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Musubi is a cross-domain atomic settlement network on Canton that replaces correspondent banking with atomic Delivery-vs-Payment (DvP) settled directly between the parties. Both legs of an FX swap settle in a single transaction — in seconds, not days — with zero counterparty risk. Musubi connects institutions, custodians, and market makers across the JPYSC0 / USDCx corridor through a competitive RFQ model with privacy by design. It is member-governed with no central intermediary: no central custody (the network never holds your assets), no central counterparty (Musubi never steps into your trade), and no single party, including the Core coordinator, can move assets on its own. Every settlement requires cryptographic co-signatures from the independent parties involved. Musubi is co-developed by SBI Digital Practice and Nodeinfra, and the network has two owners. The Gateway (SBI Digital Practice) owns the TradFi integration: fiat rails, on/off-ramp, and member onboarding. The Core (Nodeinfra) owns the settlement protocol: the DAML contracts, transaction coordination and co-submission, and the SDKs. Core coordinates and co-submits on every settlement, but it never custodies assets, sets FX rates, or moves value unilaterally.

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The Problem

Cross-border payments between Japan and Korea today involve:
  • 1-3 business days to settle through correspondent banking chains
  • Herstatt risk — one party delivers but the other hasn’t yet
  • Multiple intermediaries — 2-4 correspondent banks, each adding fees and latency
  • Opaque FX rates — bank’s internal pricing, no competitive bidding
  • Fragmented audit trails — SWIFT messages at each hop, no single proof of settlement

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The Solution

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Key Numbers

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Choose Your Integration Guide

Institution

Initiate cross-border payments, select best execution from competing market makers, and settle atomically in ~15 seconds. Like sending a wire — but with competitive FX rates and instant finality.

Custodian

Authorize asset movements for your institutional clients with cryptographic dual control. Co-sign trades, safekeep settlement assets, and maintain full audit trails. Same fiduciary role — enforced by protocol.

Market Maker

Receive anonymized RFQs, compete on price, and settle won trades atomically with zero counterparty risk. Like quoting on a multi-dealer platform — but fully anonymous and with instant settlement.

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Architecture

Each participant runs their own isolated infrastructure — backend, database, and settlement node. No shared systems, no shared data. Cross-party coordination flows exclusively through the settlement network.

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Current Status

Musubi is a member-governed settlement network co-developed by SBI Digital Practice and Nodeinfra, currently validating on the Canton Network testnet with institutional members. Membership is anchored on-chain: a 3-tier registry frames who is a member (Membership), what a member may do (Mandate), and the rules members agree to (Rulebook), with the validator node serving as on-chain membership.