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Multiliquid, a settlement platform for tokenized assets, raises $8 million

Multiliquid has raised $8 million across its pre-seed and seed rounds, with Polychain leading the seed round.

By RWA Crypto Watch Editorial Team · Published Oct 15, 2026, 4:00 PM UTC · Updated 2026-10-15 · Risk level: medium
Sources checked: Oct 15, 2026, 5:43 PM UTC

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Polychain led the seed round, bringing total funding to $8 million for infrastructure that converts tokenized fund shares into stablecoins in one transaction, around the clock

What happened

Uniform Labs, the developer of the institutional tokenized-asset liquidity protocol Multiliquid, announced Thursday that it has secured a seed round led by Polychain, bringing its total funding to $8 million. The round also included Strobe Ventures, CMT Digital, Metalayer Ventures, Generative Ventures and Circle Ventures.

The capital goes toward infrastructure that lets institutions exchange tokenized assets for stablecoins around the clock, cutting reliance on the traditional subscription and redemption processes that can take days to settle.

The company is founded by former Standard Chartered and UniCredit professionals.

Reported details

  • Multiliquid provides an institutional liquidity layer that enables holders to convert tokenized real-world assets into stablecoins through a single blockchain transaction.
  • The protocol supports tokenized funds from asset managers including Wellington Management, VanEck, Janus Henderson and Fasanara, alongside stablecoins such as Circle’s USDC.
  • The system aims to give institutions continuous access to liquidity without waiting for traditional fund redemption windows, allowing capital to move between investment products and payment assets.
  • Founder and CEO Will Beeson said: “Tokenization only matters if the assets are actually liquid.” He argued that traditional financial markets rely on repurchase agreements and overnight lending to maintain liquidity, and that tokenized markets need similar infrastructure to support institutional adoption.
  • The platform also addresses a growing split between yield-bearing tokenized investments and payment stablecoins. Under the GENIUS Act, payment stablecoin issuers are prohibited from paying yield directly to holders, so institutions seeking returns on idle capital may need to move funds between stablecoins and separate tokenized investment products.
  • According to RWA.xyz, distributed value of tokenized real-world assets reached approximately $39 billion in October, up from about $25.5 billion at the beginning of 2026. Those figures exclude stablecoins.
  • Within that total, tokenized US Treasuries account for roughly $14.9 billion, private credit about $8 billion, commodities more than $5 billion, and tokenized stocks approximately $3.3 billion.

Why this matters

The fundraise is small; the gap it targets is the interesting part. Issuance has grown fast, from about $25.5 billion to roughly $39 billion in ten months, but secondary-market liquidity has not followed. Most tokenized investment products still depend on traditional redemption mechanisms, which means the tokens exist on-chain while the capital behind them remains locked to a business-day-plus timetable. A tokenized treasury fund that takes days to unwind is not a liquid asset in the sense that matters to a treasury desk.

Multiliquid’s pitch is that this is an infrastructure problem with an infrastructure answer: swap fund shares for a stablecoin on-chain, whenever the holder wants, rather than waiting for a redemption window. That is the mechanism traditional markets solve with repurchase agreements and overnight lending, and Beeson’s framing is that tokenized markets need the equivalent.

The regulatory detail is what makes the timing sharper than a general liquidity story. The GENIUS Act prohibits payment stablecoin issuers from paying yield directly to holders, which pushes return-seeking capital into tokenized investment products while payment liquidity sits in stablecoins. That regulatory split creates a structural need to move capital back and forth between the two categories continuously, which is precisely the rail Multiliquid is building. Circle Ventures participating in the round is consistent with that read, though the sources do not state it as the reason for the investment.

The honest caveat: “around the clock” and “single transaction” describe what the infrastructure is designed to do, not audited evidence of depth at volume. The linked sources do not publish trading volumes, counterparty lists, or settlement amounts for the protocol.

Evidence boundary

The $8 million is cumulative across pre-seed and seed rounds, not the size of the seed round alone; the sources state the seed was led by Polychain without giving its individual amount. No valuation is disclosed in the linked reports. RWA.xyz figures for the tokenized market exclude stablecoins, so they are not comparable to total stablecoin circulation figures. Neither source reports protocol volume or the number of funds actually connected to the liquidity layer.

What to verify

Treat the market-size figures as issuance rather than liquidity: a $39 billion tokenized market whose funds still settle through days-long redemption windows is the specific condition the round is funding against. If you are evaluating whether such a settlement layer works, the items to look for in later disclosure are protocol trading volume, which asset managers are connected, and whether the stablecoin leg is genuinely same-day. For the manager names listed here, check each against the manager’s own product page rather than assuming the integration is live.

Sources and editorial check time

This information is educational and is not financial, legal, or tax advice.

Sources