BlackRock is bringing its $2.2 billion BUIDL fund into the UniswapX framework through a partnership involving Securitize. The asset manager said it retains the right to end the arrangement at its own discretion and has not formally endorsed either the Uniswap protocol or the UNI token. BUIDL was structured under SEC Regulation D, limiting access to qualified investors in the United States, and the fund currently counts 112 investors.
Most tokenized assets still sit inside issuer-controlled systems
The market value of tokenized real-world assets has reached $24.7 billion. A much larger pool sits in products described as represented assets, which can move only across platforms controlled by the issuer, with combined value above $344.09 billion. On that breakdown, roughly 93% of the sector remains inside closed systems, while only about 7% qualifies as decentralized and transferable without those restrictions.
BUIDL is part of that smaller decentralized segment. Over the last month, the fund recorded $273.6 million in transfer volume. The minimum investment per holder stands at $5 million, and the fund’s seven-day annualized yield is 3.4%, close to the 3.6% yield on three-month US Treasury bills. The spread is narrow, and it shows how on-chain treasury-style products are being positioned for institutional use rather than retail reach.
RFQ structure keeps settlement on-chain but access screened
At the center of the integration is UniswapX’s RFQ system, an automated quote aggregator that mirrors parts of traditional over-the-counter execution. Trades settle atomically on-chain. Entry is not open, though, because participants must be verified, authorized, and cleared through strict KYC requirements. UniswapX argues that this structure can support large institutional order flow without relying on centralized exchange infrastructure.
That design also changes what DeFi access looks like in practice. Settlement happens on-chain, but participation is gated by compliance checks, which places clear limits on open and permissionless transfer. Uniswap founder Hayden Adams called the development a jump in speed and accessibility for value exchange. BlackRock digital assets head Robert Mitchnick described it as the “convergence of tokenized assets and decentralized finance.” Securitize CEO Carlos Domingo said the arrangement connects the trust of traditional finance with the speed of DeFi for the first time.
Tokenized Treasuries rise to $10.6 billion as two models diverge
The tokenized US Treasury market has climbed to $10.6 billion. Among the leading platforms, Ondo accounts for $1.2 billion, Securitize for $2 billion, and Circle for $1.5 billion. The report also says both investor count and overall value increased over the past week.
The larger split in tokenization is becoming clearer. One model emphasizes distributed, transferable assets that can move across platforms; the other keeps transfers inside issuer-managed environments. Banks and brokerages often gain operational efficiency from the represented approach and face fewer regulatory hurdles, but they give up part of the composability that DeFi values. Distributed tokenization remains less liquid today, yet institutional investors are using its flexibility for collateral optimization and cross-platform activity. Consensus projections cited in the report place tokenized asset markets above $11 trillion by 2030, while current data suggests only a limited share may end up trading actively on open markets.