Announcing Our Investment in Uniform Labs’ Multiliquid: Powering Real-Time, 24/7 Liquidity For Tokenized Real-World Assets
We’re excited to announce our investment in Multiliquid alongside Strobe Ventures, CMT Digital, The Venture Department, Generative Ventures, and a number of strategic angel investors. Founded by Will Beeson, a digital asset veteran from Standard Chartered, Multiliquid is a decentralized, smart contract-based liquidity protocol developed by Uniform Labs that enables instant, 24/7 conversion between tokenized money-market funds and stablecoins.
Stablecoins are on a tear, representing a $300 billion asset class after climbing roughly 50% in 2025 and nearly doubling in size since early 2024. Yet ~94% of those stablecoins pay out zero yield, and with GENIUS Act now law, which bars issuers from paying interest directly, that imbalance is poised to persist. Institutions looking for a “risk-free” return have turned to tokenized money-market funds, but parking cash there means surrendering the instant, onchain liquidity that is a huge driver of value. As a result, institutional market participants face a difficult trade-off: lock funds in yield-bearing tokens and forfeit real-time access, or sit in traditional stablecoins and leave returns on the table.
Multiliquid solves this trade-off at its core, by offering a compliant way to earn yield on stablecoin balances while maintaining liquidity. It removes the bottlenecks of slow redemption processes and fragmented stablecoin liquidity by facilitating seamless, instant swaps between tokenized money-market funds and the growing universe of stablecoin issuers. The protocol has integrated with a number of leading stablecoins and tokenized treasury fund providers, with a variety of announcements soon.
With its cross-chain, credibly neutral architecture, we believe Multiliquid will supercharge the onchain stablecoin ecosystem, powering use cases such as fully on-chain repo markets, automated cash sweeps, corporate treasury management, and collateral optimization for exchanges and trading platforms seeking yield on idle balances.
Beyond money-market funds, we are seeing a rapidly growing ecosystem of tokenized financial assets being distributed to investors on blockchain rails, with the total value nearing ~$20B as of writing. Many of these assets lack the liquidity profile that blockchains enable, which acts as an inhibitor for holders looking to use them efficiently across the onchain financial ecosystem. We believe Multiliquid will become a critical piece of infrastructure to unlock the value of these assets by enabling anyone with an internet connection instant, liquid access to an almost limitless set of productive financial assets.
Beyond the immediate institutional applications, we’re especially excited about Multiliquid’s founder, Will Beeson. He pairs deep institutional-finance experience with hands-on blockchain expertise—the exact profile we expect to thrive in crypto’s next growth phase. Having faced these liquidity frictions while co-leading Standard Chartered’s tokenized-asset platform, Libeara, Will is uniquely positioned to build a universal solution for institutional stablecoin liquidity.
We’re thrilled to back him and the Multiliquid team on this journey.