Multiliquid: Liquidity for the Onchain Economy

The Future Is Onchain

The financial system is undergoing its most profound reinvention since the birth of the internet. At the heart of this transformation is blockchain, a technological leap that enables capital to move with the speed and precision of information. 

This shift is no longer theoretical: it's happening now. BlackRock’s tokenized BUIDL fund reached $3 billion in AUM less than 14 months after launch. Major institutions including Franklin Templeton, Wellington, and WisdomTree are issuing tokenized Treasuries. Stablecoins, the digital cash of this new economy, now represent over $230 billion in circulation (as of June 2025), moving between $30 and $40 billion daily, according to Visa’s Onchain Analytics (June 2025).

According to a 2023 Boston Consulting Group and Ripple report, tokenized real-world assets (RWAs) are projected to grow from $0.6 trillion in 2025 to as much as $18.9 trillion by 2033, with scenarios ranging from $12 trillion (conservative) to $23.4 trillion (optimistic). That implies a compound annual growth rate (CAGR) of over 50%.

Standard Chartered projects that tokenized RWAs will reach $30.1 trillion by 2034, with trade finance alone contributing around $4.8 trillion—about 16% of the total. These forecasts are reinforced by earlier work from BCG and ADDX, which estimated that tokenized assets could comprise 10% of global GDP by 2030.

The World Economic Forum’s report, Asset Tokenization in Financial Markets: The Next Generation of Value Exchange (May 2025), outlines five core features that make tokenized assets fundamentally more powerful than traditional securities: 

real-time settlement, flexible custodial models, programmability, fractional ownership, and cross-asset composability.

These capabilities don’t just digitize finance, they reinvent it.

Yet while the assets are here, the connectivity is not. These tokenized instruments are walled off, lacking the unified liquidity layer that traditional financial markets rely on. The potential of onchain finance remains locked behind outdated assumptions and missing infrastructure.

The Vision

Under the umbrella of Uniform Labs, we are building our first product, called Multiliquid,  a decentralized liquidity protocol that connects tokenized, yield-bearing assets with high-quality stablecoins. Our goal is to establish 24/7, real-time settlement infrastructure for the onchain economy, purpose-built for institutions.

Multiliquid is already live on testnet and supported by trusted issuers and stablecoin providers. It turns static tokenized RWAs into dynamic, usable capital, with the composability and speed of stablecoins. The protocol bridges issuance and access, enabling tokenized Treasuries, MMFs, and stablecoins to interact seamlessly.

Multiliquid does not compete with asset or stablecoin issuers,  it empowers them. It’s a neutral, open coordination layer, like SWIFT or VisaNet, but onchain. By collapsing silos and enabling seamless interoperability between RWAs and stablecoins, we’re powering the liquidity core of institutional DeFi and facilitating the transition of financial markets onto upgraded rails.

The Problem

Despite the surge in tokenized real-world assets and stablecoins, capital remains fragmented and underutilized. Tokenized assets are often trapped in issuer silos, difficult to trade, and slow to redeem. Redemption processes can take days, creating operational friction and discouraging institutional participation.

Stablecoins, designed to provide fluidity, are frequently disconnected from 24/7, high-quality yield sources like tokenized Treasuries. There’s no standardized way to move capital efficiently between these instruments, making cash management and onchain financial workflows cumbersome.

What’s missing is a shared liquidity infrastructure, one that enables seamless interoperability between issuers, stablecoins, and financial applications. Without it, the promise of tokenization and programmable finance remains largely theoretical.

The Solution

Multiliquid is purpose-built to provide the missing layer between tokenized assets and real-time liquidity. It provides institutional-grade infrastructure for onchain settlement, enabling instant, trusted, programmable conversions between stablecoins and regulated, yield-bearing assets like tokenized Treasuries.

Multiliquid allows institutions to put stablecoin reserves to work, earning yield from risk-free tokenized assets and accessing instant, 24/7 atomic swaps when liquidity is needed.

Unlike legacy models that rely on fragmented pools or speculative liquidity incentives, Multiliquid introduces a clean, composable system where liquidity flows are sourced directly from integrated stablecoin issuers. This design ensures low-friction, capital-efficient access to tokenized instruments, without the slippage or pre-funding requirements of traditional AMMs.

Every element of the protocol, from smart contract design to compliance guardrails, reflects feedback from the institutions that will use it. Asset holders gain 24/7 access to yield and digital cash. Asset issuers reduce redemption churn while expanding distribution. Stablecoin issuers unlock new demand while optimizing reserve management operations.

Multiliquid is not just solving a technical problem, it’s unlocking a new liquidity paradigm, where value moves securely and instantly across trusted rails. In doing so, it helps transform tokenized assets from static ledger entries into dynamic financial tools.

Use Cases in Motion

Multiliquid is already being tailored toward high-volume use cases that reflect the immediate needs of institutional onchain finance. We’re working with a crypto trading platform to transform idle stablecoin balances into programmable yield by seamlessly swapping excess liquidity into tokenized Treasuries. This integration unlocks real-time, risk-free yield without compromising user experience.

In parallel, we are working with a multi-jurisdictional stablecoin issuer to use Multiliquid to automate reserve diversification across multiple tokenized Treasury assets, with the goals of streamlining operations, reducing cash drag, and improving capital management once live.

These use cases are just the beginning. From automated treasury workflows and real-time settlement to programmable yield engines and collateral optimization, Multiliquid is enabling financial applications that were previously impossible on TradFi rails or with fragmented onchain liquidity.

What SWIFT did for messaging, Multiliquid is doing for capital: enabling asset and liquidity flows between institutions, protocols, and markets with precision, trust, and zero downtime.

The Road Ahead

Multiliquid is progressing from testnet to mainnet with a clear product roadmap focused on unlocking meaningful liquidity across tokenized asset markets.

At each stage, Multiliquid is being shaped in close collaboration with the institutions and protocols it is meant to serve. The protocol will evolve with real market feedback, not speculative features.

Long-Tail Assets and Alternative Liquidity Providers

As we expand beyond Treasuries into credit, funds, and other long-tail RWAs, Multiliquid will integrate alternative liquidity providers and may, in the future, act as principal to smooth liquidity and customer experience. Broker-dealers and other securities firms may operate as nodes in the network, providing regulatory-compliant financial services onchain. Developers will extend the protocol into new verticals, from TradFi to web2 technology backends to onchain native consumer apps.

Why Now

We’re at an inflection point. The infrastructure built over the last decade in crypto is being extended and enriched to support institutional finance. Builders are shifting to real-world assets and real economy use cases. Regulators are laying clearer guardrails. Institutions are watching BlackRock and responding in-kind. The narrative has changed, from “if” to “how fast.”

The Opportunity

The total addressable market is staggering. The repo market processes over $2 trillion daily. Stablecoins will surpass $1 trillion in supply within years. Every dollar moving through the economy should be instantly convertible into and out of high-quality yield. That’s where Multiliquid lives.

Our Mission

To build the foundational liquidity layer for the onchain financial era: neutral, interoperable, and built for institutions.

Our mission is strategic:

We are building not just a protocol, but a coordination system that unlocks automated yield and liquidity across markets, assets and chains.

Multiliquid is not just an upgrade, it’s the missing layer. It’s the connective tissue of the onchain economy, the infrastructure upon which tomorrow’s financial system will be built.