BlackRock Lists $2.1 Billion Tokenized Treasury Fund on Uniswap

TLDR

• BlackRock is listing its $2.1 billion BUIDL tokenized Treasury fund on Uniswap decentralized exchange
• The asset manager purchased an undisclosed amount of Uniswap’s UNI governance token as part of the deal
• Trading will initially be limited to eligible institutional investors and market makers before wider expansion
• BUIDL is the largest tokenized money market fund and operates across Ethereum, Solana, BNB Chain, Aptos and Avalanche
• This marks BlackRock’s first formal entry into decentralized finance trading infrastructure

BlackRock is bringing its tokenized US Treasury fund to the Uniswap decentralized exchange. The move represents the first time a major asset manager has integrated a tokenized money market fund with DeFi trading infrastructure.

The USD Institutional Digital Liquidity Fund, known as BUIDL, currently holds $2.18 billion in total assets. This makes it the largest tokenized money market fund according to data from RWA.xyz.

As part of the arrangement, BlackRock purchased an undisclosed amount of Uniswap’s governance token UNI. The company did not reveal the size of its investment in the announcement made Wednesday.

Trading of BUIDL on Uniswap will start with a limited group of participants. Only eligible institutional investors and market makers can access the platform initially.

Securitize, the tokenization company that partnered with BlackRock to launch BUIDL, is facilitating the collaboration. CEO Carlos Domingo said institutions can now trade tokenized real-world assets with self-custody for the first time through a major DeFi platform.

Traditional Finance Meets Blockchain Technology

BUIDL operates across multiple blockchain networks including Ethereum, Solana, BNB Chain, Aptos and Avalanche. The fund provides exposure to US Treasury securities through blockchain-based tokens.

In December 2024, BUIDL passed $100 million in cumulative distributions from its Treasury holdings. The fund has grown steadily since its launch.

BlackRock shares currently trade at $1,082.88. The stock has posted a 13.5% return over the past year and a 60.7% return over three years.

Money Market Funds Eye Blockchain Growth

Several major financial institutions have moved into tokenized money market products. Goldman Sachs and BNY partnered to expand institutional access to similar products.

JPMorgan strategists pointed to tokenized money market funds as a potential response to stablecoin growth. Both asset types use blockchain infrastructure but serve different purposes in the market.

The GENIUS Act, which addresses stablecoin regulation, could accelerate adoption of both stablecoins and tokenized assets. Solomon Tesfaye, chief business officer at Aptos Labs, said clearer stablecoin rules may drive broader blockchain adoption.

JPMorgan strategist Teresa Ho noted that tokenization lets investors use money market fund shares as collateral without losing yield. This feature could help traditional funds compete as stablecoins gain market share.

BlackRock trades about 18% below the consensus analyst target price of $1,328.44. The stock declined roughly 0.6% over the past 30 days according to recent data.

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