Tokenize Everything: The Merging of Wall Street with DeFi

BlackRock, in collaboration with Securitize and Uniswap Labs, integrated its $2.2 billion tokenized treasury fund, BUIDL, for trading on UniswapX.  The Uniswap protocol is the world’s largest Decentralized Exchange (DEX) processing over $4 trillion in volume since launch in 2018.  Through integration, pre-qualified whitelisted investors can trade BUIDL shares for USDC leveraging UniswapX’s RFQ (request-for-quote) framework. Unlike traditional AMM based passive liquidity pools, UniswapX routes orders to a network of whitelisted market participants (i.e. subscribers) including Flowdesk, Tokka Labs, and Wintermute who compete to offer the best prices with rules enforced on the execution layer.  No private blockchain required.  This is what institutional DeFi adoption looks like in practice: a regulated fund, whitelisted participants, and decentralized execution - all in one transaction flow.

Alongside the integration, BlackRock announced an undisclosed purchase of UNI governance tokens. Together with Apollo's agreement to acquire up to 90 million MORPHO tokens and Citadel Securities' acquisition of ZRO, these moves mark a turning point for digital assets. Wall Street is no longer merely experimenting with or launching products on DeFi protocols - it is securing direct governance stakes in the underlying infrastructure, purchasing governance tokens to gain influence over the protocols they intend to build on.

Tokenized RWAs are increasingly finding their way into DeFi lending protocols. Euler Finance integrated Securitize's DS Protocol, allowing any issuer that adopts the standard to launch digital assets and use them as collateral within Euler's curated lending markets. BlackRock had already broadened BUIDL's reach by connecting with DeFi protocols like Euler through wrapped versions of the fund, making it possible for tokenized treasuries to function as collateral in DeFi lending markets. Through Securitize's sToken Framework, BUIDL is converted into sBUIDL - a composable ERC-20 token that can serve as collateral on DeFi protocols.

Euler’s model draws on the playbook pioneered by Morpho, which positions itself as a core financial lending infrastructure layer through modular vault architecture that supports curated lending markets with configurable risk controls. Morpho popularized the "DeFi Mullet" concept, in which applications serve as a clean frontend while complexity is handled by DeFi infrastructure on the backend. Banks, exchanges, and fintechs - including Coinbase, Crypto.com, Gemini, Ledger, and Societe Generale - have embedded Morpho into their own products to power digital asset backed lending, with Societe Generale deploying its EURCV and USDCV stablecoins directly onto the protocol.

JPMorgan's embrace of public blockchains signals a strategic shift for Wall Street. JPM Coin, a USD-denominated deposit token, allows institutional clients to transfer value on Base, an Ethereum Layer-2 incubated by Coinbase, enabling transactions at the speed of the internet for a fraction of a cent.  JPMorgan is also launching its first tokenized money market fund, the My OnChain Net Yield Fund (MONY), on Ethereum. Banks like JPMorgan command massive distribution channels and stand to unlock new revenue streams and operational efficiencies by embracing blockchain and DeFi.

Global equities, a market valued at over $125 trillion, is migrating to DeFi. Robinhood plans to bring its 2,000+ tokenized U.S. stocks and equities to the Robinhood Chain, its Ethereum Layer-2 network built on Arbitrum. This will enable equities to be programmatically traded, self-custodied by users, and accessible 24/7. Since launching three weeks ago, the Robinhood Chain testnet has already processed over 12 million transactions. Meanwhile, tokenization platform Ondo Finance is unlocking liquidity and yield for equities by enabling tokenized U.S. stocks and ETFs on Ethereum to be used as collateral in DeFi lending markets such as Euler and Morpho - enabling institutions to borrow stablecoins against tokenized equities. Ondo currently comprises over 60% of the tokenized equities market.

Tokenize everything is no longer a slogan.  What began as experimentation has become strategic conviction. The world's largest asset managers, banks, and brokerages are not just tokenizing assets - they are embedding themselves into DeFi's infrastructure, acquiring governance tokens, and deploying regulated products on permissionless networks.  With over $717 billion in tokenized real-world assets and growing, the question is no longer whether traditional finance will adopt DeFi, but how quickly. The institutions that move decisively, controlling both the products and the rails they settle on, will define the next era of global finance.

Disclaimer: This material is for informational purposes only and not intended to provide financial, investment, legal, or tax advice. Information is strictly educational and not an endorsement or solicitation to buy or sell any assets or to participate in any investment or trading strategy. No representation or warranty is made, express or implied, as to the accuracy and completeness of the information. Links to third-party websites in the material do not imply endorsement. Please consult with your own accountant, attorney, investment or other certified professional advisor in relation to any investment decision.

