Foreign exchange moves roughly $10 trillion every day.

Yet for most participants, the market is still surprisingly opaque.

Banks, brokers, RFQ platforms, and other intermediaries determine which prices customers see, which counterparties they can access, and how much markup sits between the wholesale market and the end user. The deepest liquidity and tightest pricing remain concentrated among a relatively small group of institutions with the right relationships, credit, and infrastructure.

Stablecoins are beginning to change the settlement layer beneath this market. Capital can move faster, markets can operate continuously, and cross-border settlement no longer needs to depend entirely on traditional banking rails.

But faster settlement does not automatically create a better FX market.

Every currency conversion still needs a price.

Every hedge still needs liquidity.

Every participant still needs somewhere to trade.

Hibachi is building that market.

Transparent prices. Private intent.

There is an important distinction at the center of good market structure:

Prices should be transparent. Trading strategies should not be.

A healthy FX venue needs both.

Participants should be able to see the best bid and offer, available market depth, and executed trades. Market makers should compete directly for flow, and prices should emerge from real supply and demand rather than from whichever dealer happens to answer an RFQ.

That is how price discovery works.

But transparency in pricing does not mean every participant should be forced to reveal their positions, intentions, or trading strategy.

For professional traders and institutions, order flow is information.

A large order can signal conviction. A visible position can reveal risk. Repeated trading patterns can expose strategy.

Serious markets need discretion.

Hibachi is designed around that separation: transparent market data, private participant data.

Our central limit order book exposes bids, offers, available depth, and executed trades while keeping individual positions and sensitive order flow from being publicly exposed.

What institutional FX actually requires

Privacy alone is not enough.

Neither is transparency.

Neither is speed.

An institutional FX venue has to deliver all of them together.

The requirements are straightforward:

• Deep liquidity, so meaningful size can trade without excessive market impact.

• Low-latency execution, so prices remain actionable when markets move.

• Transparent price discovery, so participants know where the market actually is.

• Private execution, so trading activity does not become a signal for everyone else.

• Reliable settlement, so capital can move continuously and predictably.

• Flexible custody and controls, so institutions can operate within their existing risk frameworks.

• Verifiable market integrity, so participants can trust the state of the venue without exposing their positions.

That combination is what Hibachi is building for stablecoin FX.

Why the existing model falls short

Much of FX today remains relationship-driven.

Large banks quote directly to customers. Multi-bank platforms aggregate dealer prices. RFQ systems make requesting quotes faster. APIs make routing more efficient.

These are useful improvements, but they mostly make it easier to access existing liquidity.

They do not fundamentally change where prices are formed.

Wholesale venues sit much closer to true FX price discovery, but access is limited by credit relationships, scale, and infrastructure. Multi-bank and RFQ platforms broaden access, but customers are still asking a dealer to show them a price.

Stablecoin execution platforms face a similar issue. They can improve settlement and routing, but if the user still requests a price from a liquidity provider, the underlying market structure remains dealer-driven.

Hibachi takes a different approach.

We are not building another layer between the customer and the market.

We are building the market.

From quote access to price discovery

On Hibachi, market makers quote directly into a central limit order book.

Participants can see where buyers and sellers are willing to trade. They can see available depth. They can execute against live liquidity.

The market itself determines the price.

That difference matters.

A routing platform can help a user find liquidity.

A price-discovery venue is where liquidity forms.

And liquidity tends to concentrate where prices are formed.

As more market makers compete on Hibachi, spreads can tighten and depth can improve. Better execution attracts more taker flow. More flow gives market makers a reason to allocate more capital. More capital improves the market again.

That is the liquidity flywheel Hibachi is designed to create.

Privacy is a feature of serious markets

Traditional financial markets have always understood that not every piece of information should be public.

A hedge fund does not want competitors seeing its full position.

A market maker does not want its inventory exposed.

A corporate treasury desk does not want a large currency conversion telegraphed before it executes.

A broker does not want customer flow becoming a public signal.

That is not secrecy for secrecy’s sake.

