The KeyStone system settles every leg of a transaction across ledgers of every kind in one movement: your policy before commitment, an anchored proof after it.
Each institution holds its leg where it already holds it.None of them can reach the others.
Parties agree trades on their own venue, or a clearinghouse nets them into net settlement obligations, before KeyStone sees anything.Each side states its own leg and the terms.No side is shown another side's book.
Permissioned assets, screening and eligibility are checked before anything is committed.
Each leg is held on its own ledger.Nothing has moved, and every leg can still be released.
They release together, all of them or not one.There is no moment in which one side has delivered and the others have not.
A proof is struck that anyone can check against every ledger involved, without asking us.
Many legs, many parties, many ledgers, or a clearinghouse's whole batch.Still one instruction, and still one movement.
Ethereum, Solana and their kind, permissionless and open to anyone.
Canton, Besu and member-run networks operated by the firms that use them.
A central securities depository's own book of record, run under its own rules.
A clearinghouse's own book, where positions and margin already live. Its net settlement obligations are an instruction KeyStone is built to settle.
An exchange's own issuance and settlement book for the instruments it lists.
A bank's or a provider's internal book, private and never exposed.
All legs commit together or none commits. There is no window in which one side has delivered and the others have not.
It is built to settle an exchange or a one-way delivery, gross trade by trade or net in batches on the cycle the parties set, inside each party's own custody perimeter and with no third-party escrow.
This is the risk CLS was built to take out of foreign exchange. Tokenization is reintroducing it, in every asset class at once.
Every settlement writes a proof that can be checked against the ledgers involved, by anyone, without asking us and without trusting us.
Finality is evidenced rather than asserted, which is what makes it usable in a dispute.
Your rules run before anything moves: permissioned assets, counterparty screening, jurisdiction and eligibility.
A settlement that would fail your policy never reaches the engine, so there is nothing to unwind.
Assets stay with the custodian that already holds them. There is no KeyStone wallet, no omnibus account, and nothing for your client to fund with us.
We are not on either side of the trade. There is no KeyStone exposure for your risk team to price, and no limit to set against us.
Nothing is wrapped or re-issued. Each leg settles natively on the ledger it already lives on.
No value passes through KeyStone at any point in a settlement. The instruction carries what each side must know and nothing more.
KeyStone settles pre-matched trades and net settlement obligations only. It matches nothing, prices nothing and nets nothing.
The system sits inside what you already run. Your clients settle in your product, on your screens, under your terms. There is no bilateral onboarding to every counterparty, no second interface, and no account to pre-fund.
What changes for them is that reaching beyond your boundary stops costing them. What changes for you is that the revenue which used to leave, stays.
Bring a settlement your desk runs today and we will walk it through.
You submit your own instruction and watch every leg commit together, or none of them. It runs in the KeyStone pre-production environment, on our side only, with nothing at risk. Access is by arrangement, in closed pilot.
We review every request and reply within one working day. The first step is a mutual non-disclosure agreement, then a scoping call.