> ## Documentation Index
> Fetch the complete documentation index at: https://musubinetwork.com/llms.txt
> Use this file to discover all available pages before exploring further.

# Market Maker Overview

> How Musubi works from a market maker's perspective.

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.

## How This Compares to What You Know

|                       | CEX/DEX Market Making                                   | Musubi                                                                          |
| --------------------- | ------------------------------------------------------- | ------------------------------------------------------------------------------- |
| **Order model**       | Continuous order book or AMM pool                       | RFQ — you quote on demand per request                                           |
| **Counterparty**      | Exchange (CEX) or smart contract (DEX)                  | Atomic DvP with institutional counterparties — no exchange intermediary         |
| **Anonymity**         | Pseudonymous on-chain / exchange account                | Fully anonymous — you see currency pair and amount only, never the counterparty |
| **Settlement**        | Instant (CEX internal) / block confirmation (DEX)       | Atomic 4-leg DvP in \~4 seconds                                                 |
| **Counterparty risk** | Exchange custody risk (CEX) / smart contract risk (DEX) | Eliminated — atomic swap, both legs or neither                                  |
| **Inventory**         | Held on exchange or in smart contract                   | Held in your own custody (Canton Holding) — never deposited into an exchange    |
| **P\&L visibility**   | Exchange dashboards / on-chain analytics                | Settlement record with exact amounts, rate, and cryptographic proof             |

## 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 anonymity is enforced by the settlement network at the protocol level — it cannot be circumvented.

<Info>
  Even after your quote is accepted and the trade settles, you still do not see the sender or receiver identity. Your settlement record contains swap amounts, rate, and settlement proof — nothing more.
</Info>

## Guide Structure

<CardGroup cols={3}>
  <Card title="Quoting Workflow" icon="comments-dollar" href="/market-maker/quoting-workflow">
    How RFQs arrive, competitive dynamics, quote lifecycle, and what you see.
  </Card>

  <Card title="Liquidity & Settlement" icon="arrows-rotate" href="/market-maker/liquidity-and-settlement">
    What happens when you win: DvP mechanics, P\&L, risk profile, and liquidity management.
  </Card>

  <Card title="Security" icon="lock" href="/market-maker/security">
    Authentication, data isolation, and visibility boundaries.
  </Card>

  <Card title="Integration Guide" icon="plug" href="/market-maker/integration-guide">
    Architecture, automated quoting setup, onboarding, and monitoring.
  </Card>

  <Card title="API Reference" icon="code" href="/market-maker/api-reference">
    Endpoints, request/response examples, quote status flows, and SSE events.
  </Card>
</CardGroup>