Already custody billions for banks and brokers. Want vendor-independent settlement (explicitly not Fireblocks or Ledger lock-in). They want to be the preferred QC on Blockstream Connect, not replace it. Posture required from us: Silent Infrastructure — backend role, custodian's brand stays on top.
- Hex Trust — HK / Thailand
- Komainu — UK / Singapore
- Tangany — Germany
- Bank Frick — Liechtenstein
- JTC Group — Dubai / UK
- Anchorage — US
- TitlesCPO / Head of Custody / CEO
- Committee2–3 people
- CycleWeeks to months
- Required postureSilent Infrastructure — backend only
- ECS (Enterprise Custody)
- Blockstream Connect (off-exchange)
- Credit Risk Engine
- Blockstream Explorer API
Recurring pain: T+1 settlement gap, weekend blackouts (60-hour collateral exposure), fragile single-oracle pricing, AML/KYC latency, core banking integration with on-chain BTC, deposit flight to stablecoins. Large committees (5–9 people), 6+ month cycles. APAC-led — almost no continental EU bank engagement.
- DBS Bank — Singapore
- Standard Chartered — SG / HK / UK
- HSBC Ventures — Hong Kong
- Cross River Bank — NYC
- TitlesHead of Tokenization, Head of FX/Digital Assets, CISO, Group Head Digital Assets, MD API & Digital Asset Platforms
- Committee5–9 people (StanChart listed 9, DBS listed 8)
- Cycle6+ months
- Required postureWhite-glove, on-prem, security-first
- ECS (on-prem)
- AMP (tokenized deposits)
- LaaS (private sidechain, bank consortia)
- Credit Risk Engine
- Simplicity / DApp Store
- Off-Exchange Connect
Already hold treasury BTC. Want non-custodial yield without leaving their own wallets — Liquid + AMP issuance is the unlock. They're the TVL flywheel. EchoX explicitly says Liquid's biggest gap is idle capital, not programmability. 1–2 person committees, days-to-weeks close.
- HiNode / Gumi — Japan
- EchoX — Japan / Taiwan
- Bitcoin Suisse — Switzerland
- Bank Frick — Liechtenstein
- FV Bank — Singapore
- Pythagoras Investments — NYC
- BankSocial, Eulen, Inhabit, CanPay
- TitlesCEO / Co-Founder, Head of Digital Assets, Head of BD
- Committee1–2 people
- CycleDays to weeks
- Required postureTechnical depth, partnership framing (not vendor)
- AMP
- Simplicity / DApp Store (gaming, escrow)
- Lightning BTC Yield / GreenLight
- ECS
- Blockstream Explorer API
"We don't like Roadmap Ransom, where providers like Fireblocks charge upwards of $1M for custom roadmap items. Liquid Network integration is now a sub-3-hour process via the LWK — a complete gamechanger."
"The fireball moment for Liquid is when it is used as a settlement clearing network between different financial institutions holding different assets in an interoperable way — as one single deep liquidity pool."
"Reliable BTC/USD pricing remains fragile: single-oracle inward spirals force banks to mandate multi-oracle ensembles. Weekend settlement blackouts leave collateral exposed to 60-hour volatility. Core banking systems lack native bookkeeping for on-chain BTC custody. Until these systemic faults are fixed, institutional BBL remains a utopia."
"Our primary pillars for all digital tools are Security, Safety, and Regulatory Compliance. Banks need to be risk-seeking and build before the regulations arrive; if you wait for the rules, you've already lost."
"The blind/unblind transaction capability is a standout differentiator. I haven't heard this from many other players. On-chain compliance and KYT are critical given our Elliptic investment, and I can see how AMP 2.0's embedded KYC, travel rule, and multi-hop transaction tracing directly connects to what we're already doing."
"Liquid's $3.3B TVL remains heavily skewed toward non-yielding stablecoins and pegged BTC. The 'daily bleeding of basis points' against Aave or CeFi alternatives is now the single largest barrier to scaling institutional TVL from eight to nine figures. Liquid has solved confidentiality and peg security; now it must solve idle capital, or remain RWA-constrained forever."
"80% of our assets sit on Sui, but we see Liquid Network as the most credible Bitcoin-native venue for safe, institutional-grade yield on BTC."
| Rank | Region | Why it surfaces |
|---|---|---|
| 1 | Singapore | DBS, SGX, StanChart, FV Bank — MAS-led |
| 2 | Hong Kong | StanChart, HSBC, Hex Trust, Komainu — HKMA-led |
| 3 | Dubai / UAE | StanChart, JTC, Komainu — VARA-led |
| 4 | Switzerland / Liechtenstein | Bitcoin Suisse, Bank Frick, AMINA — FINMA / FMA |
| 5 | UK | Komainu, Archax, SS&C |
| 6 | US (NYC) | Cross River, Blackstone, Pythagoras, Samsung Securities America |
| 7 | Japan / Korea | HiNode, EchoX, Samsung Securities |
| 8 | Germany / EU | Tangany — thin |
- Already runs own keys / HSMs? Hex Trust and HiNode both flagged this as a precondition for adopting Blockstream's MPC + HSM stack. If they're not running keys today, the integration curve is steeper.
- Regulated under a privacy-tolerant regime? VARA (Dubai), MAS (Singapore), HKMA, FINMA (Switzerland), FMA (Liechtenstein) all surfaced positively. Confidential Transactions only land where the regulator allows them.
- B2B2C model where they own the end customer? Cross River named this directly — their cycles run long but stick. Custodians and banks that white-label to clients downstream are the highest-LTV segment.
"Client demand for tokenized private market products remains structurally absent. We service thousands of wealth intermediaries and hundreds of thousands of end investors, and despite years of supply-side push from asset managers, no RWA product has truly scaled. BlackRock BUIDL at $2B is the benchmark and it is still subscale."
"We are blockchain agnostic and we will deploy on Liquid the same way we deploy everywhere else, but the decision is never ours to make. Asset managers tell us where their distributors, broker dealers and investors are and we follow."
Implication: they will not pull demand into Liquid. Sell to the distributor or wealth platform that pushes demand to them. Tokenized-deposit pilots and bank-led RWA programs (HKMA Ensemble, StanChart + Ant) are the right wedge.