Uniswap has announced the integration of BlackRock’s $2.2 billion Institutional Digital Liquidity Fund (BUIDL) into its UniswapX platform. According to NS3.AI, this integration facilitates on-chain, permissioned token swaps with vetted market makers. Despite BlackRock's strategic investment, Uniswap retains control rights, emphasizing that this infrastructure is regulated and permissioned, distinguishing it from open-access decentralized finance (DeFi).
This development underscores a division in the tokenization market between tradable distributed assets and dominant non-transferable represented assets. It raises important questions about the potential scale and future of decentralized finance within institutional markets.