Multiliquid
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Multiliquid, developed by Uniform Labs, builds infrastructure that provides an open liquidity layer for institutional digital asset markets, enabling capital flows between tokenized assets and digital cash. It targets institutional participants in tokenized real-world assets and programmable finance.
Also known as Multiliquid Protocol Β· Uniform Labs
Founders & leadership
Investors Β· 9
Also in the syndicate Β· 3
Company profile
researched Aug 2026Multiliquid is a decentralized, smart contract-based settlement protocol that enables atomic swaps between permissioned tokenized real-world asset (RWA) tokens and stablecoins, executed at Net Asset Value with 24/7 availability and no slippage or price discovery risk. It is developed by Uniform Labs, a technology company building infrastructure for institutional digital asset markets. The protocol positions itself as neutral market infrastructure: any whitelisted tokenized asset issuer and any compliant stablecoin can integrate, with the protocol aggregating liquidity across the ecosystem rather than operating a bilateral or proprietary facility.
Liquidity is sourced directly from integrated stablecoin issuers through mint-and-redeem mechanisms, and is supplemented by dedicated liquidity facilities, balance sheet providers and market makers. Permissioning, KYC/AML and whitelist controls are embedded at the protocol level. Stated primary use cases are 24/7 instant sweeps of idle stablecoin balances into yield-bearing tokenized assets, instant redemptions for RWA investors, curators and DeFi lenders, and redemption-queue relief for RWA issuers. Investors have also described target applications including onchain repo markets, corporate treasury cash sweeps and collateral optimization for exchanges and trading platforms.
The company also operates Carry by Multiliquid, a liquidity management platform through which capital allocators stand up, fund and manage RWA liquidity facilities across DeFi, CeFi and TradFi venues. Carry facilities purchase tokenized assets from holders at a discount to NAV and redeem at full NAV with the issuer, earning that spread (stated at 0.5%β20%) plus the underlying asset yield over holding periods of 1β90 days. Carry is offered in self-operated and managed models and includes dashboards for portfolio, risk, P&L and yield attribution, plus underwriting and issuer onboarding workflows.
Founding story
Will Beeson founded Uniform Labs in 2025 to build liquidity infrastructure for the onchain economy, after serving as Chief Product Officer at Standard Chartered's Libeara, where he led development of institutional tokenization infrastructure and the creation of Wellington's investment-grade rated tokenized money market fund, ULTRA, and having previously co-founded UK challenger bank Allica Bank. Investors describe the liquidity frictions Beeson encountered while working on Libeara as the origin of the Multiliquid concept. Angelo D'Alessandro, founder of UniCredit's digital bank buddybank, partnered with Beeson in 2025 as Chief Operating Officer.
Business model
Multiliquid operates protocol infrastructure that intermediates swaps between tokenized assets and stablecoins, with a stated fee structure comprising an LP-paid protocol fee configurable per liquidity provider domain and protocol participation in spreads that liquidity providers configure per accepted asset. Liquidity providers set their own spreads and fees for each asset they accept. On the Carry platform, self-operated liquidity providers are charged a platform fee, while a managed model uses a specialist partner to run facility operations on the allocator's behalf.
Protocol revenue is described as an LP-paid protocol fee, configurable per liquidity provider domain, together with a spread fee representing protocol participation in spreads set by liquidity providers; Carry's self-operated model is described as platform fee only.
Traction
The protocol is at version 1.1 and supports Ethereum and Solana. Investors state the team had secured tier-one partnerships with institutional stablecoin and asset issuer counterparties and integrations with a number of leading stablecoins and tokenized treasury fund providers, with further discussions ongoing. In February 2026, a redemption facility launched on Solana with Metalayer Ventures as capital provider, initially supporting assets from issuers including VanEck, Janus Henderson and Fasanara, with integrations with Solana DeFi protocols such as Kamino under discussion. Carry was publicly stated to be accepting liquidity providers.
Latest developments
On 5 February 2026, Multiliquid and Metalayer Ventures announced the launch of an instant redemption facility for tokenized RWAs on Solana, with Metalayer raising and managing the capital pool and Multiliquid supplying smart contract infrastructure, issuer relationships and the liquidity platform covering pricing, compliance enforcement, interoperability and swaps. The facility buys assets at a dynamic discount to NAV and initially supports issuers including VanEck, Janus Henderson and Fasanara. The company is also promoting Carry, its liquidity management platform, as accepting liquidity providers.
βΈFull profile β market position, technology, go-to-market, geography, history, risks & controversies
Market position
Multiliquid positions itself as credibly neutral, open liquidity infrastructure and as an onchain analogue to the traditional repo market, contrasting itself with proprietary, bilateral arrangements such as the BlackRock/Circle BUIDL-USDC facility. Investors frame the opportunity around a stablecoin asset class cited at roughly $300 billion, of which about 94% is described as paying no yield following the GENIUS Act's bar on issuer-paid interest, and a tokenized asset market cited at $20B-$35B.
Stated differentiators include NAV-based, fixed-price settlement with zero slippage and no price discovery risk; liquidity sourced directly from integrated stablecoin issuers via mint-and-redeem rather than from order books or AMMs; compliance controls such as permissioning, KYC/AML and whitelisting embedded at the protocol layer rather than added afterward; atomic single-transaction finality; open access for any whitelisted asset issuer and any compliant stablecoin, versus walled-garden bilateral facilities; and flexible liquidity constructs that avoid idle capital buffers.
