BlackRock Lists Fund On World's Largest Decentralized Crypto Exchange
BlackRock's BUIDL fund is a tokenized money market fund backed by U.S. Treasury bills, cash, and repurchase agreements. Each token is pegged to $1, pays daily dividends, and can be transferred onchain around the clock. The fund has grown to approximately $2.4 billion in assets since launching in March 2024, making it the largest tokenized institutional fund on public blockchains.
On February 11th, Uniswap Labs and Securitize announced that BUIDL is now tradable through UniswapX, a trading system built by the team behind the world's largest decentralized exchange. Whitelisted investors can swap BUIDL shares for USDC stablecoins at any time, with trades routed through an automated request-for-quote system that pulls prices from approved market makers and settles instantly onchain. The integration combines institutional compliance with the speed and transparency of decentralized settlement.
This is BlackRock's first direct use of DeFi trading infrastructure for a tokenized product. The firm also purchased UNI governance tokens, giving it a stake in the strategic direction of a major decentralized protocol.
Our Take
The significance of this integration is in who chose it and what they chose. BlackRock manages over $11 trillion in assets. Uniswap is the largest decentralized exchange in crypto. The decision to connect a tokenized Treasury fund to DeFi trading infrastructure is a strong endorsement of decentralized protocols as viable settlement and liquidity venues for institutional products.
The UNI governance token purchase reinforces that signal. By taking a position in Uniswap's governance, BlackRock has moved toward participating in DeFi infrastructure development. That commitment from the world's largest asset manager carries weight for every institution evaluating similar moves. And for Ethereum, this is another entry in a growing list. BUIDL launched on Ethereum, Fidelity's stablecoin is built on Ethereum, and the SEC's recent capital guidance (more on that below) makes it easier for broker-dealers to hold the stablecoins that settle on Ethereum.
SEC Eases Capital Rules For Stablecoin Holdings
Broker-dealers must maintain minimum net capital to absorb losses and protect customers. As part of that calculation, regulators apply "haircuts" that discount the value of a firm's assets, with riskier holdings receiving steeper discounts. A 100% haircut means an asset contributes nothing to a firm's capital position. Until now, because the SEC's net capital rule was never written to address stablecoins, most broker-dealers took the conservative route and applied a 100% haircut to their stablecoin holdings. In practice, this meant that every dollar held in stablecoins was a dollar the firm had to hold additional capital against elsewhere, making stablecoins far more expensive to carry on a balance sheet than economically similar instruments like money market funds.
This past month, the SEC's Division of Trading and Markets updated its crypto FAQ to clarify that staff would not object if broker-dealers applied just a 2% haircut to qualifying payment stablecoins, the same rate applied to money market funds. A firm holding $100 million in stablecoins would now deduct only $2 million rather than the full amount, with the remaining $98 million counting toward its capital requirements.
Our Take
The conversation around institutional crypto adoption has focused on products and legislation, but neither matters if the operational plumbing doesn't support them. A broker-dealer cannot efficiently settle tokenized securities with stablecoins if holding them forces it to lock up equivalent capital elsewhere. The 100% haircut was exactly that bottleneck, and removing it changes the math for every regulated firm evaluating stablecoin infrastructure.
Broker-dealers that adopt stablecoins can settle trades faster, reduce counterparty exposure, and operate outside banking hours, all while counting those holdings toward capital requirements. Once a few firms capture that efficiency, others face pressure to follow. That adoption curve benefits the networks facilitating stablecoin transactions, and as we noted in January, Ethereum continues to strengthen its position as the default infrastructure layer for institutional crypto activity.
CFTC Appoints Crypto Leaders To Innovation Advisory Committee
In January 2026, the CFTC announced the formation of its Innovation Advisory Committee (IAC), a rebranded version of the agency’s long-standing Technology Advisory Committee. The committee’s responsibility is to help the CFTC “keep pace with how breakthrough innovations, such as artificial intelligence and blockchain technologies, are transforming markets, enabling the agency to develop adaptive regulations and maintain robust financial oversight in a world where change is constant.”
On February 12, 2026, the CFTC announced the 35 members who would be included on the IAC. The full list can be found here, but it is worth noting that the committee has broad representation. Members come from crypto-native companies like Coinbase, traditional finance institutions like Intercontinental Exchange, venture capital firms such as a16z, and prediction markets like Polymarket.
Our Take
This is further proof that regulatory agencies are actually embracing the Trump administration’s call to make the U.S. the “crypto capital of the world.” The announcement specifically has two things worth noting. The first is that almost half of the members either come from crypto-native companies or have strong ties to the crypto industry. Secondly, these pro-crypto members are being given the opportunity to help shape CFTC policy at the same table as traditional finance incumbents. These two groups working together ensures the rules written for digital assets are credible and it supports our long-term thesis that crypto and traditional finance will converge.
About Triple Point Strategy
Triple Point Strategy is a research firm and crypto investment manager. We operate the Marietta DeFi Fund, a crypto investment fund that is focused on capital appreciation and DeFi-native income strategies. It is currently available to U.S. accredited investors. Subscribe below to receive our latest insights directly in your inbox.
For U.S. accredited investors only. Offered under Rule 506(c) of Regulation D. This content is for informational purposes only and does not constitute financial, investment, or tax advice. This is not an offer to sell or a solicitation to buy any security. Any investment may only be made through the Fund's confidential offering documents. Investing involves risk, including possible loss of capital. Digital assets are volatile and subject to changing regulations.