BlackRock BUIDL becomes tradable through UniswapX in DeFi

Tokenized money-market funds are built to feel familiar: steady value, Treasury backing, and yield that shows up without drama. The friction comes later. Even when the token sits on a public chain, trading often stays inside controlled venues, because eligibility checks and transfer rules still matter.

A new integration note outlines a route around that bottleneck. It makes BlackRock’s USD Institutional Digital Liquidity Fund shares (BUIDL) available to trade through UniswapX via Securitize, giving participating investors a path to near-instant liquidity between BUIDL and USDC.

The mechanics are closer to institutional market structure than a typical AMM swap. Orders run through an RFQ flow where participants request quotes from a set of approved liquidity providers, then settle the trade atomically onchain. The whitelisted subscriber set named in the announcement includes Flowdesk, Tokka Labs, and Wintermute, and access is limited to investors who are pre-qualified and whitelisted through Securitize.

The statement also included a disclosure that BlackRock has made an investment “within the Uniswap ecosystem,” while stressing it is not recommending the venue to holders and is not providing investment advice.

BUIDL is already one of the larger tokenized Treasury products. The BUIDL dashboard showed total asset value around $2.18 billion at the time of publication. The broader category has been expanding as more large firms test regulated yield products on public chains, including the recent wave of tokenized MMFs.

If this model holds up, it gives issuers a template: keep eligibility and compliance checks where they belong, but let trading and settlement happen at crypto speed. The open question is how quickly other tokenized funds follow the same path, and whether liquidity improves enough to matter beyond a narrow set of institutional workflows.