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Musubi is an RFQ-based stablecoin FX venue. As a market maker, you receive anonymized quote requests, compete on price, and settle won trades atomically. You provide USDCx liquidity; you receive JPYSC0 from won swaps.

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How This Compares to What You Know

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The Key Difference: Anonymized Flow

You never see who is asking for a quote. The RFQ contains only:
  • Currency pair (e.g., JPYSC0/USDCx)
  • Target amount (e.g., 100,000 USDCx)
  • Deadline for quotes
No sender identity, no receiver identity, no geographic information. Price the flow, not the name. This is enforced by the settlement network at the protocol level, not by field masking — the data is not sent to you.
After settlement the boundary moves, and you should know where. Your Musubi records and every market-maker API and screen contain swap amounts, rate and settlement proof — no counterparty identity, ever. But settlement is one atomic transaction that you co-sign, so the settled order itself is disclosed to your own node with both institutions and both custodians named. It is in your infrastructure, and it is your data to handle. The Privacy Model states this in full.

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Guide Structure

Quoting Workflow

How RFQs arrive, competitive dynamics, quote lifecycle, and what you see.

Liquidity & Settlement

What happens when you win: DvP mechanics, P&L, risk profile, and liquidity management.

Security

Authentication, data isolation, and visibility boundaries.

Integration Guide

Architecture, automated quoting setup, onboarding, and monitoring.

API Reference

Endpoints, request/response examples, quote status flows, and SSE events.