Uniform Labs, a blockchain infrastructure company founded by former Standard Chartered, UniCredit and other digital banking executives, has moved its institutional liquidity protocol Multiliquid into production following a build, audit and testing phase, the company said in a press release on Wednesday.
Designed to allow institutions to instantly exchange between blue-chip tokenized money market funds and stablecoins around the clock, Multiliquid aims to eliminate the days-long redemption lags and liquidity constraints that make many tokenized assets difficult to use within traditional finance workflows.
The protocol currently supports integration with leading tokenized Treasury products issued or managed by companies such as Wellington Management and other large asset managers, as well as 24/7 liquidity for stablecoins such as Circle’s USDC (CRCL) USDC and Tether’s USDT. The company said it expects to add more assets over time.
Tokenization is the conversion of real-world assets (RWA), from stocks and bonds to real estate, private equity and money market funds, into digital tokens recorded on the blockchain. Stablecoins are cryptocurrencies that are pegged to fiat currencies or assets such as gold. They underpin much of the crypto economy, serving as payment rails and vehicles for moving funds across borders.
Multiliquid’s launch comes against the backdrop of the GENIUS Act, which reshaped the economics of U.S. dollar-backed stablecoins by prohibiting issuers from paying interest or earnings directly to holders.
Stablecoin structures with yields have come under greater scrutiny, with a U.S. bank lobby warning that arrangements that allow affiliates to pay out yields could put trillions of dollars in bank deposits at risk.
With hundreds of billions of dollars in stablecoins unable to earn revenue directly under the framework, institutions are seeking compliance structures that combine regulated, revenue-generating assets with the 24/7 payment capabilities of stablecoins.
Multiliquid is built specifically for this setup. Stablecoins are retained as pure payment instruments, while proceeds come from tokenized money market funds and other regulated real-world assets plugged into the company’s exchange layer.
The protocol also targets what Uniform Labs describes as a core weakness of the current tokenization cycle: lack of liquidity. While the tokenized RWA market has climbed to over $35 billion, non-Treasury assets such as private credit, private equity, real estate and commodities are often still tied to issuer-controlled redemption windows rather than continuous secondary markets.
“The tokenization theory only works if these assets are actually liquid,” Uniform Labs founder and CEO Will Beeson said in a press release.
“Whether it’s money markets or private credit funds, most tokenized assets have essentially zero secondary liquidity, with investors largely forced to wait for issuer-controlled redemption windows. Multi-liquidity is the missing liquidity layer between tokenized assets and stablecoins, so on-chain capital markets can actually operate in real time,” he added.
According to Uniform Labs, holders using Multiliquid can access instant liquidity at any time. The protocol is designed to support tokenized money market funds, private credit, private equity, real estate and other RWA with the same instant settlement behavior.
Read more: After $3.5 billion stablecoin pilot, Visa brings Circle’s USDC settlement services to U.S. banks