$14T BlackRock To Venture Into DeFi On Uniswap, UNI Token Surges 28%

BlackRock, the world’s largest asset manager, is set to make an entry into the decentralized finance (DeFi) space with the launch of its BUIDL token on Uniswap. As part of the move, the firm will also purchase an undisclosed amount of UNI tokens, a revelation which led to a surge in the token’s price, climbing as much as 28%.

BlackRock To Launch BUIDL Token On Uniswap

According to a Fortune report, the world’s largest asset manager plans to launch its Treasury-backed digital token, BUIDL, onto Uniswap, where institutional traders will be able to trade the token. As part of this move, the firm will also purchase an undisclosed amount of Uniswap’s native token, UNI.

The BUIDL token is already available on top layer-1 networks such as Ethereum, Solana, and BNB. However, this marks the first launch on a DeFi platform, a move that further expands BlackRock’s ties with the crypto space, enabling on-chain trading of the token.

The UNI token notably surged on the back of this announcement. TradingView data shows that the token climbed as much as 28%, rising above $4. The token is now trading just below $4, still up over 19% on the day.

Securitize, which tokenized the BUIDL fund, also confirmed this move in an X post, noting that the fund’s integration into the top DeFi protocol would provide eligible, whitelisted investors with near-instant liquidity between BUIDL and USDC, available 24/7. Securitize added that UniswapX’s RFQ framework will facilitate trades by sourcing competitive pricing from approved market participants and settling them atomically on-chain.

In a press release, Uniswap noted that Securitize Markets will facilitate trading for any BlackRock’s BUIDL investor who chooses to participate through UniswapX’s RFQ framework. This automated system enables participants to identify the most competitive quote from an ecosystem of whitelisted market makers, including Flowdesk, Tokka Labs, and Wintermute.