Fireblocks Launches Stablecoin Quote Market for Payment Firms

Fireblocks has launched a marketplace that lets payment companies compare stablecoin prices from multiple over-the-counter desks in one place and trade with a provider under existing credit and settlement terms.

Called Liquidity Market, the service lets customers request prices from multiple desks for the same transaction and view the offers together. Customers can execute with the provider they select using their existing arrangements with that desk.

Fireblocks takes no spread on trades and does not take custody of assets during a conversion or handle the funds. The customer and trading desk settle directly with each other. The service covers major stablecoins against the U.S. dollar, euro, pound and other G10 currencies, and is available to Fireblocks customers worldwide.

B2C2 and Zodia Markets are live providers. Cumberland, FalconX, GSR, Hercle, Nonco and Wintermute are expected to join. MoneyGram, OpenPayd, Reap, TapTapSend and Zepz participated as design partners.

OTC and trading firms moved nearly $50 billion in stablecoins to payment companies, fintechs and banks across the Fireblocks network in the prior 12 months. MoneyGram Senior Vice President and Treasurer Anthony Silva said access to multiple providers can “build resilience into the hard to reach corridors.”