Orca and Streamex have rolled out secondary trading infrastructure for tokenized securities, starting with a gold-backed token called GLDY. Accredited investors can now buy and sell the token through permissioned liquidity pools operating on the Solana blockchain. The move brings a regulated secondary market to a real-world asset that previously traded only in primary issuances.
How the new trading infrastructure works
The infrastructure combines Orca's permissioned liquidity pool technology with Streamex's tokenization platform. Only accredited investors who pass identity checks can access the pools. The trades settle on Solana, which means sub-second finality and low fees compared to traditional settlement systems. Orca and Streamex jointly manage the whitelist of wallets allowed to interact with the pools.
Why permissioned liquidity pools
Tokenized securities face a regulatory hurdle: secondary trading can't happen on open, public exchanges without violating securities laws. Permissioned pools solve that by restricting participation to verified investors. The pools use smart contracts that enforce transfer restrictions at the protocol level — a token can't move to an unapproved wallet. That design lets the platforms offer liquidity without running afoul of U.S. or European securities rules.
The GLDY token and its backing
GLDY represents ownership of physical gold held by a custodian. Each token is redeemable for a specific weight of gold, audited periodically. The token launched earlier this year but could only be bought during primary offerings. Now holders can exit or add positions on the secondary market, which gives the token real price discovery. Orca and Streamex didn't disclose the size of the initial liquidity pool or the number of accredited investors already onboarded.
The Orca-Streamex partnership is one of the first to bring permissioned secondary trading to Solana for asset-backed tokens. Both platforms have said they plan to add more tokenized securities — real estate, private credit, other commodities — in the coming months. The infrastructure is live now, but broader adoption will depend on how many accredited investors actually show up to trade. No date has been set for expanding access beyond the current whitelist.
