Fireblocks has launched a trading platform that allows payments companies to compare stablecoin prices from multiple liquidity providers in one place.
Fireblocks Liquidity Market enables customers to request quotes from different over-the-counter (OTC) trading desks and execute transactions under existing trading and settlement arrangements.
B2C2 and Zodia Markets are available as liquidity providers, with Cumberland, FalconX, GSR, Hercle, Nonco and Wintermute expected to follow.
OTC and trading firms transferred nearly US$50 billion in stablecoins to payments companies and financial institutions through the Fireblocks Network over the past 12 months.
However, sourcing liquidity still requires businesses to deal with trading desks individually.
“Payments companies already hold their stablecoin treasury on Fireblocks, and most of the desks they trade with do too.
The one step still happening outside the platform was the price discovery itself, and execution, negotiated desk by desk over chat and email. Bringing it inside means the desks they trust can all bid for every trade, under the same controls and policies that govern the rest of their treasury.”
The platform consolidates credit information and balances while enforcing trading limits and approvals through Fireblocks’ Policy Engine.
Fireblocks does not charge a spread or take custody during conversion. Customers settle transactions directly with liquidity providers.
Liquidity Market is available to Fireblocks customers and supports major stablecoins against the US dollar, euro, British pound and other G10 currencies.
Featured image: Edited by Fintech News Singapore, based on image by ismode via Magnific
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