Now accepting liquidity providers
Carry by Multiliquid.
The liquidity management platform for tokenized assets.
Carry enables capital allocators to stand up, deploy, and manage RWA liquidity facilities against a wide range of blue-chip assets — across DeFi, CeFi, and TradFi venues, all from a single place. You make the assets liquid. You earn the yield.
DUAL
Yield Sources
AUTOMATED
Programmatic Access
1-90D
Capital Cycle
THE LANDSCAPE
RWA liquidity is broken.
Carry fixes it.
Tokenized real-world assets — treasuries, credit, funds, equities — are growing fast, but liquidity remains the bottleneck. Token holders can't exit without waiting days or weeks for standard redemptions. Multiliquid is the liquidity layer bridging this gap. Carry is the turnkey platform that enables capital allocators to deploy and manage the facilities that power it — earning dual-source returns in the process.
What Carry gives you as an LP
1. Turnkey liquidity fund platform — deploy and manage your own RWA liquidity facility from day one, with no infrastructure to build or maintain.
2. Granular control over asset selection, pricing, and risk — set your own parameters for which assets to underwrite, discount thresholds, concentration limits, and exposure caps.
3. Built-in distribution across all integrated assets and venues — instant access across Multiliquid's entire footprint of integrated RWA issuers and redemption markets, with zero additional business development required.
4. Performance, history, and portfolio management UI — real-time dashboards covering yield attribution, portfolio composition, capital utilization, P&L, and full transaction history.
5. Streamlined asset underwriting and issuer onboarding — existing asset pipeline with standardized due diligence, reducing time from evaluation to deployment.
THE BASIC MECHANICS OF AN RWA LIQUIDITY FACILITY
How Carry generates yield
Your capital powers instant redemptions for RWA token holders. You earn the spread, plus the underlying asset yield, every cycle.
Step 1
LP Deposits Capital
Capital enters the LP's liquidity facility.
Step 2
Holder Requests Exit
RWA token holder wants instant liquidity.
Step 3
Instant Purchase
Facility buys tokens at discount to NAV.
Step 4
Earn During Hold
Underlying yield accrues while holding, plus incremental DeFi yield potential.
Step 5
Standard Redemption
Asset redeemed at NAV. Operator redeploys in facility to power additional redemptions.
INVESTOR RETURNS
Two sources of yield, one facility
Capital allocators earn from both the instant redemption discount and the underlying asset's returns during the holding period.
SOURCE 1
Discount Capture
When a token holder redeems instantly into an allocator's facility, they accept a small discount to NAV. The facility purchases at this discount and is able to redeem to the asset issuer at full NAV — capturing the spread.
SOURCE 2
Underlying Asset Yield
While the facility holds assets awaiting standard redemption, it earns the yield generated by the underlying asset — interest, dividends, or NAV appreciation.
Combined Return
Short-duration capital cycles with dual yield streams and transparent exposure
Discount + Yield
per capital cycle
WHO WE SERVE
Built for institutional
liquidity providers
LIQUIDITY PROVIDERS
Deploy capital. Earn yield.
Stand up your own RWA liquidity facility. Set your pricing, risk parameters, and asset selection. Acquire discounted tokenized assets and earn dual-source returns every cycle.
- Credit funds, market makers, DeFi vaults, curators, asset managers
- Full control over pricing, risk limits, and asset exposure
- Self-managed or fully managed operating models
- Real-time dashboard with portfolio, P&L, and yield attribution
- Built-in distribution across Multiliquid's entire footprint
RWA ISSUERS
Back your assets with liquidity.
Provide liquidity for your own tokenized assets. Drive adoption, enable DeFi collateral use, and expand your investor base — while earning yield on capital deployed.
- Asset managers, fund managers, tokenizers
- Support adoption and utility of your assets
- Work with third-party LPs for deeper liquidity
- Potentially acquire own tokens below NAV
RWA HOLDER AND LIQUIDITY PROVIDER FLOWS
How It Works
HOW HOLDERS CONNECT
INSTANT LIQUIDITY INFRASTRUCTURE
RWA HOLDER VIEW
FACILITY OPERATIONS
third-party facility operator
C
CARRY - TURNKEY LIQUIDITY MANAGEMENT
LIQUIDITY PROVIDER VIEW
OPERATING MODELS
Your capital, your level of control
Full control, your operations
Operate your own facility using the Carry platform and toolset. Set pricing, manage risk, and maintain direct issuer relationships.
- Full control over pricing parameters and risk limits
- Direct issuer relationships and compliance management
- Platform access and smart contract infrastructure provided
- Bring your own wallet infrastructure or use platform defaults
- Platform fee only — no management overhead
Best for: Institutional LPs, active investors, credit desks, market makers and issuers running their own facilities.
Capital at work, effortlessly
Our team of experts handles day-to-day operations and portfolio management on your behalf. You provide capital and set high-level parameters.
- Full operational management by specialist liquidity facility managers
- Institutional-grade pricing, risk, and compliance
- Regular reporting and portfolio optimization
- Management fee and performance fee
Best for: Capital allocators seeking passive exposure and LPs without active management expertise.
FOR RWA ISSUERS
Provide liquidity for your own assets. Support their adoption and utility.
Deploy capital into a Carry facility to support your own assets — providing instant liquidity that attracts new investors, enables DeFi collateral use, and expands distribution. Your capital earns dual yield, and when holders redeem, you're potentially acquiring your own assets below NAV through via a compliant structure.
3 ways Carry by Multiliquid enhances your assets
Carry is a platform that capital allocators and asset managers use to create and fund liquidity facilities. As an issuer, you can leverage this infrastructure to fundamentally change how your assets are perceived, distributed, and used.
1. Liquidity support that drives adoption.
Provide always-on liquidity behind your assets — giving current holders exit certainty and attracting new investor classes who won't touch illiquid products. DeFi protocols can accept your assets as collateral because liquidations now settle instantly.
2. Instant subscription inventory.
Make your asset inventory available for immediate subscription through integrated venues. Investors can enter and exit on their own terms — transforming your product from a lock-up into a liquid instrument.
3. Third-party capital for deeper liquidity.
Work with external capital providers — credit funds, market makers, DeFi vaults — who fund facilities for your assets through the Carry platform. Deeper liquidity without deploying your own balance sheet.
PLATFORM
Institutional-grade infrastructure
The Carry platform features enterprise-grade wallet infrastructure and smart contracts with full portfolio management tooling, enabling capital providers to run complex liquidity strategies with safety and certainty.
Portfolio Dashboard
Real-time AUM, utilization, yield tracking, transaction history, P&L, and per-facility health indicators in one unified view.
Flexible Custody
Choose custodial or non-custodial configurations to match your regulatory environment and risk tolerance.
Pricing Engine
Manual, automated, or hybrid pricing with utilization-based adjustments, size premiums, and per-asset risk parameters.
RFQ / RFS
Request for Quote for large one-time exits. Request for Stream for ongoing institutional liquidity arrangements at negotiated terms.
Risk Monitoring
Real-time alerts for concentration limits, redemption mismatches, and liquidity utilization thresholds.
Multi-Chain
Launching Ethereum Mainnet and Solana, with leading EVM L2s coming soon.
GET STARTED
Ready to tap into the
RWA liquidity opportunity?
Whether you're a fund, institutional investor, market maker or RWA issuer, we'd love to hear from you.