VCs Are Betting on It, but Can Multiliquid Really Become the Curve of RWA?

Multiliquid founder and CEO says there are no plans to issue a token.
By Ma He, Foresight News
On October 16, Multiliquid, an institutional-grade tokenized asset liquidity protocol under Uniform Labs, completed a seed round led by Polychain, with participation from Strobe Ventures, CMT Digital, Metalayer Ventures, Generative Ventures, and Circle Ventures. Including its previously completed pre-seed round, the project has raised a total of $8 million.
Protocol founder and CEO Will Beeson told The Block that the protocol has started processing pilot transactions and plans to add more liquidity providers in the fourth quarter. He also confirmed that there are currently no plans to issue a token.
Curve for the RWA sector?
Multiliquid does not issue assets itself. Instead, it aims to build an instant conversion channel between existing blue-chip tokenized products and stablecoins.
Holders can convert tokenized money market funds or Treasury products into USDC with a single click, or do the reverse. The entire process is completed in a single transaction, with settlement based on the fund’s net asset value and no need to wait for traditional redemption windows.
In traditional capital markets, redeeming money market funds and short-term Treasury products typically takes T+1 or longer. Even after traditional assets are represented on-chain, most products remain subject to the physical delays of traditional finance’s T+1 redemption mechanism. This creates friction for institutional users who need to adjust positions quickly or convert assets to cash.
Multiliquid’s operating model is similar to Curve’s provision of efficient swaps between different stablecoins. The difference is that Multiliquid serves permissioned, compliance-oriented tokenized funds rather than fully open crypto assets.
The protocol currently primarily serves institutional users, including treasuries seeking to allocate funds flexibly, capital providers willing to offer secondary-market liquidity, and asset issuers looking to give holders a more convenient exit route.
According to RWA.xyz data, as of mid-October, the distributed on-chain value of tokenized real-world assets was close to $39 billion, a marked increase from the beginning of the year. Tokenized U.S. Treasuries and money market products accounted for approximately $14.8 billion to $15.5 billion, remaining the largest single category.
BlackRock’s BUIDL, Circle’s USDC, Ondo’s USDY, and products associated with Franklin Templeton account for the largest shares. Despite rapid growth in issuance, most assets remain permissioned, with limited secondary-market trading and actual use of liquidity. Only a small proportion of tokenized Treasuries have entered open DeFi lending or collateral use cases, and institutions still face friction when rebalancing efficiently on-chain and managing collateral.
This trend also explains why liquidity infrastructure is attracting attention. As the scale of tokenized assets grows, the advantages of on-chain allocation are difficult to realize fully if redemptions and conversions still rely on traditional processes. The market needs tools that connect products from different issuers with stablecoins and provide instant settlement within a compliance framework, rather than simply adding new issuance platforms.
The Multiliquid protocol currently targets three main groups of institutional users: treasury managers seeking to deploy idle stablecoins into yield-bearing assets while retaining the ability to redeem at any time; capital providers willing to supply secondary-market liquidity for blue-chip tokenized assets; and asset issuers seeking to offer holders 24/7 programmatic exits while avoiding the cost of building underlying liquidity pools and the associated capital inefficiencies. The protocol currently generates revenue by charging a fee in basis points on each transaction.
Team Background
According to official information, the Multiliquid team has a background in traditional finance and institutional business.
Will Beeson co-founded the UK challenger bank Allica Bank and later served as chief product officer of Libeara, Standard Chartered’s tokenized asset platform. There, he led the development of institutional tokenization infrastructure and helped launch ULTRA, an investment-grade tokenized money market fund managed by Wellington Management.
Multiliquid COO Angelo D’Alessandro has nearly 30 years of experience in financial services. He founded and led buddybank, UniCredit’s digital bank.
Chief Commercial Officer Michal Benedykcinski has more than 15 years of experience in capital markets and private equity. He previously served as an SVP at Arca and led institutional partnerships for Hedera.
In terms of financing structure, the pre-seed round was completed using SAFEs around May to June 2025, while the seed round was a priced equity round completed between April and June 2026. The amounts raised in each round and the valuations were not disclosed. The funds will primarily be used to expand the protocol’s engineering team, bring on more liquidity and trading venue partners, and connect more tokenized cash and Treasury products to EVM networks and Solana.
Against the broader market backdrop, institutional demand for on-chain products such as Treasuries and money market funds is growing, but liquidity and settlement efficiency remain constraints. Multiliquid is targeting the instant conversion of assets into stablecoins, rather than the issuance side—a model more akin to an on-chain counterpart of repo and overnight liquidity tools in traditional markets.
The protocol is still at an early stage, and specific data on trading volumes and institutional customers has not been made public. Whether it can continue to onboard more asset managers and demonstrate verifiable liquidity at meaningful capital volumes will be key indicators of its progress.