It is market integrity.

Public pricing helps markets become more competitive.

Public strategies make participants easier to exploit.

Hibachi is built to preserve the first without forcing the second.

Performance matters because FX moves in real time

FX is a continuous global market.

Prices change quickly. Liquidity moves across regions and sessions. Market makers update quotes constantly. Professional participants cannot wait for slow settlement cycles or execution infrastructure that breaks down under load.

Hibachi’s matching engine is designed for continuous, low-latency trading and large order volumes, allowing professional market makers and active traders to quote and execute at scale.

Stablecoin settlement adds another advantage.

Trading does not need to inherit every limitation of legacy banking hours and correspondent networks. Funding and settlement can operate continuously, creating a market structure designed around how global capital actually wants to move.

Stablecoins need price discovery

Stablecoins have already changed the movement of money.

The next step is changing the market around that money.

Today, USD stablecoins dominate, which means every non-dollar participant eventually faces an FX problem. A fintech serving users in another currency needs conversion. A payment provider needs hedging. A broker needs execution. A corporate treasury needs to manage currency exposure.

As more currencies move onto stablecoin rails, that need only expands.

Stablecoin FX requires more than wallets, payment rails, and settlement infrastructure.

It requires a market.

A place where liquidity providers compete.

A place where participants can see prices.

A place where currencies can be converted and hedged at scale.

A place where price discovery happens.

That is the role Hibachi intends to fill.

The new standard for FX

The opportunity is not to rebuild traditional FX exactly as it exists today on new rails.

It is to build a better market structure from the start.

Transparent pricing.

Private execution.

Low-latency performance.

Continuous stablecoin settlement.

Institutional controls.

Open competition between liquidity providers.

FX does not need another interface for requesting prices from the same intermediaries.

It needs a venue where prices are formed.

Privacy isn’t enough. Speed isn’t enough. Stablecoin settlement isn’t enough.

The real opportunity is bringing them together in one market.

Hibachi is building the price-discovery venue for stablecoin FX.

Stablecoins are changing how money moves. They enable faster funding, continuous settlement, and simpler cross-border transfers. But changing the settlement rail does not automatically change how currencies are priced.

The market still needs a place where buyers, sellers, and market makers can meet, compete, and form prices.

The goal is simple: bring open market structure to one of the largest and most intermediated financial markets in the world.

Stablecoins changed settlement. FX still needs a market.

Most participants in FX do not trade directly in the market where prices are formed.

Instead, they access liquidity through banks, brokers, routing platforms, and other intermediaries. Those layers determine which prices participants see, which counterparties they can access, and how much markup sits between the wholesale market and the end user.

Stablecoins remove some of the friction around moving and settling capital, but they do not solve price discovery by themselves. The settlement asset may change while the underlying market structure remains the same.

Hibachi is designed to change both.

A real market for stablecoin FX

Hibachi operates around a central limit order book.

Market makers quote directly into the market. Participants can see available prices and depth and execute against live liquidity rather than requesting a price from a dealer or relying on an intermediary to decide what price to show them.

The “Wynn Upgrade” established the infrastructure required to make that market perform at institutional scale:

• High-performance execution: low-latency matching designed for active market makers and professional trading flow.

• Transparent price discovery: visible bids, offers, market depth, and executed trades allow prices to emerge from real supply and demand.

• Private execution: trading activity and positions do not need to be exposed publicly, reducing information leakage for participants executing meaningful size.

• Stablecoin-native settlement: capital can move and settle continuously without depending on traditional banking windows.

• Verifiable market integrity: cryptographic verification provides transparency into the integrity of the venue without requiring participants to expose their positions.

The distinction matters.

Prices should be public. Trading strategies should not be.

An institutional FX venue needs both.

Where price discovery happens, liquidity follows

Many existing platforms make FX easier to access, but they still sit on top of the same underlying market structure.

RFQ platforms help users request prices. APIs make routing faster. Brokers connect customers to liquidity providers. Stablecoin infrastructure makes settlement easier.

