Uniform Labs’ Multiliquid targets structural gap in $35 billion tokenized asset market

• Uniform Labs has launched Multiliquid, a protocol for instant, 24/7 swaps between tokenized money market funds, other RWAs and stablecoins.
• The launch comes as the GENIUS Act tightens rules around interest on dollar-backed stablecoins, pushing institutions toward regulated yield-bearing assets.
• Multiliquid is pitched as a market utility layer to address structural funding and exit constraints in the $35 billion tokenized asset market.

Uniform Labs, a blockchain infrastructure company founded by former Standard Chartered, UniCredit and other digital banking executives, has put its institutional liquidity protocol Multiliquid into production following build, audit and testing phases, the company said in a press release Wednesday.

Multiliquid is designed to allow institutions to swap instantly, around the clock, between blue-chip tokenized money market funds and stablecoins, aiming to remove the days-long redemption lags and liquidity constraints that have made many tokenized assets difficult to use in traditional treasury workflows.

The protocol currently supports integrations with leading tokenized Treasury products issued or managed by firms including Wellington Management, alongside other large asset managers, and enables 24/7 liquidity against stablecoins such as Circle's (CRCL) USDC and Tether's USDT. Additional assets are expected to be added over time, the company said.

Tokenization refers to converting real-world assets (RWA), from stocks and bonds to real estate, private equity and money market funds, into digital tokens recorded on a blockchain. Stablecoins are cryptocurrencies pegged to assets like fiat currencies or gold. They underpin much of the crypto economy, serving as payment rails and a tool for moving money across borders.

The Multiliquid launch comes against the backdrop of the GENIUS Act, which reshaped the economics of dollar-backed stablecoins by prohibiting issuers from paying interest or yield directly to holders.

Yield-bearing stablecoin structures have come under closer scrutiny, and U.S. bank lobby groups have warned that arrangements allowing affiliates to pay yield could put trillions of dollars in bank deposits at risk.

With hundreds of billions of dollars in stablecoins unable to earn yield directly under that framework, institutions are seeking compliant structures that combine regulated, yield-bearing assets with the 24/7 payment functionality of stablecoins.

Multiliquid is built specifically for that setup. Stablecoins are kept as pure payment instruments, while yield is generated from tokenized money market funds and other regulated real-world assets plugged into the company's swap layer.

The protocol also targets what Uniform Labs describes as a central weakness of the current tokenization cycle: illiquidity. While the tokenized RWA market has climbed above $35 billion, non-Treasury assets such as private credit, private equity, real estate and commodities generally remain tied to issuer-controlled redemption windows rather than continuous secondary markets.

“The tokenization thesis only works if these assets are actually liquid,” said Will Beeson, founder and CEO of Uniform Labs, in the release.

“There’s essentially zero secondary liquidity for most tokenized assets, whether money market or private credit funds, with investors largely forced to wait for issuer-controlled redemption windows. Multiliquid is the missing liquidity layer between tokenized assets and stablecoins, so that onchain capital markets can actually function in real time,” he added.

Holders using Multiliquid can access instant liquidity at any time, according to Uniform Labs. The protocol is architected to support tokenized money market funds, private credit, private equity, real estate and other RWAs with the same instant settlement behavior.

Read more: Visa brings Circle's USDC settlement to U.S. banks following $3.5 billion stablecoin pilot

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