BlackRock, in collaboration with Securitize and Uniswap Labs, integrated its $2.2 billion tokenized treasury fund, BUIDL, for trading on UniswapX.  The Uniswap protocol is the world’s largest Decentralized Exchange (DEX) processing over $4 trillion in volume since launch in 2018.  Through integration, pre-qualified whitelisted investors can trade BUIDL shares for USDC leveraging UniswapX’s RFQ (request-for-quote) framework. Unlike traditional AMM based passive liquidity pools, UniswapX routes orders to a network of whitelisted market participants (i.e. subscribers) including Flowdesk, Tokka Labs, and Wintermute who compete to offer the best prices with rules enforced on the execution layer.  No private blockchain required.  This is what institutional DeFi adoption looks like in practice: a regulated fund, whitelisted participants, and decentralized execution - all in one transaction flow.

Alongside the integration, BlackRock announced an undisclosed purchase of UNI governance tokens. Together with Apollo's agreement to acquire up to 90 million MORPHO tokens and Citadel Securities' acquisition of ZRO, these moves mark a turning point for digital assets. Wall Street is no longer merely experimenting with or launching products on DeFi protocols - it is securing direct governance stakes in the underlying infrastructure, purchasing governance tokens to gain influence over the protocols they intend to build on.

Tokenized RWAs are increasingly finding their way into DeFi lending protocols. Euler Finance integrated Securitize's DS Protocol, allowing any issuer that adopts the standard to launch digital assets and use them as collateral within Euler's curated lending markets. BlackRock had already broadened BUIDL's reach by connecting with DeFi protocols like Euler through wrapped versions of the fund, making it possible for tokenized treasuries to function as collateral in DeFi lending markets. Through Securitize's sToken Framework, BUIDL is converted into sBUIDL - a composable ERC-20 token that can serve as collateral on DeFi protocols.

Euler’s model draws on the playbook pioneered by Morpho, which positions itself as a core financial lending infrastructure layer through modular vault architecture that supports curated lending markets with configurable risk controls. Morpho popularized the "DeFi Mullet" concept, in which applications serve as a clean frontend while complexity is handled by DeFi infrastructure on the backend. Banks, exchanges, and fintechs - including Coinbase, Crypto.com, Gemini, Ledger, and Societe Generale - have embedded Morpho into their own products to power digital asset backed lending, with Societe Generale deploying its EURCV and USDCV stablecoins directly onto the protocol.

JPMorgan's embrace of public blockchains signals a strategic shift for Wall Street. JPM Coin, a USD-denominated deposit token, allows institutional clients to transfer value on Base, an Ethereum Layer-2 incubated by Coinbase, enabling transactions at the speed of the internet for a fraction of a cent.  JPMorgan is also launching its first tokenized money market fund, the My OnChain Net Yield Fund (MONY), on Ethereum. Banks like JPMorgan command massive distribution channels and stand to unlock new revenue streams and operational efficiencies by embracing blockchain and DeFi.

Global equities, a market valued at over $125 trillion, is migrating to DeFi. Robinhood plans to bring its 2,000+ tokenized U.S. stocks and equities to the Robinhood Chain, its Ethereum Layer-2 network built on Arbitrum. This will enable equities to be programmatically traded, self-custodied by users, and accessible 24/7. Since launching three weeks ago, the Robinhood Chain testnet has already processed over 12 million transactions. Meanwhile, tokenization platform Ondo Finance is unlocking liquidity and yield for equities by enabling tokenized U.S. stocks and ETFs on Ethereum to be used as collateral in DeFi lending markets such as Euler and Morpho - enabling institutions to borrow stablecoins against tokenized equities. Ondo currently comprises over 60% of the tokenized equities market.

Tokenize everything is no longer a slogan.  What began as experimentation has become strategic conviction. The world's largest asset managers, banks, and brokerages are not just tokenizing assets - they are embedding themselves into DeFi's infrastructure, acquiring governance tokens, and deploying regulated products on permissionless networks.  With over $717 billion in tokenized real-world assets and growing, the question is no longer whether traditional finance will adopt DeFi, but how quickly. The institutions that move decisively, controlling both the products and the rails they settle on, will define the next era of global finance.

Disclaimer: This material is for informational purposes only and not intended to provide financial, investment, legal, or tax advice. Information is strictly educational and not an endorsement or solicitation to buy or sell any assets or to participate in any investment or trading strategy. No representation or warranty is made, express or implied, as to the accuracy and completeness of the information. Links to third-party websites in the material do not imply endorsement. Please consult with your own accountant, attorney, investment or other certified professional advisor in relation to any investment decision.