Finance Redefined: BlackRock Enters DeFi, ETF Flows Mixed

Bitcoin and Ether posted modest weekly gains as outflows from crypto exchange-traded funds accelerated, while BlackRock initiated its first decentralized finance move by listing a tokenized U.S. Treasury fund on Uniswap. Binance also finalized a $1 billion Bitcoin allocation for its user protection reserve.

BlackRock made its initial formal entry into decentralized finance this week, placing its tokenized Treasury product on Uniswap. Over the same period, Bitcoin (BTC) and Ether (ETH) each advanced about 2.5% but failed to breach key psychological thresholds amid mixed ETF flows and depressed investor sentiment.

Spot Bitcoin ETFs recorded two straight sessions of net inflows at the start of the week before reversing to $276 million in net outflows on Wednesday and $410 million on Thursday, according to Farside Investors. Ether ETFs followed a similar pattern with modest inflows for two days, then $129 million in outflows on Wednesday and $113 million on Thursday.

Kaiko Research noted that Bitcoin’s drop to $59,930 could represent a potential “halfway point” in the ongoing downturn, placing markets at a critical juncture for the widely referenced four-year cycle framework.

Despite weaker token prices, large financial institutions continued to advance crypto initiatives. BlackRock, the world’s largest asset manager, announced its first step into DeFi on Wednesday.

BlackRock expands into DeFi, lists tokenized Treasury fund on Uniswap

BlackRock will make its USD Institutional Digital Liquidity Fund (BUIDL) available on the Uniswap decentralized exchange, enabling qualified institutions to trade the tokenized security, according to a Wednesday announcement. As part of the arrangement, BlackRock is also acquiring an undisclosed amount of Uniswap’s governance token, UNI.

The collaboration is supported by tokenization firm Securitize, which partnered with BlackRock on BUIDL’s launch. Fortune reported that early access will be restricted to a select group of eligible institutional investors and market makers before broader availability.

Securitize CEO Carlos Domingo said institutions and whitelisted investors will, for the first time, be able to use leading decentralized finance technology to self-custody and trade tokenized real-world assets such as BUIDL.

BUIDL is currently the largest tokenized money market fund with more than $2.18 billion in assets, based on RWA.xyz data. The fund is issued across multiple blockchains, including Ethereum, Solana, BNB Chain, Aptos and Avalanche. In December, BUIDL surpassed $100 million in cumulative distributions from its U.S. Treasury holdings.

WLFI, linked to the Trump family, to launch FX and remittance platform: Report

World Liberty Financial (WLFI), a decentralized finance platform backed by members of U.S. President Donald Trump’s family, plans to introduce foreign exchange and remittance services, Reuters reported on Thursday.

The upcoming platform, World Swap, aims to compete with traditional remittance and FX providers by offering lower fees and a simplified user experience, according to the report. Global FX trading averaged more than $9.6 trillion per day in April 2025, the Bank for International Settlements said, while personal remittances reached $892 billion in 2024, according to World Bank data.

WLFI did not provide a launch timeline. The initiative follows the firm’s application for a national trust bank charter in January and the rollout of World Liberty Markets, a lending platform.

Uniswap wins early ruling as U.S. judge dismisses Bancor patent claims

A federal judge in New York dismissed a patent infringement complaint filed by entities affiliated with Bancor against Uniswap, concluding the asserted patents cover abstract ideas and are ineligible for protection under U.S. patent law.

In a memorandum opinion and order on Tuesday, Judge John G. Koeltl of the U.S. District Court for the Southern District of New York granted a motion to dismiss brought by Universal Navigation Inc. and the Uniswap Foundation against Bprotocol Foundation and LocalCoin Ltd. The court determined the patents were directed to the abstract concept of calculating crypto exchange rates and failed the Supreme Court’s two-step test for patent eligibility.

The case was dismissed without prejudice, giving the plaintiffs 21 days to submit an amended complaint. If none is filed, the dismissal will become with prejudice. Following the decision, Uniswap founder Hayden Adams noted the outcome on X. A Uniswap Labs spokesperson said the company is proud to build in public and welcomed the court’s recognition that the claims lacked merit.

Binance finalizes $1 billion Bitcoin conversion for SAFU reserve

Binance completed the conversion of $1 billion into Bitcoin for its Secure Asset Fund for Users (SAFU), designating BTC as the fund’s primary reserve asset. On Thursday, the exchange purchased an additional $304 million of BTC, according to Arkham data, following a roughly $300 million buy on Monday.

The SAFU wallet now holds 15,000 BTC—valued at more than $1 billion—acquired at an average aggregate price of $67,000 per coin, the company said in an X post. Binance reiterated that it will rebalance the fund if volatility drives its value below $800 million. The conversion, first announced on Jan. 30 with a planned 30-day window, was completed in under two weeks.

Vitalik Buterin distinguishes “real DeFi” from centralized yield stablecoin strategies

Ethereum co-founder Vitalik Buterin said decentralized finance creates value by reshaping how risk is allocated and managed, cautioning that yield products reliant on fiat-backed stablecoins do not materially reduce issuer or counterparty risk. His comments, made in a discussion on X, addressed lending markets centered on assets such as USDC and questioned the sustainability of “USDC yield” offerings that depend heavily on centralized issuers.

DeFi market overview

Market data indicated that most of the top 100 cryptocurrencies by market capitalization ended the week higher. Pippin (PIPPIN) led gains among the top 100 with a 195% increase, followed by Humanity Protocol (H), which rose 57% over the week.

Total value locked in DeFi. Source: DefiLlama

Thank you for reading this recap of notable DeFi developments over the past week. Check back next Friday for additional updates, data, and insights on the evolving sector.

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