The repo market moves $2T - $4T every day. It's the plumbing beneath global finance and few outside Wall Street have heard of it.

Uniform Labs is rebuilding that plumbing onchain. We invested alongside CMT Digital, Metalayer Ventures, The Venture Department and Generative Ventures to bring the Multiliquid protocol to life and accelerate its development.

Uniform Labs is developing the Multiliquid Protocol, a decentralized financial base layer enabling instant convertibility between tokenized securities (RWAs) and tokenized money
(stablecoins). The protocol functions as an onchain equivalent to the traditional repo market, which is the $2T - $4T daily volume backbone of wholesale banking that most people never see but that makes modern finance work. Additionally, the team is also building the protocol’s first applications, focusing on 24/7 sweeps, instant RWA redemptions and institutional MMF swaps and repos.

Here's the core insight: tokenized Treasurys and money market funds are proliferating rapidly, but they remain trapped by the same friction that plagues traditional finance – slow redemptions, fragmented liquidity and siloed access (even if a bit less slow, less fragmented and less siloed). Meanwhile, stablecoins are now a $300B asset class and the tokenized asset market is valued at $35B, and the majority of the former offer instant settlement but no yield. With the GENIUS Act now law and issuers barred from paying interest directly, that dynamic likely isn't changing anytime soon. Multiliquid bridges these worlds by allowing tokenized assets to flow directly into stablecoin reserves, and vice versa, settling at NAV rather than through slippage-inducing trading mechanisms and other friction.

The team has already secured tier 1 partnerships with leading institutional counterparties (both stablecoin and asset issuers), and is in active discussions with many others.

1. Exceptional founder market fit

Will Beeson is one of the most thoughtful, well-connected operators we've encountered in the digital assets space. This is his fourth startup as a co-founder in fintech and crypto.

At Standard Chartered, Will spent two years building Libeara, where he shipped the first investment grade-rated tokenized fund on a public blockchain. He didn't just observe the pain points of institutional tokenization, he lived them. The product gaps, the compliance hurdles, the clunky redemption processes – these are problems he encountered daily while trying to make tokenized assets work for institutional clients.

Before that, Will co-founded Allica Bank in the UK, which is one of the most heavily regulated banking environments globally. He raised £70M, built a 100-person team, obtained a full banking charter and launched a profitable institution that now ranks among the UK's fastest-growing tech companies. Building a bank from scratch teaches you things about money movement and regulatory navigation that you simply cannot learn any other way.

This combination of deep institutional finance experience, hands-on blockchain expertise and a track record of building regulated financial products is precisely what's needed to build infrastructure that bridges traditional finance and crypto.

2. We're at an inflection point

Over the past twelve months, we've watched institutional sentiment toward tokenization shift from skepticism to inevitability to active acceleration. Our diligence conversations with digital asset leads at top 10 global asset managers confirmed what we suspected: major allocators are no longer asking whether to tokenize, but how fast they can move.

BlackRock's BUIDL fund crossed $1B in AUM faster than almost anyone anticipated. Franklin Templeton, Fidelity, WisdomTree and Janus Henderson have all launched or announced tokenized Treasury products. The infrastructure demand is real and immediate, but scaled solutions don't yet exist.

We believe Uniform Labs is entering at precisely the right moment: when the market need is crystallizing but before any protocol has established itself as the default layer.

3. Credible neutrality as competitive advantage

This is where the 0→1 opportunity lives. In financial infrastructure, neutrality is what enables scale, and Multiliquid is architected from the ground up to be a credibly neutral layer.

Consider the alternative: proprietary solutions where a single issuer or platform controls the liquidity. BlackRock and Circle's BUIDL-USDC facility was useful, but it's fundamentally the same model as traditional finance: walled gardens, bilateral relationships, fragmented access. You've tokenized the asset but replicated the structure.

Multiliquid takes a different approach. Any whitelisted tokenized asset issuer can plug in. Any compliant stablecoin can integrate. The protocol aggregates liquidity across the ecosystem rather than competing for it. This is what crypto actually enables that legacy systems cannot: permissionless composability on neutral infrastructure.

