Multiliquid and Metalayer Ventures have launched an institutional liquidity facility designed to unlock instant redemptions for tokenized real-world assets on Solana. The arrangement, raised and managed by Metalayer, with Uniform Labs providing the underlying infrastructure via Multiliquid’s protocol, aims to replicate traditional finance liquidity tools for crypto-backed RWAs. The facility acts as a standing buyer, ready to purchase tokenized assets at a dynamic discount to net asset value, enabling holders to swap into stablecoins immediately. The move comes as BIS warned last year that liquidity mismatches in tokenized money-market funds could amplify stress during heavy redemption periods. Initial assets include tokenized Treasuries and products from VanEck, Janus Henderson, and Fasanara.

Key takeaways

• The facility functions as a standing buyer of tokenized RWAs, purchasing assets at a dynamic discount to NAV to enable instant redemptions for holders.
• Metalayer Ventures provides and manages the capital backing redemptions, while Multiliquid supplies the smart contract infrastructure used for pricing, compliance enforcement and settlement.
• Initial inclusions encompass tokenized Treasuries and select alternative investment products issued by VanEck, Janus Henderson and Fasanara.
• Solana has emerged as a growing venue for tokenized RWAs, with about $1.2 billion represented across 343 assets, according to RWA.xyz data, roughly 0.31% of the market.
• Within the broader ecosystem, Canton Network dominates by total RWAs (> $348 billion), followed by Ethereum (CRYPTO: ETH) and Provenance, each with around $15 billion in tokenized assets.
• The initiative is partly a response to liquidity risks highlighted by the BIS, underscoring the need for scalable liquidity rails in tokenized markets.

Tickers mentioned: $SOL, $ETH

Market context: The launch reflects a broader industry push to build on-chain liquidity infrastructure for tokenized real-world assets, aligning with macro trends toward institutional-grade mechanisms that bridge traditional finance and crypto markets while navigating evolving regulatory signals.

Why it matters

For investors and traders, the new facility could reshape how tokenized RWAs are funded and redeemed. By providing a standing buyer that can absorb redemption pressure, the mechanism reduces the time needed to convert on-chain asset positions into stablecoins, mitigating liquidity squeeze risks that can arise when redemptions spike. This is particularly important for assets such as tokenized Treasuries and other income-oriented products, where sudden shifts in demand could otherwise lead to volatile pricing or forced liquidations.

From a technology and market structure perspective, the arrangement showcases how traditional financial concepts—repo markets, prime brokerage and overnight lending—can be mirrored on a blockchain layer. Uniform Labs’ role in offering the pricing and market-support framework, backed by Multiliquid’s pricing contracts and settlement logic, demonstrates a clear path to scalable, auditable, and compliant on-chain liquidity for RWAs. The emphasis on compliance enforcement within the smart contracts is also notable, given the need to align on-chain activity with real-world asset issuance standards.

The inclusion of issuers such as VanEck, Janus Henderson and Fasanara points to a pragmatic roadmap: established asset managers are willing to pilot tokenized offerings on Solana, signaling confidence in the ecosystem’s ability to deliver timely redemptions and predictable pricing. As tokenized assets proliferate, the ability to redeem quickly into stablecoins becomes a differentiator for platforms seeking to attract institutional capital while maintaining liquidity resilience in stressed markets.

On the ecosystem side, Solana’s growing share in tokenized RWAs underscores diversification in the sector. The latest data from RWA.xyz places Solana at about $1.2 billion across 343 assets, contributing roughly 0.31% of the total market value—but with momentum: annualized growth in RWA value on Solana exceeded 10% over the past month. Within the same market, Canton Network remains the largest chain by RWAs, surpassing $348 billion in total value, while Ethereum (CRYPTO: ETH) and Provenance sit behind with approximately $15 billion each. This hierarchy reflects a multi-chain landscape where liquidity, settlement speed, and regulatory alignment are all critical to realizing scalable tokenized markets.

The BIS warning cited last year—about liquidity mismatches in tokenized money market funds—serves as a cautionary backdrop for these developments. The new facility aims to address that risk by introducing a predictable liquidity backstop, reducing the likelihood that redemptions outpace available liquidity and forcing asset managers to liquidate positions at unfavorable prices. While the approach is still early-stage and focused on a subset of RWAs, it signals an important shift toward institutional-grade liquidity infrastructure in the tokenized asset space.

What to watch next

• Live deployment: Monitor the first issuances and the timing of the facility’s onboarding of tokenized RWAs on Solana.
• Expansion of asset roster: Track new issuers and additional asset classes added to the platform beyond VanEck, Janus Henderson and Fasanara.
• Pricing and settlement dynamics: Observe how the dynamic discount to NAV behaves under stressed conditions and how settlement latency evolves.
• Regulatory signals: Watch BIS and other regulators for updates that could influence tokenized money market standards and liquidity facilities.
• Ecosystem integration: Look for interoperability with other Solana-based liquidity layers and DeFi protocols to broaden the utility of tokenized RWAs.

