BlackRock Partners with Uniswap to Bring Tokenized Fund onto Decentralized Exchange

BlackRock, the world's largest asset manager, has made a significant move into decentralized finance (DeFi) by partnering with Uniswap to bring its tokenized U.S. Treasury fund, BUIDL, onto the platform.

The partnership marks BlackRock's first direct use of DeFi trading infrastructure for one of its tokenized fund products and highlights the increasing convergence of traditional finance and crypto.

BUIDL is a blockchain-based fund backed 100% by U.S. Treasury bills and cash equivalents, offering yield on-chain. The fund currently manages about $2.4 billion in assets and has a market value near $1.8 billion.

As part of the arrangement, BlackRock also disclosed it will purchase an undisclosed amount of Uniswap's native UNI token, which surged 20% following the news.