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BlackRock will make shares of its $2.2 billion tokenized U.S. Treasury fund tradable on the decentralized exchange Uniswap.
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What to know:
- BlackRock will make shares of its $2.2 billion tokenized U.S. Treasury fund, BUIDL, tradable on the decentralized exchange Uniswap, marking its first venture into DeFi.
- UNI, the governance token of the exchange, increased by 25% following the announcement.
- Trading BUIDL on UniswapX will enable pre-qualified, whitelisted investors to exchange the tokenized Treasury fund around the clock with authorized market makers using stablecoins, with compliance managed by Securitize.
BlackRock, the largest asset manager globally, announced on Wednesday that it will allow shares of its tokenized U.S. Treasury fund, BUIDL, to be traded on Uniswap, representing the asset manager’s initial entry into decentralized finance (DeFi).
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As part of this initiative, BlackRock also revealed a strategic investment in Uniswap and acquired an undisclosed number of UNI, Uniswap’s governance token, which rose 25% following the announcement, currently trading at $4.11.
BUIDL, launched in 2024, is the largest tokenized U.S. Treasury fund available, boasting nearly $2.2 billion in total value locked, based on data from rwa.xyz. It is a blockchain-based fund that is fully backed by U.S. Treasury bills and cash, providing yield on-chain.
The fund’s introduction on Uniswap — one of the largest decentralized exchanges — enables investors to trade the tokenized fund in a peer-to-peer environment without a conventional intermediary.
To facilitate this, BlackRock collaborated with Uniswap Labs and Securitize, a firm responsible for managing the regulatory and compliance aspects of tokenizing real-world assets. Shares of BUIDL will be accessible through UniswapX, a trading platform that retrieves quotes from authorized market makers and finalizes trades on the blockchain. All participants must be pre-qualified and whitelisted via Securitize, which will oversee the transactions.
“This partnership with Uniswap Labs alongside Securitize signifies a significant advancement in the integration of tokenized assets with decentralized finance,” stated Robert Mitchnick, BlackRock’s global head of digital assets. “The incorporation of BUIDL into UniswapX represents a substantial progress in the interoperability of tokenized USD yield funds with stablecoins.”
DeFi platforms such as Uniswap empower users to trade assets, borrow, or earn yields without depending on centralized financial institutions. Instead, they operate on smart contracts — self-executing code stored on public blockchains.
Uniswap, specifically, is the largest decentralized exchange on Ethereum . It allows users to swap tokens directly from their wallets, often within seconds. By enabling the trading of BUIDL, Uniswap extends its reach beyond crypto-native assets into the realm of tokenized government bonds.
The integration allows qualified investors to exchange BUIDL continuously with authorized market makers using stablecoins.
