Uniform Labs Launches Multiliquid to Address Tokenization Liquidity Gaps
Uniform Labs, founded by former Standard Chartered executives, has launched Multiliquid, a protocol enabling 24/7 swaps between tokenized money market funds and major stablecoins like USDC and USDT. At launch, Multiliquid integrates with tokenized Treasury assets from Wellington Management and other asset managers, offering institutional investors immediate liquidity instead of traditional, limited redemption windows. The protocol responds to the GENIUS Act, new US legislation regulating stablecoins as payment instruments and prohibiting direct yield payments from issuers. Multiliquid separates yield generation—channeled through regulated, tokenized money market funds and other real-world assets (RWAs)—from stablecoin usage. The tokenized RWA market is valued at around $20 billion, with strong growth notably in money market funds. However, liquidity remains a key risk due to traditional redemption practices, as highlighted by the Bank for International Settlements. Growing use of tokenized funds as collateral in crypto markets could heighten operational and liquidity risks, especially if onchain redemption demand exceeds available offchain liquidity during stress periods.
