> ## Documentation Index
> Fetch the complete documentation index at: https://musubinetwork.com/llms.txt
> Use this file to discover all available pages before exploring further.
# Musubi
> Member-owned, operator-less stablecoin-to-stablecoin cross-border settlement for institutions. Atomic, private, and built on Canton.
Musubi is a cross-border settlement network on Canton that replaces correspondent banking with **atomic Delivery-vs-Payment (DvP)** settlement. 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-owned and operator-less**: no standing operator owns or unilaterally controls the network, 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.
The network has two owners. The **Gateway** owns the TradFi integration — fiat rails, on/off-ramp, and member onboarding. The **Core** 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.
## 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
## The Solution
| Property | What It Means |
| ------------------------------- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |
| **Atomic DvP** | Both currency legs settle in a single transaction. All four settlement legs succeed, or all roll back. No counterparty risk, ever. |
| **Competitive RFQ** | Market makers compete on price via anonymized requests. Best execution is documented and auditable. |
| **Privacy by design** | Each participant sees only the data they're authorized to see. Market makers never see sender/receiver identity. |
| **Member-owned, operator-less** | No standing operator owns the network and no single party — including the Core coordinator — can move assets unilaterally. Settlement requires cryptographic co-signatures from the independent parties. |
## Key Numbers
| Metric | Value |
| --------------------------------- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |
| End-to-end settlement | **\~15 seconds** |
| Settlement legs per transaction | **4** (atomic) |
| Confirming parties per settlement | **4** at the Canton mediator — Core coordinator + sender custodian + market maker + receiver custodian, derived from per-leg `Allocation` contracts' `{executor, sender, receiver}` signatory closure |
| Counterparty risk | **Zero** (atomic DvP) |
| Settlement proof | **1 transaction hash** covering all legs |
## Choose Your Integration Guide
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.
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.
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.
## 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.
```mermaid actions=false theme={null}
graph LR
I[Institution] <--> IB[Own Backend + DB]
C[Custodian] <--> CB[Own Backend + DB]
MM[Market Maker] <--> MB[Own Backend + DB]
IB <--> SN[Settlement Network]
CB <--> SN
MB <--> SN
SN <--> DvP[Atomic DvP]
```
## Current Status
Musubi is a member-owned production settlement rail, 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.