BlackRock has backed Uniswap Labs, a leading DeFi ecosystem, while Apollo Global Management has formed a partnership with Morpho to advance on-chain lending. On February 11, 2026, BlackRock’s tokenized money market fund, BUIDL, started trading on UniswapX, a protocol run by Uniswap Labs in collaboration with Securitize. The process from order initiation to trade confirmation occurs on the Securitize platform, overseen by its SEC-regulated broker-dealer and ATS. Uniswap stated that the integration will enable on-chain trading of BUIDL, unlocking new liquidity for holders and bridging traditional finance with DeFi.
Analysts see this development as a clear signal of increasing convergence between centralized finance and DeFi, paralleling past catalysts in the crypto space. UniswapX uses a request-for-quote framework to surface competitive quotes from whitelisted participants, with trades settled atomically on-chain via smart contracts that exchange funds and tokenized securities once eligibility criteria are met. BlackRock’s Robert Mitchnick described the collaboration as a notable step toward the broader convergence of tokenized assets with DeFi, noting that the BUIDL integration marks progress in interoperating tokenized USD yield funds with stablecoins. Securitize’s Jorge Serna emphasized that UniswapX relies on RFQ rather than a traditional AMM, aligning a regulated-market mindset with on-chain execution.
Under the Morpho-Apollo cooperation, Apollo or its affiliates may acquire MORPHO tokens up to 90 million over four years, subject to caps and transfer restrictions. Morpho Vaults have been integrated into Taurus-PROTECT, enabling clients to allocate capital directly on-chain within regulatory workflows. This signals a broader push by traditional finance to build regulated, infrastructure-level DeFi capabilities rather than merely token ownership. Something big is happening.
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