Friday reflections on a key idea from our summit with @Securitize: 24/7 markets are more than a tech upgrade, but a structural shift. Onchain equities can unlock billions in trapped liquidity. Expect major progress in this area through 2026.
Thanks again to our guests 🤝
Nine years. 220+ team members and counting. Industry-defining partners.
Today we announce Series C funding from @scventuresDNA, @Ripple, and others, valuing Keyrock at $1.1B.
Congrats to our exceptional Keyrock team and partners. Expect more. 🚀
https://t.co/yCaVfX1ajy
Big News! Really proud of our @keyrock team, securing a Series C funding from SC Ventures, Ripple and other key investors, bringing our valuation to $1.1B.
https://t.co/OgOTDM3M4s
In collaboration with @Dune, we analyzed the onchain data behind the rise of prediction markets, from participation and volume to pricing behavior and market structure. 📊
Here’s the story 👇
Proud to stand with @circle for the launch of @arc, the Economic OS for the internet🌐.
We will be powering liquidity and efficient trading across the ARC ecosystem, driving smarter capital deployment for all.
Today, we launched the @Arc Public Testnet. This new generation of blockchain network represents a shift into economic operating systems for the internet. An extraordinary collection of world leading companies collaborating with us for this next phase.
https://t.co/hZnEL3TuGI
The Arc Ecosystem is Taking Shape
With today’s public testnet launch, we’re proud to share that leading companies across major sectors of the global financial system and onchain economy are already engaging in the early Arc ecosystem.
Collectively, these organizations manage hundreds of trillions in assets, facilitate vast global payment flows, and power billions of transactions every day.
Spanning the Americas, Asia, Europe, Africa, and the Middle East, the geographic diversity of testnet participants highlights a defining strength of Arc: it’s purpose-built to connect every local market to the global economy. As the Economic OS for the internet, Arc presents the opportunity for every type of company to build on enterprise-grade network infrastructure — advancing a shared vision that a more open, inclusive, and efficient global economic system can be built natively on the internet.
Stablecoins and asset issuers:
Arc is designed as a foundation for issuers of fiat stablecoins, along with tokenized equities, credit, money market funds, and more. Central to this is Arc’s roadmap for stablecoins as tokens for gas payments, as well as native infrastructure that will be deployed on Arc for core stablecoin swaps and FX liquidity.
Currency issuers from key geographies — Australia, Brazil, Canada, Mexico, and the Philippines — who are joining for Arc Testnet include:
AUDF issued by Forte Securities
BRLA issued by Avenia
JPYC issued by JPYC Inc.
KRW1 issued by BDACS
MXNB issued by Juno (a Bitso company)
PHPC issued by CoinsPH
QCAD issued by Stablecorp
In addition to these global currency issuers, Circle is engaging with a wide range of stablecoin issuers and stakeholders — including issuers of dollar-, euro-, and other fiat-backed stablecoins — to bring their assets to Arc. Stay tuned for more details on upcoming Arc platform enhancements designed for stablecoin-based gas fees, FX, and cross-stablecoin liquidity and interoperability, which are key themes and focuses for the emerging internet financial system.
Enabling developers
The day-one experience for developers is essential, and we are pleased to have many leading ecosystem players that provide developer tools and blockchain infrastructure to help bring applications and solutions to Arc.
Testnet participants include:
AI: Anthropic enriching the developer experience on Arc with Claude Code-powered builder tools.
Digital Wallets:
Bron, Exodus, Fireblocks, Hecto Innovation, Ledger, MetaMask, Privy, Rainbow, Turnkey, and Vultisig connect Arc into desktop and mobile app experiences.
Developer Tools:
Alchemy, Chainlink, Crossmint, Dynamic, FunXyz, LayerZero, Pimlico, thirdweb, and ZeroDev support builders with frameworks and kits.
Crosschain:
Across, Stargate, and Wormhole connect Arc to other blockchain networks.
Infrastructure:
Blockdaemon, Blockscout, Bridge, Elliptic, Quicknode, Ramp Network, Tenderly, Transak, and TRM help keep Arc accessible, performant, compliant, and reliable.
Digital asset markets and liquidity
DEXs:
Curve, Dromos Labs (Aerodrome, Velodrome), Euler Finance, Fluid, and Uniswap Labs provide decentralized trading and liquidity pools.
CEXs:
Bitvavo, ByBit, Coinbase, Coincheck, Hashkey, Kraken, and Robinhood expand access points into the Arc ecosystem.
Market Makers and OTCs:
Auros, B2C2, Cumberland, Galaxy Digital, GSR, IMC, Forte Securities, Keyrock, NONCO, Wintermute, and Zodia Markets provide efficient access to liquidity globally.
Borrow/Lend: Aave, Maple, and Morpho enable credit and capital efficiency with stablecoins and tokenized assets.
Yield:
Centrifuge, Superform, and Securitize power stablecoin-native yield opportunities.
Tokenized Fund Issuers:
WTGXX and CRDT by WisdomTree provide access to yield-bearing tokenized investment funds.
Custodians:
BitGo, Copper, Taurus, and Zodia Custody provide digital asset storage for institutions.
Global payments, technology, and fintechs:
Amazon Web Services, Brex, Catena Labs, Careem, Cloudflare, Corpay, Dmall, Ebanx, FIS, Hecto Financial, LianLian Global, Mastercard, Mercoin, Nuvei, Noah, Pairpoint by Vodafone, Paysafe, PhotonPay, Ramp, Sasai Fintech — a business of Cassava Technologies, Sumitomo Corporation, Visa, WorldPay, and Yellow Card.
Capital markets:
Apollo, BNY, NYSE / ICE, and State Street.
Banks, asset managers, and insurers:
Absa, Bank Frick, BlackRock Inc, BTG Pactual, Clearbank, Commerzbank, Deutsche Bank, Emirates NBD, First Abu Dhabi Bank, FirstRand, Fiserv, Goldman Sachs, HSBC, Invesco, Kyobo Life, SBI Group, Standard Chartered, Société Générale, and WisdomTree.
Bitcoin Treasury Companies have accumulated around 722k $BTC, equivalent to 3.78% of the entire $BTC supply.
In an upcoming Keyrock report, we dive into the structure and sustainability of these holdings. Stay tuned.
BTC consolidating at ATHs for several weeks and implied vol is approaching all time lows
Probably not a bad time to express directional views through longer dated calls/puts.
NFA
@keyrock has been an important pillar in scaling our vision to build DeFi's universal leverage layer.
We're actively onboarding more market makers interested in expanding onchain access to real world asset trading. If this is you, please reach out.