The use cases this unlocks are substantial: fully onchain repo markets, automated cash sweeps for corporate treasuries, collateral optimization for exchanges seeking yield on idle balances and reserve diversification for stablecoin issuers. Each represents a multi-billion dollar opportunity, and Multiliquid is positioned as the common layer connecting them all.

4. Network effects compound over time

Multiliquid benefits from network effects that will create significant barriers to entry as the protocol scales.

Every new integration amplifies value for all existing participants. Asset issuers gain access to more stablecoin liquidity. Stablecoin issuers gain access to more reserve assets. Holders gain flexibility and optionality. Each additional blockchain deployment multiplies these benefits across ecosystems.

The first protocol to achieve critical mass becomes the default, and defaults in financial infrastructure tend to persist for decades.

5. The market opportunity Is massive

We sized this opportunity multiple ways and kept arriving at the same conclusion: the addressable market is measured in trillions.

The traditional repo market alone processes trillions daily. Even capturing a fraction of this activity onchain represents an enormous opportunity. Beyond repo, the broader convergence of tokenized assets ($35B and accelerating) with stablecoins (now a major asset class in its own right) creates the foundation for an entirely new financial infrastructure stack.

Multiliquid isn't competing for a slice of existing crypto markets – it's building the rails for institutional capital to arrive onchain in size. Multiliquid is a core bet on a high-conviction Strobe thesis around the next era of crypto markets: convergence.

While we’d back Will in anything he does (the micro thesis), the macro timing couldn't be better. Unprecedented demand from traditional finance leaders, stablecoin proliferation and a regulatory environment growing more constructive by the month – the conditions are set for exponential growth in tokenized financial infrastructure.

Multiliquid will deliver the functionality that actually drives order-of-magnitude improvements over legacy rails. It gives institutions both the means and the reason to move onchain.

We're thrilled to partner with Will and the Uniform Labs team on this journey.

The repo market moves $2T - $4T every day. It's the plumbing beneath global finance and few outside Wall Street have heard of it.

Uniform Labs is rebuilding that plumbing onchain. We invested alongside CMT Digital, Metalayer Ventures, The Venture Department and Generative Ventures to bring the Multiliquid protocol to life and accelerate its development.

Uniform Labs is developing the Multiliquid Protocol, a decentralized financial base layer enabling instant convertibility between tokenized securities (RWAs) and tokenized money
(stablecoins). The protocol functions as an onchain equivalent to the traditional repo market, which is the $2T - $4T daily volume backbone of wholesale banking that most people never see but that makes modern finance work. Additionally, the team is also building the protocol’s first applications, focusing on 24/7 sweeps, instant RWA redemptions and institutional MMF swaps and repos.

Here's the core insight: tokenized Treasurys and money market funds are proliferating rapidly, but they remain trapped by the same friction that plagues traditional finance – slow redemptions, fragmented liquidity and siloed access (even if a bit less slow, less fragmented and less siloed). Meanwhile, stablecoins are now a $300B asset class and the tokenized asset market is valued at $35B, and the majority of the former offer instant settlement but no yield. With the GENIUS Act now law and issuers barred from paying interest directly, that dynamic likely isn't changing anytime soon. Multiliquid bridges these worlds by allowing tokenized assets to flow directly into stablecoin reserves, and vice versa, settling at NAV rather than through slippage-inducing trading mechanisms and other friction.

The team has already secured tier 1 partnerships with leading institutional counterparties (both stablecoin and asset issuers), and is in active discussions with many others.

1. Exceptional founder market fit

Will Beeson is one of the most thoughtful, well-connected operators we've encountered in the digital assets space. This is his fourth startup as a co-founder in fintech and crypto.

At Standard Chartered, Will spent two years building Libeara, where he shipped the first investment grade-rated tokenized fund on a public blockchain. He didn't just observe the pain points of institutional tokenization, he lived them. The product gaps, the compliance hurdles, the clunky redemption processes – these are problems he encountered daily while trying to make tokenized assets work for institutional clients.