Technology
The protocol is built in Solidity 0.8.30 using OpenZeppelin upgradeable contracts, Solady for gas-optimized math, and UUPS proxies. Core components are the MultiliquidSwap contract (orchestrating swaps, fee calculation and asset interactions), asset-specific delegate contracts handling stablecoin minting/burning or external integration, RWA custody and risk management, and compliance and volume controls, modular price adapters for RWAs and optional stablecoin guardrails, and whitelist management for LP asset acceptance and RWA eligibility. Security and governance controls include role-based access control, asset-specific volume limits, discount rates, fees and pause mechanisms, multi-signature governance and emergency pause roles, with tiered roles for protocol administrators, operators, emergency roles and LP admins. Swaps settle atomically in a single transaction. Integration is available via an official TypeScript EVM SDK supporting quoting, transaction construction, delegated authorization, simulation, protocol reads and event monitoring, or via direct smart contract integration on Ethereum mainnet. The documentation also references Liquid Treasury, a yield-bearing institutional treasury token with cross-chain bridge support.
Go-to-market
The company markets direct protocol integration to institutional counterparties, citing an integration timeline of one to three weeks and offering an SDK plus direct smart contract integration. It pursues partnerships with stablecoin issuers and tokenized fund providers, and distributes through integrated venues across DeFi, CeFi, TradFi, fintech and exchange channels as well as a direct Multiliquid user interface. Carry offers liquidity providers built-in distribution across Multiliquid's integrated RWA issuers and redemption markets. Venture investors have published investment announcements that also serve as market-facing positioning.
Institutions and regulated market participants: stablecoin payments and fintech platforms, foundations, onchain investors and trading platforms holding idle stablecoin balances; RWA investors, curators and DeFi lenders seeking instant exits; and tokenized asset issuers, asset managers and tokenizers facing redemption friction. On the Carry side, target liquidity providers include credit funds, market makers, DeFi vaults, curators, asset managers and RWA issuers funding liquidity for their own assets.
Geography
Sources do not specify office locations; the protocol is deployed on the Ethereum and Solana blockchains, and the founding team's background spans UK and international institutional finance.
History
Uniform Labs was founded in 2025 by Will Beeson and developed the Multiliquid protocol. In January 2026, Metalayer Ventures publicly announced its investment in Multiliquid alongside Strobe Ventures, CMT Digital, The Venture Department, Generative Ventures and strategic angels. In early 2026, Michal Benedykcinski, previously SVP at Arca and head of institutional partnerships at Hedera, joined as Chief Commercial Officer. In February 2026, Multiliquid and Metalayer Ventures launched an RWA redemption facility on Solana.
Risks & controversies
Investor and press material notes structural illiquidity in non-Treasury tokenized assets such as private credit, private equity and real estate, where redemptions are limited to issuer-controlled windows, and cites a Bank for International Settlements warning that tokenized money market funds face liquidity mismatches between onchain instruments and off-chain settlement that could amplify stress during elevated redemption demand. The protocol's own documentation notes it handles significant value in regulated markets and advises thorough testing and security review before production deployment. The Solana facility is described as designed to scale over time based on market feedback and performance.
Compiled by commissioned research from 8 cited public sources β announcements, filings, and press listed under research sources below.
Key figures
latest reportedCompany-reported or press-reported figures, each dated to when it was claimed β not independently audited.
Timeline Β· 6
launches, deals, and filingsThe facility enables instant, 24/7 conversion of supported tokenized assets into stablecoins, purchasing assets at a dynamic discount to NAV. Metalayer Ventures raised and manages the capital pool; Multiliquid supplies smart contract infrastructure, issuer relationships and the liquidity platform. Initially supports assets from VanEck, Janus Henderson and Fasanara.
Metalayer Ventures published an announcement of its investment in Multiliquid, developed by Uniform Labs, alongside Strobe Ventures, CMT Digital, The Venture Department, Generative Ventures and strategic angel investors.
Strobe Ventures disclosed that it led a round in Uniform Labs, developer of the Multiliquid protocol, investing alongside CMT Digital, Metalayer Ventures, The Venture Department and Generative Ventures to accelerate protocol development.
Michal Benedykcinski, previously SVP at Arca and lead of institutional partnerships at Hedera, joined in early 2026 to lead commercial strategy and institutional expansion.
Carry, a turnkey liquidity management platform for capital allocators to deploy and manage RWA liquidity facilities, was announced as accepting liquidity providers.
Will Beeson founded Uniform Labs in 2025 to build liquidity infrastructure for the onchain economy; Angelo D'Alessandro partnered with him the same year as Chief Operating Officer.
Dated company events from announcements, filings, and press; legal rows summarize public dockets and regulator releases.
In the news
βΈResearch sources Β· 8
primary sources listed
- Multiliquidmultiliquid.xyz Β· web
8 public sources were cited for this profile; the first-party ones are listed here.
Frequently asked questions
- What does Multiliquid do?
- Multiliquid is a protocol for atomic, NAV-based swaps between tokenized real-world assets and stablecoins.
- Who founded Multiliquid?
- Multiliquid was founded by Will Beeson.
- Who are Multiliquid's investors?
- Multiliquid's investors include Department of XYZ, Generative Ventures, Metalayer, Mirana Ventures, Venture Dept., Strobe Ventures.