Trade
Trading on the Markets surface reuses Swap's exact build, sign, relay path - it is not a separate backend flow.
Trade is what you do on the Markets surface - buying or selling a launchpad token or a tokenized equity. Under the hood it isn't a distinct capability: a trade is quoted and built through the same owner-lane path as Swap, quote first, then build, then you sign and relay it yourself.
Settlement in USDC
Every trade on Markets is priced and settled in USDC. A buy is a USDC-to-token swap; a sell is a token-to-USDC swap. There's no separate settlement asset per market or per chain.
Tokenized equities are read-only today
Equities on the Markets surface (the Stocks tab) are sourced from a real, live registry - but that registry is catalog-only in the current product: every row reports as not tradeable, so browsing and pricing work, but there's no buy or sell path for equities yet.
Launchpad token trading is still rolling out
Buying or selling a launchpad (Capital Market) token the same way is not yet available in the app - that surface is currently browse-only while it rolls out: this feature is not yet turned on. The quoting and route-building logic underneath already understands both graduated and pre-graduation tokens (see Launchpad for what graduation means); it's the trading UI on top that isn't live yet.
TODO: no date or milestone for when launchpad token trading goes live was found in source - avoid promising a timeline in user-facing copy.
Trade and Swap are the same build, preview, sign, relay path under different framing. Anything true of a Swap's preview, gas payment, or decline behavior is true of a Trade as well - see Swap.