BlackRock Launched New $BUIDL Token, Trading on Uniswap, Backed by U.S. Treasuries

UniswapX makes $BUIDL tradable in a whitelisted RFQ flow

Uniswap Labs and Securitize said the integration uses UniswapX’s request for quote system, where approved liquidity providers respond with quotes and trades settle onchain through smart contracts, rather than through an open order book.

The announcement said the market makers in the subscriber ecosystem include Flowdesk, Tokka Labs, and Wintermute, and that investors using the feature are pre qualified and whitelisted through Securitize.

Robert Mitchnick, BlackRock’s head of digital assets, called the move a step toward making tokenized yield products easier to use alongside stablecoins, saying, “The integration of BUIDL into UniswapX marks a major leap forward in the interoperability of tokenized USD yield funds with stablecoins.”

Tokenized Treasuries are moving from issuance to liquidity and collateral

BUIDL itself is not brand new. BlackRock described its initial launch with Securitize in a 2024 release, and the latest integration is better read as distribution. It is about turning tokenized Treasury exposure into something closer to a plug in cash leg for onchain markets.

That matters because tokenization is not only the act of putting a wrapper token on an asset. The bigger shift is that settlement, collateral movement, and cash management can run in software end to end, which tends to be faster, more auditable, and available outside banking hours.

The same logic is showing up in more traditional market plumbing. DTCC has outlined plans to mint token representations of DTC custodied Treasuries on Canton Network, a regulated market oriented rail, which we covered in DTCC’s Quadrillions Move Toward Onchain Treasuries on Canton Network.

If tokenized Treasury products can reliably swap into stablecoins, and stablecoins can reliably settle into tokenized Treasuries, then more of the industry’s working capital can stay onchain instead of bouncing between exchanges, broker accounts, and bank wires.

Robinhood Chain and tokenized stocks show how fast the onchain stack is widening

Tokenization is also expanding beyond Treasuries. Ondo Finance has partnered with Chainlink to enable tokenized U.S. stocks to be used as DeFi collateral on Ethereum, with Chainlink data feeds used to publish pricing for products such as SPYon, QQQon, and TSLAon, according to an announcement highlighted in this Chainlink post on X and reporting by TheStreet. TheStreet reported lending markets were live on Euler and that users could borrow stablecoins against tokenized stocks.

For a broader map of the space, RWA.xyz data has put tokenized stocks around the $1.5 billion mark, which we broke down in Tokenized Stocks Hit $1.5B in Market Cap as Onchain Equities Broaden.

Brokerage firms are also building their own rails. Robinhood said it launched a public testnet for Robinhood Chain, an Ethereum compatible Layer 2 built on Arbitrum technology aimed at financial applications like lending and perpetual futures with self custody and 24/7 trading.

Robinhood said developers can use familiar Ethereum tools, bridge assets, and test mock tokens, according to its announcement and related documentation.

The company also said it planned to commit $1 million toward Arbitrum Open House developer buildathons and that infrastructure partners including Alchemy and Chainlink are integrating as it works toward a mainnet later this year.

Separately, Robinhood CEO Vlad Tenev has argued tokenization will push more assets to onchain rails over time and blur the line between crypto and traditional finance, according to CoinDesk.

What remains unclear is how quickly these tokenized products become meaningfully liquid across venues, and what the long run compliance and access template looks like for retail investors. The next catalysts to watch are whether BUIDL volumes build through UniswapX’s RFQ flow, whether more asset managers ship tokenized fund shares with stablecoin exit ramps, and whether Robinhood moves from testnet to mainnet later this year on the timeline it outlined.