Uniswap’s governance token rallied sharply after BlackRock announced that its $2.1 billion tokenized money market fund, BUIDL, will be integrated with UniswapX. The move enables BUIDL to trade on-chain through Uniswap’s RFQ-based system, where professional market makers compete to offer users the best available price. Following the announcement, UNI jumped more than 13% in 24 hours, although it remains down significantly over the past month amid broader crypto market weakness.

In addition to the integration, BlackRock disclosed that it has made a strategic investment within the Uniswap ecosystem and plans to purchase UNI tokens—its first direct exposure to a DeFi governance asset. However, filings note that any such investment could be discontinued at any time.

BUIDL, issued and managed with tokenization specialist Securitize, is backed by cash and U.S. Treasuries and is pegged to the U.S. dollar. Unlike most stablecoins, it offers yield to holders, making it one of the largest and most prominent tokenized real-world assets (RWAs) in the market today. Through the UniswapX integration, BUIDL will trade similarly to other on-chain tokens, while still operating within a permissioned framework supported by regulated participants.

The partnership is positioned as a step toward bridging traditional finance and DeFi—combining institutional-grade compliance and trust standards with the speed, transparency, and self-custody features of blockchain infrastructure. BlackRock has repeatedly highlighted tokenization as the next major evolution in financial market infrastructure, with Ethereum—where Uniswap originated and where most tokenized assets are issued—emerging as a central platform in that transformation.