Published: February 2026
The tokenized real-world asset (RWA) market crossed $1 billion in total value locked (TVL) in early 2026 — yet most participants still face the same crippling problem: liquidity delays. Selling tokenized U.S. Treasuries, private credit or money-market funds often takes 1–5 business days (or longer), even on-chain, because there is no guaranteed buyer at NAV during off-hours or low-volume periods.
Multiliquid (developed by Uniform Labs) and Metalayer Ventures have built what may be the first production-grade solution: a Solana-based standing-buyer facility that guarantees instant redemptions for eligible tokenized RWAs at a dynamic NAV discount — 24/7/365. The system combines Metalayer’s committed capital backstop with Multiliquid’s compliant smart-contract layer, already supporting funds from VanEck, Janus Henderson, Fasanara Capital and several private-credit managers. This article explains how the facility works, its technical & regulatory architecture, current supported assets, advantages over traditional repo markets, risks, and why it could become critical infrastructure for the projected $10–16 trillion tokenized-asset market by 2030.
The Liquidity Bottleneck in Tokenized RWAs – Why It Matters
Despite explosive growth (TVL +380% in 2025 per RWA.xyz), most tokenized products suffer from structural illiquidity:
- Redemptions routed through traditional custodians/transfer agents → T+1 to T+5 settlement
- On-chain secondary markets are thin outside peak U.S. hours
- No committed market-maker at NAV → sellers accept 0.5–3% discounts or wait days
- Institutional LPs (pensions, insurers) demand predictable exits — many stay on sidelines
Result: tokenized Treasuries often trade at wider spreads and lower volumes than their underlying assets — defeating much of the point of bringing them on-chain.
How the Multiliquid × Metalayer Facility Works
The system operates as a hybrid on/off-chain liquidity backstop:
- Eligible assets — Only tokenized RWAs that pass strict compliance & audit checks (e.g. VanEck VBIL, Janus Henderson Treasury ETF tokens, Fasanara private-credit notes)
- Redemption request — User submits tokens to Multiliquid smart contract on Solana (via wallet or integrated dApp)
- Instant pricing — Contract calculates dynamic NAV discount (typically 3–25 bps depending on time-of-day liquidity & volatility)
- Metalayer backstop — Metalayer’s committed capital buys the tokens at the quoted price → user receives USDC instantly (sub-second finality)
- Off-chain settlement — Metalayer later redeems underlying RWA shares through issuer transfer agent → recycles capital
- Fee structure — Discount acts as implicit fee (no separate platform charge); Metalayer earns spread between purchase & eventual redemption
Key enablers:
- Solana — <1s finality, sub-cent fees, high throughput
- Multiliquid contracts — audited, KYC/AML hooks, dynamic pricing oracles
- Metalayer capital — institutional-grade backstop (size undisclosed, rumored $50–150M dry powder)
Supported RWAs & Current TVL Snapshot (Feb 2026)
| Issuer / Fund | Asset Type | Chain | Approx. TVL in Facility | Typical Discount Range |
|---|---|---|---|---|
| VanEck | Short-term Treasuries (VBIL token) | Solana / Ethereum | ~$180–220M | 3–12 bps |
| Janus Henderson | Money-market & Treasury tokens | Solana | ~$140–180M | 5–18 bps |
| Fasanara Capital | Private credit notes | Solana | ~$90–130M | 15–35 bps |
| Other issuers | Mixed Treasuries / credit | Solana primary | ~$450–600M | Variable |
| Total Facility TVL | — | — | $1.0–1.3B | Avg ~10–20 bps |
Solana Advantages vs Ethereum for RWA Liquidity
| Dimension | Solana (Multiliquid/Metalayer) | Ethereum L2s (current alternatives) | Winner for Instant Redemption |
|---|---|---|---|
| Finality Time | <1 second | 1–15 seconds (Base, Arbitrum) | Solana |
| Tx Cost (average) | < $0.01 | $0.05–$0.50 | Solana |
| Throughput (TPS) | 1,000–3,000 sustained | 100–800 | Solana |
| Smart Contract Audits | Multiple (Uniform Labs + third parties) | Varies widely | Comparable |
| Institutional Custody Support | Growing (via Wormhole, Circle CCTP) | Stronger today | Ethereum L2s (short-term) |
Risks & Limitations (Early 2026)
- Discount variability — Wider during off-hours or volatility spikes (up to 40–50 bps observed)
- Capital backstop size — If redemptions exceed Metalayer’s dry powder, delays could reappear
- Issuer risk — Underlying fund must remain liquid & compliant
- Regulatory evolution — MiCA, SEC, MAS rules could force changes to ZK/credential flows
- Solana uptime — While vastly improved, any outage impacts instant settlement
Getting Started with Multiliquid / Metalayer – February 2026
- Hold tokenized RWA (VanEck VBIL, Janus tokens, etc.) in Solana-compatible wallet (Phantom, Backpack, Solflare)
- Visit app.multiliquid.xyz or integrated dApp
- Connect wallet → select amount to redeem
- Approve ZK-proof generation (gas ~$0.005)
- Receive USDC instantly to wallet (minus dynamic discount)
Currently permissioned to accredited / verified users in supported jurisdictions — KYC via Civic or similar required for first redemption.
FAQs – Multiliquid Metalayer RWA Facility 2026
What is the main innovation of Multiliquid + Metalayer?
A standing buyer that guarantees instant redemptions for tokenized RWAs at a small NAV discount — solving the T+1–T+5 delay that has limited institutional participation.
Which assets can I redeem instantly today?
VanEck short-duration Treasuries, Janus Henderson money-market tokens, Fasanara private-credit notes, and several other audited funds (total ~$1–1.3B TVL in facility).
How much does the redemption discount cost?
Dynamic — typically 3–25 basis points depending on time-of-day liquidity, volatility and asset type. Much lower than traditional repo haircuts or secondary-market spreads.
Is this available to retail users?
Currently accredited / verified investors only in supported jurisdictions. Retail access expected to expand in H2 2026 as compliance layers mature.
Conclusion & 2026 Outlook
Multiliquid and Metalayer’s Solana-based facility marks one of the most practical breakthroughs in tokenized RWA infrastructure to date: instant, 24/7 redemptions at tight NAV discounts for major Treasury and credit funds. By combining real committed capital (Metalayer) with compliant smart-contract execution (Multiliquid) and Solana’s low-cost finality, the system directly addresses the liquidity bottleneck that has kept many institutions on the sidelines despite $1B+ TVL in tokenized assets.
Expect 2026 to see rapid expansion: more issuers integrate, discounts tighten as capital scales, retail access opens via KYC/credential layers (idOS, Civic), and competing facilities launch on Ethereum L2s and other chains. The facility that delivers reliable instant liquidity at minimal cost will likely dominate the institutional RWA exit layer — and right now Multiliquid/Metalayer holds first-mover advantage.
Disclaimer: This article is for informational purposes only and does not constitute investment, legal or financial advice. Tokenized RWAs, redemption facilities and blockchain protocols carry significant risks including smart-contract bugs, liquidity provider insolvency, regulatory changes and market volatility. Always verify claims, audit code, understand jurisdiction rules and consult professionals before participating. DYOR.
