VC Bets, But Can Multiliquid Truly Become the RWA Version of Curve?

Multiliquid founder and CEO reveals there are currently no plans to issue tokens.

Written by: Maher, Foresight News

On October 16, Multiliquid, a liquidity protocol for institutional-grade tokenized assets under Uniform Labs, completed its seed round financing, led by Polychain, with participation from Strobe Ventures, CMT Digital, Metalayer Ventures, Generative Ventures, and Circle Ventures. Including the previously completed pre-seed round, the project has raised a total of $8 million.

The protocol's founder and CEO, Will Beeson, stated to The Block that the protocol has begun 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 tokens.

The Curve of the RWA Track?

Multiliquid does not issue assets itself but 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 one click, and can also reverse the operation. The entire process is completed in a single transaction, with settlement based on the net asset value of the fund, eliminating the need to wait for traditional redemption windows.

In traditional capital markets, redemptions of money market funds and short-term treasury products typically require T+1 or even longer. After traditional assets are mapped onto the blockchain, most products are still constrained by the physical time lag of the traditional financial T+1 redemption mechanism, causing friction for institutional users who need to quickly adjust positions or liquidate assets.

The operational mechanism of Multiliquid is similar to Curve's efficient exchanges between different stablecoins, with the distinction that it deals with permissioned, compliant tokenized funds rather than fully open crypto assets.

Currently, the protocol primarily serves institutional users, including treasury management that needs flexible capital allocation, capital providers willing to offer secondary liquidity, and asset issuers looking to provide more convenient exit paths for holders.

According to RWA.xyz data, as of mid-October, the distributed on-chain value of tokenized real-world assets has approached $39 billion, significantly expanding since the beginning of the year. The scale of tokenized U.S. treasuries and money market fund products is estimated to be between $14.8 billion and $15.5 billion, still the largest single category.

BlackRock's BUIDL, Circle's USDC, Ondo's USDY, and Franklin Templeton-related products occupy a major share. Despite rapid growth on the issuance side, most assets still exist in a permissioned form, with limited secondary market trading and actual liquidity utilization. The proportion of tokenized treasuries entering open DeFi lending or collateral scenarios remains low, and institutions still face friction in achieving efficient rebalancing and collateral management on-chain.

This trend also explains why liquidity infrastructure has begun to attract attention. As the scale of tokenized assets expands, if redemptions and conversions still rely on traditional processes, the advantages of on-chain allocation are difficult to fully realize. The market currently needs tools that can connect different issuer products with stablecoins and provide instant settlement within a compliance framework, rather than simply adding new issuance platforms.

The Multiliquid protocol currently targets three types of institutional users: treasury managers who need to deploy idle stablecoins into yield-bearing assets and redeem them at any time; capital providers willing to offer secondary liquidity for blue-chip tokenized assets; and asset issuers looking to provide holders with 24/7 programmatic exits, intending to avoid the costs of building underlying liquidity pools and capital losses. Currently, the protocol's revenue model charges basis points on transactions.

Team Background

According to official information, the Multiliquid team has a background leaning towards traditional finance and institutional business.

Will Beeson co-founded the UK challenger bank Allica Bank and later served as Chief Product Officer of Standard Chartered's tokenized asset platform Libeara, where he led the construction of institutional tokenized infrastructure and participated in the launch of Wellington Management's investment-grade tokenized money market fund ULTRA.

Multiliquid's Chief Operating Officer, Angelo D'Alessandro, has nearly 30 years of experience in financial services and previously founded and led UniCredit's digital bank buddybank.

Chief Business Officer Michal Benedykcinski has over 15 years of experience in capital markets and private equity, previously serving as SVP at Arca and responsible for institutional partnerships at Hedera.

In terms of financing structure, the pre-seed round is expected to be completed in May to June 2025 in SAFE format, while the seed round will be completed in April to June 2026 in priced equity format, with specific amounts and valuations for each round not disclosed. The funds will primarily be used to expand the protocol engineering team, bring in more liquidity and trading venue partners, and integrate more tokenized cash and treasury products into the EVM network and Solana.

From a market perspective, institutional demand for on-chain treasuries, money market funds, and other products is increasing, but liquidity and settlement efficiency remain limiting factors. Multiliquid has chosen to focus on the instant conversion segment between assets and stablecoins, rather than the issuance side, which is closer to the corresponding instruments for repos and overnight liquidity tools in traditional markets.

Currently, the protocol is still in its early stages, and specific data on trading volume and institutional clients has not been made public. Whether it can continue to onboard more asset managers and form verifiable liquidity in actual capital volume will be key indicators to observe its progress.