Trade across institutional boundaries.
Private, multilateral settlement, net or gross, between venues and custody locations on institutional and public ledgers. No venue joins another, and no firm funds the same exposure twice.
Request a briefing →Tokenization aspired to rebuild an outdated system, but private ledgers created new private markets.
ledgers in use across financial services, digital islands that do not reach one another. Between any two of them a firm pre-funds the far side, delivers first and waits, hands the trade to an agent, or posts capital on both.
Citi Institute, Tokenization 2030: Wall Street On-Chain, June 2026. Ledger count as of May 2025.
KeyStone settles pre-matched trades between two or more books at once: public ledgers, bank and consortium networks, depositories, custodians and the books of clearinghouses. Each leg is screened, committed where it sits, and released only when every other leg is.
KeyStone holds nothing, nets nothing, matches nothing and is never a counterparty. A bilateral trade and a clearinghouse's net settlement obligations settle the same way. A firm keeps its venue, its clearer and its custodian, and pays nothing for the choice at settlement.
How a settlement happens →Your members settle against counterparties, assets and cash outside your membership, from inside your book. Your rulebook, your margin model and your book of record do not change.
Your book stays the book of record. Your participants settle against assets and cash held outside it, net or gross, all legs or none.
The listing stays on your book. The whole market becomes its buy side.
Assets never leave your vault. Your clients trade against counterparties at other custodians, and the custody stays with you.
Nothing in your stack changes. Counterparties on other ledgers and at other clearers become flow you can quote.
Quote every venue from one balance, and join none of them.
Custody and mandates stay put. Positions reach the best venue, not the nearest.
Cleared or bilateral, sponsored or direct. Cash and collateral stay where you hold them and settle from there.
A book is a market that ends at its own edge.
A firm can trade with the counterparties it can settle with, and where its assets and its cash sit decides who those are. So a desk takes the worse trade it can settle instead of the better one it cannot, and every platform's pool of counterparties stops at its own membership.
KeyStone is built so a participant reaches counterparties, assets and cash held outside their book, from inside it. Nothing is onboarded, nothing is re-papered and no membership is shared. What a counterparty owes is netted on its own book before any instruction reaches KeyStone, and the netted result settles as one set, all legs or none.
What changes on your desk →KeyStone never holds assets, never nets, never matches trades, never bridges chains, is never in the flow and is never a counterparty. It cannot compete with the clearinghouses, venues and custodians it connects, which is why rivals can settle through it.
A settlement carries what its own legs require and nothing else. No counterparty sees your book, your positions or the rest of your business, and neither does KeyStone.
Built by the operators of payments infrastructure that clears billions, engineered to the standard institutional regulators expect.
The full lifecycle runs end to end on testnet, since April, accessible to institutions in closed pilot. Every settlement is independently verifiable, on-chain, by anyone.
Cash trades settle across ledgers, custodians and clearers, on the cycle the parties set.
/02Intraday to term, at one clearer or across several. Quote any desk from the collateral you already hold.
/03Tokenized shares settle against cash across venues, clearers and depositories, with no copy minted.
To face a counterparty at another venue or clearer today, your clients pre-fund it, and that cash does nothing else. With KeyStone they settle from the balance they already hold, and the cash stays theirs.
Your clients reach counterparties, venues and clearers you do not connect to today, under your name, and the fee on that flow is shared with you. Nothing to license, nothing to build.
No license fee and no integration fee. One connection, and every book on the network is reachable from inside what you already run.
Fees are borne by the transacting parties at settlement finality, paired with a white-labeled, client-specific receipt and audit bundle.
The client-facing rate does not move. KeyStone's share of it compresses as your volume grows, and the difference is yours, paid under your own name at settlement finality.
A member that clears at one house and faces counterparties at another carries the same exposure at both. Settled across the two, it is carried once, and the second collateral pool returns to use.
Cash pre-positioned at every venue and clearer a firm faces is cash doing nothing else, and it is the price of being able to face them at all. Settled from where it already sits, the cash comes back to the balance sheet and the reach it was buying stays.
A clearinghouse's net settlement obligations settle as one batch, all legs or none. The liquidity netting saves is not spent settling gross in real time, and no one carries the principal. KeyStone nets nothing of its own: the counterparty nets on its own book, and the netted result settles against assets and cash held outside it.
Connect once. Settle across every venue and clearing network,with nothing pre-funded and nothing to join.
Request a briefing →Bring a settlement your desk runs today and we will walk it through.