Before that, Will co-founded Allica Bank in the UK, which is one of the most heavily regulated banking environments globally. He raised £70M, built a 100-person team, obtained a full banking charter and launched a profitable institution that now ranks among the UK's fastest-growing tech companies. Building a bank from scratch teaches you things about money movement and regulatory navigation that you simply cannot learn any other way.

This combination of deep institutional finance experience, hands-on blockchain expertise and a track record of building regulated financial products is precisely what's needed to build infrastructure that bridges traditional finance and crypto.

2. We're at an inflection point

Over the past twelve months, we've watched institutional sentiment toward tokenization shift from skepticism to inevitability to active acceleration. Our diligence conversations with digital asset leads at top 10 global asset managers confirmed what we suspected: major allocators are no longer asking whether to tokenize, but how fast they can move.

BlackRock's BUIDL fund crossed $1B in AUM faster than almost anyone anticipated. Franklin Templeton, Fidelity, WisdomTree and Janus Henderson have all launched or announced tokenized Treasury products. The infrastructure demand is real and immediate, but scaled solutions don't yet exist.

We believe Uniform Labs is entering at precisely the right moment: when the market need is crystallizing but before any protocol has established itself as the default layer.

3. Credible neutrality as competitive advantage

This is where the 0→1 opportunity lives. In financial infrastructure, neutrality is what enables scale, and Multiliquid is architected from the ground up to be a credibly neutral layer.

Consider the alternative: proprietary solutions where a single issuer or platform controls the liquidity. BlackRock and Circle's BUIDL-USDC facility was useful, but it's fundamentally the same model as traditional finance: walled gardens, bilateral relationships, fragmented access. You've tokenized the asset but replicated the structure.

Multiliquid takes a different approach. Any whitelisted tokenized asset issuer can plug in. Any compliant stablecoin can integrate. The protocol aggregates liquidity across the ecosystem rather than competing for it. This is what crypto actually enables that legacy systems cannot: permissionless composability on neutral infrastructure.

The use cases this unlocks are substantial: fully onchain repo markets, automated cash sweeps for corporate treasuries, collateral optimization for exchanges seeking yield on idle balances and reserve diversification for stablecoin issuers. Each represents a multi-billion dollar opportunity, and Multiliquid is positioned as the common layer connecting them all.

4. Network effects compound over time

Multiliquid benefits from network effects that will create significant barriers to entry as the protocol scales.

Every new integration amplifies value for all existing participants. Asset issuers gain access to more stablecoin liquidity. Stablecoin issuers gain access to more reserve assets. Holders gain flexibility and optionality. Each additional blockchain deployment multiplies these benefits across ecosystems.

The first protocol to achieve critical mass becomes the default, and defaults in financial infrastructure tend to persist for decades.

5. The market opportunity Is massive

We sized this opportunity multiple ways and kept arriving at the same conclusion: the addressable market is measured in trillions.

The traditional repo market alone processes trillions daily. Even capturing a fraction of this activity onchain represents an enormous opportunity. Beyond repo, the broader convergence of tokenized assets ($35B and accelerating) with stablecoins (now a major asset class in its own right) creates the foundation for an entirely new financial infrastructure stack.

Multiliquid isn't competing for a slice of existing crypto markets – it's building the rails for institutional capital to arrive onchain in size. Multiliquid is a core bet on a high-conviction Strobe thesis around the next era of crypto markets: convergence.

While we’d back Will in anything he does (the micro thesis), the macro timing couldn't be better. Unprecedented demand from traditional finance leaders, stablecoin proliferation and a regulatory environment growing more constructive by the month – the conditions are set for exponential growth in tokenized financial infrastructure.

Multiliquid will deliver the functionality that actually drives order-of-magnitude improvements over legacy rails. It gives institutions both the means and the reason to move onchain.

We're thrilled to partner with Will and the Uniform Labs team on this journey.