BlackRock routes tokenized Treasury fund into Uniswap’s onchain trading rails

BlackRock has enabled onchain execution paths for its tokenized Treasury product, BUIDL, by wiring client order flows into UniswapX‑powered matching while using Securitize Markets to gate participants and handle broker‑dealer compliance. The arrangement routes pre‑screened, eligible buyers into UniswapX’s order aggregation and then settles trades against automated‑market‑maker liquidity onchain, preserving centralized know‑your‑customer and trading‑venue oversight up front and leveraging permissionless pools for settlement and price formation behind the scenes. Securitize’s platform performs participant qualification and RFQ access controls so that execution on Uniswap’s rails remains restricted to whitelisted counterparties rather than open retail. BlackRock also acquired an undisclosed amount of UNI around the announcement, and UNI’s price jumped roughly 20% in immediate market reaction. The move is notable because Uniswap has been expanding its onchain execution and liquidity‑provisioning toolkit — including an onchain auction and programmatic liquidity bootstrap flows that have been deployed across Ethereum and several Layer‑2s and attracted meaningful third‑party commitments — making the DEX an increasingly turnkey venue for larger, staged liquidity events and continuous market making. BlackRock’s design deliberately separates centralized compliance, custody and client onboarding from decentralized settlement and composability, seeking to give institutional investors the operational speed and depth of onchain markets without sacrificing regulatory controls. In the near term, the initiative raises demand for DeFi infrastructure tokens and draws sharper attention to liquidity depths and market‑impact for tokenized Treasuries on AMMs. Over the medium term, other asset managers may pursue similar hybrid integrations or build alternative rails that preserve investor safeguards while tapping aggregated onchain liquidity. The linking of regulated broker‑dealer venues to permissionless pools highlights emergent questions for supervisors about surveillance, settlement finality, and cross‑platform market conduct. Overall, BlackRock’s routing of BUIDL into Uniswap’s onchain execution stack represents a practical test of institutional‑grade DeFi adoption — one that leverages new DEX primitives while keeping regulatory guardrails in front of the execution pipe.