Sources & verification

• The official announcement detailing the liquidity facility and its participants, shared with industry press.
• Bank for International Settlements, Liquidity in tokenized money market funds report, BIS Bulletin 115.
• RWA.xyz data on Solana’s tokenized asset value and asset count.
• Asset issuers’ materials and publicly available press releases from VanEck, Janus Henderson, and Fasanara regarding tokenized product offerings.

Liquidity rails for tokenized RWAs on Solana

Multiliquid and Metalayer Ventures have introduced a structured liquidity facility designed to address a core hurdle in tokenized real-world assets: the speed and reliability of redemptions. By establishing a standing buyer that purchases tokenized RWAs at a dynamic discount to net asset value, the system creates an immediate exit path for holders who wish to convert on-chain positions into stablecoins. The mechanism is underpinned by a clear division of labor: Metalayer Ventures supplies the capital that backs redemptions, while Multiliquid’s smart-contract layer handles pricing, compliance checks, and settlement. Uniform Labs, the developer behind Multiliquid’s infrastructure, provides the market-support framework that makes pricing and enforcement practical at scale.

The initial rollout focuses on tokenized assets issued by traditional asset managers, with a baseline emphasis on tokenized Treasury funds and select alternative investments. This implies that a portion of the on-chain market will be anchored by established asset-management brands, which could help attract institutional participants seeking predictable redemption dynamics and on-chain visibility. The protocol’s design uses a dynamic discount to NAV rather than a fixed price, allowing the vehicle to respond to changing market conditions and redemptions pressures in real time while maintaining capital efficiency for the purchaser.

Solana’s position as the launch platform highlights a broader narrative about where tokenized RWAs can flourish. The network is increasingly viewed as a venue for on-chain asset customization and rapid settlement, supported by a growing ecosystem of tooling and standards for real-world asset tokenization. Data from RWA.xyz show that Solana hosts around $1.2 billion in tokenized RWAs across roughly 343 assets, representing about 0.31% of the total market—yet the tiered growth in value over the last month points to a steady acceleration in on-chain RWAs. In the wider market, Canton Network holds the lion’s share of tokenized RWAs, with more than $348 billion, while Ethereum (CRYPTO: ETH) and Provenance sit at about $15 billion apiece, highlighting a multi-chain environment where liquidity, speed and regulatory alignment influence where issuers select to tokenize real-world assets.

Last year’s BIS warning emphasized the fragility that can accompany liquidity mismatches in tokenized money-market funds. The newly announced facility responds by providing an on-chain liquidity backstop designed to absorb redemption surges and deliver certainty to counterparties. While the initiative is still in early stages and focused on a limited set of assets, it signals a meaningful evolution in how on-chain liquidity can be engineered to support broader adoption of tokenized RWAs, bridging traditional finance risk controls with blockchain-based settlement and compliance mechanisms.

Editor’s note: The press release below outlines how Binance is repositioning its role in the MENAP region as crypto markets mature, shifting emphasis from pure trading activity to regulated infrastructure and institutional integration. It details recent regulatory approvals, compliance milestones, and partnerships across the UAE, Pakistan, and Bahrain, highlighting a strategy focused on long-term adoption rather than rapid user growth. The announcement reflects broader market trends toward regulatory alignment, embedded financial services, and scalable digital-asset infrastructure as governments and institutions across the region formalize their approach to crypto.

Key points

• Binance is emphasizing infrastructure, compliance, and institutional partnerships over speculative trading growth.
• The ADGM FSRA license positions Binance within one of the world’s most stringent regulatory frameworks.
• In Pakistan, Binance has secured AML registration and begun a phased path toward local licensing.
• A Bahrain partnership aims to integrate regulated crypto services directly into a bank’s mobile app.

Why this matters

The MENAP region is moving quickly from crypto experimentation to regulated adoption. As governments and banks seek compliant ways to offer digital-asset services, platforms with proven scale, governance, and regulatory credibility gain a structural advantage. Binance’s recent milestones illustrate how crypto firms are increasingly aligning with traditional financial systems, shaping how digital assets may be accessed, supervised, and used by institutions and consumers across the region.

What to watch next

• Final regulatory approvals tied to announced licenses and registrations.
• Implementation timelines for bank-led crypto integrations in Bahrain.
• Further regional partnerships with financial institutions or regulators.

As the global crypto market enters a more mature phase, a quiet transformation is underway. What was once driven by speculative trading and rapid experimentation is increasingly being shaped by institutional participation, regulatory clarity, and real-world financial integration.

