GSX settles $350m on-chain as $125m liquidity waits
GSX has settled over $350m on-chain while none of its committed $125m settlement liquidity has moved yet.
- GSX co-founder Ryan Kirkley said zero of the committed $125m settlement liquidity has moved since the May 6 announcement.
- The firm has settled more than $350m on-chain, mostly through US dollar stablecoins.
- GSX is still forming the market maker entity that will deploy the committed liquidity.
Global Settlement Network co-founder Ryan Kirkley said the company has settled over $350m on-chain, even as none of its newly committed $125 million in settlement liquidity has moved.The disclosure, made in a recorded interview, draws a sharp line between the $125 million figure GSX announced on May 6 and the volume already running through its rails. “The answer right now is zero,” Kirkley said of the committed liquidity. “And that’s because we are forming our market maker entity as we speak.”
GSX separates committed liquidity from live volume
The $125 million includes a $100 million gold-backed stablecoin commitment led by Ubuntu Group, routed through Global Settlement Markets, the firm’s market-making subsidiary. Kirkley framed the sum as forward financing rather than active flow.
“This was future committed financing to allow us to be able to go through here and get everything set up correctly and get the proper rails in place,” he said.
The $350 million already settled has run mostly through US dollar stablecoins, Kirkley said. He added that GSX does not view those tokens as rivals, but as one option among several. “It is to say that there just has to be a secondary option and there’s a big market cap for that,” he said.
GSX declined to name the corridors or counterparties involved. “We wouldn’t necessarily disclose what countries choose to settle in because that’s obviously part of the reason why they work with us,” Kirkley said.The $11 million pre-seed and liquidity package landed days before the Senate Banking Committee advanced the CLARITY Act in a 15-9 vote, a bill many builders expect to reshape US digital asset rules.
Why GSX is not betting on the CLARITY Act
Kirkley said the firm is not building around the bill’s passage, despite industry optimism. “I approach this as the CLARITY Act is a bonus if it happens,” he said. “I’m not building the business for it to happen.”
Co-founder Kyle Sonlin echoed the point, citing nearly a decade in tokenized securities. “We’ve been building for years, man, and we’re going to keep building for years,” Sonlin said. “The opportunity exists for us on either side of this type of bill.”
Sonlin said the firm’s gold-backed approach targets countries caught between competing settlement blocs, a structure that overlaps with the broader push toward tokenization of real-world assets. GSX joined the Canton Network as a public validator and deployed its compliance product, GSX ID, on the network alongside institutions including Goldman Sachs and Visa.
The CLARITY Act still needs roughly seven more Democratic votes to clear the full Senate, a hurdle that also weighs on assets like XRP tied closely to US regulatory outcomes. Until then, GSX says its day-to-day operations remain unchanged, with the bulk of its committed capital still waiting on the sidelines.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
You may also like
SoftBank reports first quarterly loss in two years! $3.7 billion impairment in US data center project, AI investments face pressure
SoftBank Group reported a net loss of 1.12 trillion yen in its second fiscal quarter, marking its first quarterly loss in nearly two years. The main reasons are the write-off of nearly $3.7 billion in advance payments due to adjustments in the procurement of power supply equipment for its AI data center in Ohio, USA, a shift of the Vision Fund from profit to loss, and a surge in the cost of high-debt financing. Since the June peak, SoftBank's share price has fallen more than 50%.
Expanding computing power on one hand, grabbing spectrum on the other! Barclays optimistic about SpaceX (SPCX.US) acquiring T-Mobile: Complementary advantages of ground networks and Starlink
After Space's stock price rose for two consecutive days, Barclays stated that T-Mobile is the "cleanest" choice among SpaceX’s potential acquisition targets. Barclays considers Verizon a major unknown, while AT&T has the lowest strategic fit.
Will the Federal Reserve raise rates in December? Tonight's CPI will be the final verdict!
The October CPI data will be released tonight, with the market pricing in an 86% chance of a rate hike. Goldman Sachs predicts a core CPI month-on-month increase of only 0.16%, much lower than market expectations. However, statistical distortions in health insurance and declines in used car prices—these "soft factors"—are unlikely to be reflected in the core PCE, which the Federal Reserve places greater emphasis on. The data may trigger a relief rally, but it is unlikely to change the underlying hawkish sentiment.
A 14x PE is not a bargain! Renowned wealth management CEO warns: If Nvidia (NVDA.US) earnings are revised down by 5%, its stock price could drop by 40%.
Ritholtz Wealth Management CEO Josh Brown questioned the idea that a 14x P/E ratio is a bargain and issued a warning: "If Nvidia's earnings over the next 12 months are revised down by 5% from our expectations, the stock could potentially drop by 40%."
Crypto prices
More
