BlackRock is taking a significant step deeper into decentralized finance, announcing a new collaboration with Uniswap Labs and Securitize that will allow eligible investors to trade its tokenized U.S. Treasury fund directly onchain.
The move centers on BlackRock’s USD Institutional Digital Liquidity Fund, known as BUIDL. Through UniswapX, an offchain order-routing system developed by Uniswap Labs, qualified participants will be able to access and settle trades of BUIDL shares on public blockchains. The announcement, made Wednesday, marks the asset manager’s first direct use of decentralized trading infrastructure for one of its tokenized products.
How the Integration Works
UniswapX aggregates liquidity from various sources and routes orders offchain before final settlement occurs onchain via smart contracts. It is part of the broader Uniswap ecosystem, one of the largest decentralized exchanges by cumulative trading volume. Unlike traditional exchanges, Uniswap operates through automated market maker (AMM) smart contracts rather than centralized intermediaries.
For BUIDL trades, Securitize Markets will facilitate transactions using a request-for-quote (RFQ) model. This framework connects pre-approved institutional participants and ensures trades are executed in compliance with regulatory requirements. Once matched, transactions are settled onchain.
Securitize, which operates regulated broker-dealer and alternative trading system entities in the United States, serves as the tokenization and compliance layer for BUIDL. According to the company, only qualified and whitelisted investors will be able to access trading through UniswapX, preserving regulatory safeguards while leveraging decentralized liquidity.
Carlos Domingo, CEO of Securitize, described the development as a milestone in bridging traditional finance and decentralized infrastructure, emphasizing the balance between regulatory standards and the efficiency of DeFi systems.
A Growing Tokenized Fund
BUIDL is backed by U.S. Treasuries and cash equivalents and is currently the largest institutional-grade tokenized fund on public blockchains. As of Feb. 11, it manages approximately $2.4 billion in assets, according to industry data.
Since its launch, BUIDL has been available for onchain transfers and certain liquidity uses. BlackRock has steadily expanded its footprint, recently launching the product on Binance’s BNB Chain and Solana. It has also integrated with decentralized finance protocols such as Euler through wrapped versions of the fund, broadening its utility within blockchain-based ecosystems.
The latest partnership goes a step further by embedding DeFi trading infrastructure directly into the distribution model of the fund.
Market Reaction and Strategic Investment
Alongside the integration announcement, BlackRock revealed it had purchased an undisclosed amount of UNI, the native token of the Uniswap ecosystem. Following the news, UNI surged roughly 20%, reflecting strong market interest in the collaboration.
While access to BUIDL via Uniswap remains limited to institutional and qualified investors, the partnership highlights a growing convergence between regulated asset managers and decentralized trading venues. It also signals increasing comfort among major financial institutions in leveraging public blockchain infrastructure for real-world asset products.
A Measured Step Toward Financial Convergence
BlackRock’s move does not open DeFi access to retail investors overnight, nor does it dismantle traditional compliance frameworks. Instead, it illustrates how established financial firms are experimenting with blockchain-based settlement and liquidity systems in a controlled, regulated manner.
As tokenized funds continue to gain traction, partnerships like this suggest a future where traditional finance and decentralized infrastructure operate side by side. For now, BUIDL’s integration with Uniswap marks a notable milestone in that evolution, offering a glimpse of how institutional capital and DeFi technology may increasingly intersect.
