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Fireblocks Launches Stablecoin Liquidity Market for Payments Firms

Fireblocks launched Liquidity Market on Oct. 15, letting firms compare stablecoin quotes across OTC desks and settle directly, with no spread charged by Fireblocks.

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Fireblocks Launches Stablecoin Liquidity Market for Payments Firms

Fireblocks launched Liquidity Market on Oct. 15, giving payments companies a way to compare stablecoin quotes from multiple over-the-counter desks and trade with their chosen provider. The company said in its launch announcement that trades use customers’ existing credit terms and settlement arrangements with each desk.

Which trading desks are available at launch?

B2C2 and Zodia Markets are quoting prices at launch, while Cumberland, FalconX, GSR, Hercle, Nonco and Wintermute are expected to join, Fireblocks said. MoneyGram, OpenPayd, Reap, TapTapSend and Zepz joined as design partners.

Customers can request quotes from several desks, compare them side by side and execute through the Fireblocks Console or API. Each fill is recorded against its originating quote, according to the company. The market supports major stablecoins against the US dollar, euro, pound and other G10 currencies.

How does Fireblocks handle fees and settlement?

Fireblocks says it takes no spread, does not custody assets at conversion and does not sit in the flow of funds; settlement takes place directly between the customer and the liquidity provider. Unchained’s report also describes a consolidated view of credit, margin requirements and balances across connected desks.

The company said its Policy Engine enforces trading limits and execution permissions across providers, with quorum approval required to connect an account or place an order. That brings quote comparison and execution into the same platform where many customers already hold stablecoin treasuries, Fireblocks chief payments and network officer Ran Goldi said.

Fireblocks reported that trading firms moved nearly $50 billion in stablecoins to payments companies, fintechs and banks across its network over the previous 12 months. Liquidity Market is available to Fireblocks customers globally, and the company said it will add providers on a rolling basis.

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