BlackRock has taken its first structured step into decentralized finance by introducing its tokenized US Treasury fund to Uniswap, marking a notable development in institutional engagement with DeFi infrastructure.

In a Wednesday announcement, the firm confirmed that its USD Institutional Digital Liquidity Fund (BUIDL) would be made available on the Uniswap decentralized exchange, enabling institutional participants to trade the tokenized security.

As part of the initiative, BlackRock is also acquiring an undisclosed amount of Uniswap’s governance token, UNI. The rollout is being supported by tokenization specialist Securitize, which previously collaborated with the asset manager on launching BUIDL. Initial trading access is expected to be restricted to a selected group of qualified institutional investors and market makers before gradually broadening.

“For the first time, institutions and whitelisted investors can access technology from a leader in the decentralized finance space to trade tokenized real-world assets like BUIDL with self-custody,” said Securitize CEO Carlos Domingo.

Tokenized funds gain momentum

BUIDL currently stands as the largest tokenized money market fund, holding more than $2.18 billion in assets, according to RWA.xyz. The fund operates across multiple blockchain networks, including Ethereum, Solana, BNB Chain, Aptos and Avalanche.

In December, the fund passed a major milestone, distributing over $100 million cumulatively from its US Treasury exposure, underscoring growing interest in blockchain-based financial instruments backed by traditional assets.

Wall Street explores tokenization alongside stablecoins

Tokenized money market products are increasingly drawing attention among major financial institutions. Firms such as Goldman Sachs and BNY have been working together to broaden institutional access to tokenized fund structures, signaling deeper exploration of blockchain-based finance across traditional markets.

JPMorgan analysts have also identified tokenized money market funds as a potential counterbalance to the rapid expansion of stablecoins. Although both operate on blockchain infrastructure, regulatory developments such as the GENIUS Act are widely expected to accelerate stablecoin adoption, which could shift liquidity dynamics within traditional markets.

Tokenization may help mitigate that effect by enabling investors to use money market fund shares as collateral while still preserving yield, JPMorgan strategist Teresa Ho noted last year. At the same time, clearer regulatory frameworks for stablecoins could further support the expansion of tokenized real-world assets, according to Solomon Tesfaye of Aptos Labs.

Sources:

https://www.businesswire.com/news/home/20260211927423/en/Uniswap-Labs-and-Securitize-Collaborate-to-Unlock-Liquidity-Options-for-BlackRocks-BUIDL

https://cointelegraph.com/news/blackrock-buidl-uniswap-institutional-defi-adoption

https://x.com/Securitize/status/2021585141995282856

https://fortune.com/2026/02/11/blackrock-uniswap/

https://app.rwa.xyz/assets/BUIDL