Uniform Labs, the developer of the Multiliquid protocol, has closed a funding round led by Polychain, with participants including Circle Ventures, bringing total funding to $8 million. The protocol lets institutional investors swap tokenised assets and stablecoins in a single atomic transaction. It supports tokenised funds from managers such as Wellington, VanEck and Janus Henderson. The aim is to get around subscription and redemption cycles that can take days.

What it means: Tokenisation has brought government bonds, money market funds and private credit on-chain, but one core problem remains: liquidity. If an investor wants to turn a tokenised fund into cash, they often have to wait for traditional redemption processes. Multiliquid is trying to close that gap with infrastructure that works like repo and interbank lending do in conventional markets. The need is sharpened by the US GENIUS Act, which bars stablecoin issuers from paying interest, so institutions want to move quickly between yield-bearing tokenised products and stablecoins used for payments. Similar logic applies in Europe, since MiCA also prohibits interest on e-money tokens. For Greek institutional investors and asset managers, the development shows that the tokenised market is maturing and gaining the tools it needs. Caution is still required before taking part: the legal nature of the tokens, custody and treatment in a participant's insolvency differ from traditional products. ESMA is already examining the use of tokenised collateral, a sign that regulation is moving in this direction. Investment committees should ask for legal opinions on enforceability before any allocation, however small, to products that depend on this kind of on-chain liquidity.

Read the original on Uniform Labs (PR Newswire)

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