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.