons in reliance on Regulation S under the U.S. Securities Act of 1933, as amended. See Eligibility & Access.
Architecture Overview
Stove is built around a small number of components that together turn a real security into a fully backed on-chain token:
- Token contracts — each supported security has its own token, deployed deterministically through Stove's factory so that issuance is traceable and each token maps to exactly one underlying security.
- Issuance & redemption engine — handles minting against newly custodied securities and burning on redemption, so the supply of each token stays matched to the securities held in custody.
- Execution layer — connects on-chain orders to liquidity in the real securities market (see How Stove Differs below).
- Custody — the underlying securities are held through Stove's global network of qualified, regulated brokers. See Trust & Transparency.
A more detailed technical reference — token standard, supported chains, and contract addresses — is in Technical.
How Stove Differs
Most tokenized-equity products recreate liquidity on-chain: they rely on a separate pool of buyers and sellers trading the token itself. Because that pool is shallow compared to the real market, holders face wide spreads, high slippage on anything but the smallest orders, and a token price that can drift meaningfully away from the underlying asset.
Stove is designed around a different idea: inherit liquidity from the real market instead of rebuilding it on-chain.
- Real-market execution. When you trade, Stove sources the corresponding exposure from the live securities market rather than from a thin on-chain order book. Your fill reflects real market depth.
- Backed, not over-issued. New tokens are created only against securities actually acquired and held in custody, with hedging kept in step during market hours. Circulating supply stays matched to what is held — the protocol does not issue exposure it has not backed.
- A familiar on-chain experience. From the user's side, trading feels like a standard on-chain swap: you see a price, submit an order, and settle on-chain. Large orders may fill partially or move in price, in the same way they would when interacting with real market depth.
The net effect is exposure that stays closely aligned with the underlying security, with the transparency and composability of an on-chain asset.
The specific mechanics by which Stove generates quotes and sources liquidity are proprietary. What matters for holders is the outcome: pricing anchored to the real market, and full backing of every token. For how price and costs appear to you when trading, see Trading → Pricing & Costs.