At the center of this shift is a growing focus on infrastructure, the systems, liquidity, compliance frameworks, and technical rails that allow digital assets to operate at scale. Binance, long known as the world’s largest cryptocurrency exchange, currently serving more than 300M users, is repositioning itself to reflect this new reality: not simply as a trading platform, but as core crypto infrastructure supporting the next generation of digital finance.

This evolution is particularly visible across the region, where regulators and financial institutions are actively building frameworks for digital-asset adoption. From the UAE to Bahrain to Pakistan, Binance’s recent regulatory milestones and partnerships point to a strategy centered on long-term integration rather than short-term growth.

From Trading Venue to Infrastructure Layer

Global market data illustrates how crypto usage is changing. On-chain activity reached record levels in 2025, with both spot and derivatives volumes rising, signaling a transition from early experimentation to consistent execution. At the same time, stablecoins have become a foundational settlement layer, processing more than $3.5 trillion in daily volume, surpassing traditional payment networks. These trends favor platforms that can operate at scale, with deep liquidity, technical reliability, and regulatory alignment. In 2025 alone, more than $34 trillion was traded on Binance’s platform, with spot volume exceeding $7.1 trillion. All-time trading volumes across products have now surpassed $145 trillion, underlining Binance’s central role in global crypto liquidity.

Compliance Becomes a Catalyst for Growth

As crypto markets mature, compliance is increasingly seen not as a constraint, but as a driver of sustainable growth. Binance’s compliance investments have expanded significantly alongside its growth. In 2025, the company’s controls prevented $6.69 billion in potential fraud and scam losses, protecting more than 5.4 million users. Binance also processed over 71,000 law-enforcement requests globally, reflecting deeper cooperation with authorities and an increasingly formalized compliance posture. For MENAP markets in particular, where regulators are designing digital-asset frameworks in parallel with rapid fintech growth this compliance-first approach has become central to Binance’s regional strategy.

ADGM License Sets a New Regulatory Benchmark

A key milestone in this shift was Binance securing a comprehensive global license from Abu Dhabi Global Market’s Financial Services Regulatory Authority (FSRA), widely regarded as one of the world’s most respected financial regulators. The authorization represents a world-first for the crypto industry and positions Binance among a select group of global financial institutions operating under ADGM’s regulatory framework. The license confirms compliance with stringent international standards covering governance, risk management, and consumer protection. The FSRA license therefore serves as a gateway for deeper institutional relationships, from custody and payments to cross-border partnerships.

Pakistan: Phased Regulation and Market Entry

Binance is advancing a phased regulatory strategy in Pakistan, one of the region’s largest and fastest-growing digital economies. Following high-level engagements with government stakeholders, Binance has obtained Anti-Money Laundering (AML) registration under Pakistan’s Virtual Assets Regulatory Authority (PVARA). The move marks a significant step toward full local licensing and incorporation.

In parallel, Binance has signed memorandums of understanding with local fintech players, including JazzCash, to explore cooperation on education initiatives and compliant digital-asset products, signaling a longer-term commitment to ecosystem development rather than transactional market entry.

Bahrain: Integrating Crypto Into Banking

In Bahrain, Binance’s strategy has moved further into traditional financial infrastructure through a partnership with Bank of Bahrain and Kuwait (BBK), one of the Kingdom’s leading retail and corporate banks. Under a memorandum of understanding, BBK plans to integrate Binance Bahrain’s regulated Crypto-as-a-Service (CaaS) solution directly into its mobile banking app, subject to final approval from the Central Bank of Bahrain. The integration would allow customers to trade and manage crypto assets within their existing banking environment, alongside traditional financial products.

The partnership positions BBK as the first bank in the GCC to join the Binance Link Program and reflects a broader trend toward embedded digital-asset services within mainstream financial platforms. For regulators and policymakers, such models offer a pathway to crypto adoption that maintains oversight while expanding access through established banking channels.

Infrastructure for the Next Phase of Digital Finance

Across the MENAP region, the emphasis is on how digital assets can be integrated responsibly into national financial systems, payment networks, and institutional investment frameworks.

“The next chapter of crypto is being built on infrastructure, not speculation,” said Tarik Erk, Regional Head for MENAT and Senior Executive Officer Abu Dhabi at Binance. “In MENAP, we’re working closely with regulators, financial institutions, and partners to create a compliant, secure, and scalable digital-asset ecosystem. Our ADGM license, regulatory progress in Pakistan, and partnerships in Bahrain reflect a clear shift from standalone platforms to integrated financial infrastructure that supports long-term adoption and institutional trust.”

As the region positions itself as a global hub for digital finance, platforms that can combine scale, liquidity, regulatory credibility, and technical depth are likely to play a defining role. For Binance, the message is clear: the future of crypto in the region is being built not on trading alone, but on the infrastructure that makes digital finance sustainable.

