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Multiliquid and Metalayer Ventures have launched what they describe as the first dedicated institutional liquidity facility designed to support instant redemptions for tokenized real-world assets (RWAs), targeting one of the most persistent friction points in onchain finance: exit liquidity.
The facility, raised and managed by Metalayer Ventures with infrastructure support from Uniform Labs, is built to allow holders of supported tokenized assets to convert positions into stablecoins around the clock, rather than waiting for issuer-controlled redemption windows that can stretch days or longer.
The initiative debuts on Solana, where tokenized RWA activity has expanded rapidly. Industry trackers place Solana’s tokenized asset ecosystem above $1 billion, making it one of the largest blockchain environments for non-Treasury tokenization. Despite that growth, liquidity remains uneven — especially for private credit, private equity, and real estate funds whose redemption mechanics mirror traditional lockups.
Addressing the Redemption Gap
Tokenization has accelerated asset issuance and distribution, but secondary liquidity has lagged. Many tokenized products still rely on issuer-defined redemption schedules, creating a mismatch between onchain transferability and offchain settlement realities.
Recent warnings from the Bank for International Settlements highlighted this structural tension, noting that tokenized investment vehicles can face liquidity stress when onchain expectations collide with slower offchain asset flows.
The new facility is structured to purchase tokenized assets at a dynamically priced discount to net asset value, compensating liquidity providers while giving holders immediate access to capital. According to the firms, this model mirrors traditional finance liquidity backstops — such as repo markets — adapted for tokenized environments.
Uniform Labs, developer of the Multiliquid protocol, said the goal is to establish infrastructure that allows tokenized markets to operate with predictable exit pathways, a condition many institutions view as necessary for broader participation.
Institutional Liquidity Layer
Metalayer Ventures provides the capital backing the facility, while Multiliquid supplies smart contract infrastructure that handles pricing, compliance controls, and asset swaps. The architecture is designed to support KYC and whitelisting requirements typically associated with institutional products.
Supported assets include tokenized Treasury funds and selected alternative investment vehicles from issuers such as VanEck, Janus Henderson, and Fasanara, with additional integrations under discussion.
The firms expect a layered liquidity ecosystem to develop, where active participants price immediate exits while larger balance-sheet allocators warehouse assets for yield. That structure resembles traditional market segmentation between trading liquidity and longer-term asset holding.
Solana as a Test Environment
Launching the facility on Solana positions the network as a test bed for institutional redemption infrastructure. Solana’s growing RWA footprint has attracted issuers seeking faster settlement and integration with decentralized finance protocols.
Discussions are underway with DeFi platforms to enable automated exit pathways, potentially allowing users to unwind tokenized positions without waiting for issuer redemption cycles.
Industry observers view redemption reliability as a prerequisite for scaling tokenized markets beyond pilot deployments. While tokenization promises operational efficiency, institutions continue to prioritize liquidity certainty — particularly during periods of market stress.
Toward Continuous Settlement
The facility represents an attempt to replicate core liquidity functions of traditional financial markets within blockchain infrastructure. By providing continuous redemption capacity, the model aims to reduce settlement bottlenecks that have limited institutional adoption of tokenized assets.
As tokenization expands into more complex asset classes, liquidity architecture — not just issuance technology — is emerging as a central design challenge. Whether dedicated redemption vehicles become standard infrastructure will depend on performance under real trading conditions and institutional uptake.
For now, the Multiliquid–Metalayer initiative signals a shift toward treating liquidity as foundational infrastructure in tokenized finance, rather than an afterthought layered onto issuance platforms.
