Uniswap has integrated BlackRock's $2.2 billion institutional digital liquidity fund (BUIDL) into its UniswapX platform, enabling on-chain licensed token swaps with audited market makers. According to NS3, despite BlackRock's strategic investment in Uniswap, the protocol retains control and emphasizes that this is a regulated licensed DeFi infrastructure, rather than an open-access DeFi. This move highlights the divide between tradable distributed assets and dominant non-transferable representative assets in the tokenized market, raising key questions about the future scale of decentralized finance in institutional markets.