BlackRock’s tokenized U.S. Treasury fund, BUIDL, is now available on DEX Uniswap. The initiative aims to expand institutional investors’ access to on-chain trading and strengthen the integration of traditional finance with DeFi.
Uniswap Labs, the developer of the decentralized exchange (DEX), and FinTech company Securitize, specializing in tokenization of real-world assets (RWA), announced a collaboration through which shares of the BlackRock USD Institutional Digital Liquidity Fund (BUIDL) became available on Uniswap.
Transactions with tokenized fund shares will be executed via the RFQ mechanism in UniswapX, facilitated by Securitize Markets. The integration is designed to increase the instrument’s liquidity, speed up settlement, and bring traditional financial infrastructure closer to DeFi.
Through the RFQ mechanism, investors can request quotes provided by approved market makers, including Flowdesk, Tokka Labs, and Wintermute. Transactions will be executed directly on the blockchain via a dedicated smart contract. Access to the functionality will be available only to pre-qualified and verified investors through Securitize.
BUIDL holders will be able to exchange their fund shares for USDC stablecoins around the clock, accessing competitive market quotes. According to Hayden Adams, Founder and CEO of Uniswap Labs, the integration aims to improve the efficiency of secondary trading of the tokenized money market fund and simplify its interaction with stablecoins.
Robert Mitchnick, Global Head of Digital Assets at BlackRock, called the integration a step toward enhancing the compatibility of tokenized dollar yield funds with stablecoins and developing DeFi infrastructure for institutional products. He also added that BlackRock made a strategic investment in the Uniswap ecosystem, though he didn’t disclose the details of the investment.
Uniswap is the largest decentralized exchange by total trading volume, exceeding $4 trillion.
Securitize holds licenses as a regulated digital securities infrastructure operator in the U.S. and EU. As of November 2025, the company manages tokenized assets worth over $4 billion.
BUIDL is the largest tokenized money market fund, with assets exceeding $2.18 billion. The fund is deployed across multiple networks, including Ethereum, Solana, BNB Chain, Aptos, and Avalanche.
The U.S. Treasury tokenized bond market continues to grow actively. In early 2024, its volume exceeded $1 billion for the first time and grew to $2.34 billion by the end of the year. In 2025, the total value of tokenized U.S. government debt securities is estimated at ~$10 billion.
