Uniswap’s native token, UNI, posted sharp gains on Wednesday after the world’s largest asset manager, BlackRock, announced plans to bring its Treasury Department-backed digital fund, BUIDL, onto the decentralized finance (DeFi) platform. This move, which also includes BlackRock’s intention to purchase UNI tokens, fueled a strong rally for the token during the trading session. BUIDL Launch on Uniswap The development was detailed in a joint press release from Uniswap Labs and Securitize. The two companies unveiled a strategic integration that will allow shares of the BlackRock USD Institutional Digital Liquidity Fund (BUIDL) to be traded using UniswapX technology. By integrating UniswapX with Securitize’s infrastructure, investors will have access to market quotes 24 hours a day, every day of the year, and can trade BUIDL directly with whitelisted participants. Related reading: Ripple wins key UAE banking partnership to support digital asset infrastructure. The companies described the move as an important step in bridging traditional financial products with decentralized trading systems. Robert Mitchnick, BlackRock’s Global Head of Digital Assets, characterized the partnership as a meaningful development in the convergence of tokenized assets and decentralized finance. He said the integration of BUIDL into Uniswap represents significant progress in enabling interoperability between tokenized US dollar yield funds and stablecoins. UNI outperforms sluggish crypto market Following the announcement, Uniswap climbed to a weekly high of $4.50 earlier on Wednesday. However, the upward momentum waned later in the session, with the token returning to around $3.68 at the time of writing. Related reading: Strategy unfazed by Bitcoin crash, Michael Saylor promises quarterly buying Even with the retracement, UNI stood out as one of the few cryptocurrencies to post gains during the day, while Bitcoin (BTC) and the broader digital asset market were still under bearish pressure. From a technical perspective, Uniswap investors will need to keep an eye on the $3.14 level, which has served as support since Friday last week. On the upside, the $4.70 level could act as short-term resistance if renewed buying interest pushes prices higher in the coming days. Featured image from OpenArt, chart from TradingView.com
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