Each coin starts on a bonding curve. The curve holds the pair asset as its reserve and sells the coin's supply against it at a price that rises with the reserve. Buying sends the pair asset in and takes tokens out; selling sends tokens in and takes the pair asset out. The price is a function of the reserve alone, so it cannot be moved by anything except trades.
The curve has a target. When the reserve reaches it, and the other two done conditions are met, the coin graduates: the reserve and the remaining supply move into a pool and trading continues there. Pours do not stop at graduation; they switch to the post graduation route card.
The pair asset is chosen at deployment and cannot change. A coin paired with a tokenized stock holds that stock as its reserve, pays its pours in that stock, and has a floor priced in that stock.