Bitcoin’s Wall Street-like fear gauge has spiked to its highest level since the collapse of the FTX exchange in 2022, signaling intense market panic as prices plummeted to nearly $60,000.

Volmex’s bitcoin volatility index (BVIV), which represents the annualized expected price turbulence over four weeks, jumped to nearly 100% from 56% on Thursday.

The index serves as a crypto equivalent to Cboe’s VIX, the so-called fear/panic gauge, which indicates the 30-day implied volatility of the S&P 500 and rises during market panics as traders bid up options prices to hedge against declines in the index.

The BVIV does the same more often than not, rising during market panics as observed on Thursday.

“A wave of panic swept through crypto markets this week, correlated to a sharp risk-off move across various asset classes. Bitcoin’s 30-day implied volatility, as measured by the BVIV Index, surged from just over 40 to 95 in a matter of days, levels not seen since the infamous collapse of FTX at the end of 2022,” Cole Kennelly, founder and CEO of Volmex Labs, told CoinDesk in a Telegram chat.

Implied volatility is influenced by demand for options, or derivative contracts that help traders make asymmetrical gains from uptrends in the underlying asset and hedge downside risks. Call options are used to bet on the upside, while put options are typically bought as insurance against price drops.

On Thursday, traders scrambled to buy Deribit-listed options, especially puts, as bitcoin’s price tanked from $70,000 to nearly $60,000. The top five most traded options of the past 24 hours are all puts at strikes ranging from $70,000 to $20,000, according to data source Deribit Metrics. The $20,000 put represents a bet that prices will fall below that level.

“Volatility markets reacted sharply to last night’s price drop. Front-end volatility surged as dealers adjusted for gamma [near-term risks]. Short-dated vols led the surge, showing higher demand for protection, while longer-dated vols lagged, keeping the volatility curve steeply inverted,” Jimmy Yang, co-founder of institutional liquidity provider Orbit Markets, told CoinDesk.

Yang’s clients rushed to buy downside protection, fearing the price crash could devastate digital asset treasuries that bought bitcoin at higher levels. These firms could now liquidate at a loss, leading to a deeper slide in bitcoin’s price.

“With significant uncertainty still ahead — particularly around the DATs and the risk of further unwind cascades, we’ve seen a lot of client demand for downside protection,” he added.

Bitcoin’s price has bounced to over $64,000 at the time of writing, an over 5% recovery from overnight lows, according to CoinDesk data. Yang expects volatility to stabilize.

“Sentiment is deep in extreme fear, but bitcoin’s price seems to have found a base near $60K. If price action stabilizes, volatility looks stretched and could quickly pull back,” he said.

Crypto market sentiment has slumped to its lowest level in over three and a half years amid Bitcoin falling by double-digit percentage points to a low of around $60,000.

The Crypto Fear & Greed Index fell to a score of 9 out of 100 on Friday, indicating “extreme fear” in the market and hitting its lowest point since June 2022, when sentiment and the market fell in the wake of the collapse of the Terra blockchain a month earlier.

The index has been at a low for the last fortnight as Bitcoin (BTC) has tanked 38% from its 2026 high of $97,000 in just three weeks, wiping out all gains for the past sixteen months. 

Bitcoin falls to $60,000 on Coinbase 

Bitcoin fell to its lowest level since October 2024 at a little over $60,000 on Coinbase in early trading on Friday morning, according to TradingView.

It is currently trading at just over $64,000 after dumping 13% over the past 24 hours and losing over $10,000 in its largest daily loss since mid-2022.

Related: Coinbase premium hits yearly low, hinting at institutional selling

Bitcoin has now collapsed below the 200-week exponential moving average, a long-term trend indicator, which has only previously happened in the depths of a bear market. It is currently 50% down from its all-time high of $126,000 in early October. 

Over the past 24 hours, more than 588,000 traders were liquidated for $2.7 billion, 85% of them were leveraged longs predominantly in Bitcoin, according to CoinGlass.

Tech stock slump and Fed caution behind the crash

Jeff Ko, chief analyst at CoinEx Research, told Cointelegraph that Bitcoin’s more than 20% drawdown in a week comes alongside a selloff in US tech stocks “where stretched valuations and lingering concerns around an artificial intelligence-driven bubble have long been highlighted by the market.”

“Even Amazon suffered a double-digit decline overnight following a mixed earnings release,” he added. “Investors are increasingly reassessing Bitcoin’s failure to function as a safe haven compared to gold.”

LVRG Research director Nick Ruck said Bitcoin’s fall and a broader market decline comes amid “heightened risk aversion” triggered by “softer US job market signals, including rising unemployment claims that raise doubts about sustained economic strength and potential Fed caution on aggressive rate cuts.”

Magazine: DAT panic dumps 73,000 ETH, India’s crypto tax stays: Asia Express