But these systems generally do not create a new place where liquidity itself forms.

Hibachi does.

Market makers can compete directly. Buyers and sellers can place orders. Participants can observe available liquidity and trade against the market itself.

That creates a different dynamic: as more liquidity forms on Hibachi, execution improves. Better execution attracts more trading flow. More flow attracts more market makers and more capital.

Liquidity compounds around the venue where prices are formed.

Built for the next generation of FX

Stablecoins are becoming financial infrastructure, not simply crypto infrastructure.

As more companies, trading firms, brokers, payment providers, and financial institutions fund and settle using stablecoins, they will still need to convert currencies, hedge exposure, and discover prices.

Moving money is only one side of the equation.

The bigger opportunity is building the market where that money trades.

Hibachi is building that market: a stablecoin-native FX exchange combining institutional-grade execution, transparent price discovery, private trading, and continuous settlement.

The destination is much larger: becoming the venue where stablecoin FX prices are formed.

Stablecoins began as a crypto-native product. Now they are being used to move and settle money at scale.

The stablecoin market cap grew from $5B in 2020 to over $308B in 2025. Along the way, stablecoins have evolved from a niche payment rail into a mainstream way to move value, with $46T in transaction volume last year. Regulation is starting to catch up as well: in a Deloitte survey of large enterprises, only 1% of CFOs said they do not envision using stablecoins in the long term.

As stablecoins become a standard way to hold and move value, the need for onchain FX markets grows. Spot FX is a $10T daily market, built by a banking oligopoly to preserve opacity and restrict access to liquidity. Operations are slow (T+2) and require credit lines, preserving an outdated and expensive walled garden.

Even though stablecoin adoption is accelerating and allows for near-instant, always-on settlements, FX markets still run on legacy plumbing, requiring days to transfer. There is currently no venue that combines stablecoin settlement with exchange-grade order execution, depth of liquidity, a transparent orderbook, and the controls and reliability required by professional market participants.

Stablecoins denominated in different currencies open a new landscape for competition, where broad access, instant settlement, and a transparent order book will compete with the walled garden.

That is the opportunity for Hibachi to build on.

Hibachi: The Missing Piece in Stablecoin FX

Hibachi is building an FX exchange for a stablecoin-settled world, spanning spot and derivatives. This is a venue where instant settlement is the default, with tight bid-ask spreads, deep liquidity, and matching speeds and uptime that support the needs of professional traders.

Why current options fall short:

• Traditional FX Venues: Liquid and deep but only accessible via a request for quote from a bank; inaccessible without bank intermediation. Delivery requires a nostro account in each currency. Collateral ends up scattered across institutions and jurisdictions, and routine movement still depends on legacy T+2 settlement cycles and intermediaries.

• Centralized Crypto Exchanges: Fast and convenient, but require trusting an intermediary with custody. Bankruptcies are rare, but the history is long, from Bear Stearns to FTX. When they happen, the downside is catastrophic. The lesson is simple: giving someone else control of your money is fine until it isn’t.

• Onchain Venues: Transparent and self-custodial, but trading lacks privacy protections. When orders, positions, and capital moves are visible, other participants can trade ahead of large orders and copy strategies. Most venues also do not meet the compliance requirements regulated firms need, which functionally excludes institutional sources of liquidity.

In short, the market presents partial solutions: execution with custody and counterparty risk, or self-custody with transparency tradeoffs that do not work for professional FX trading.

Hibachi is building an FX venue to close that gap by designing for:

• Instant settlement

• Speed of execution, tight spreads, and deep liquidity

• Private orders and positions without sacrificing the benefit of onchain verification

• Solvency that can be verified

• Custody options including self-custody and third-party custodian integrations

• Compliance and reporting that meet the needs of regulated firms

Hibachi on Arc: Infrastructure for Always-On FX Markets

We’re proud to be a Circle Ventures portfolio company through our early participation in the Arc Builders Fund. We’re building our new FX exchange on Arc as it is the perfect foundation with its sub-second finality, stablecoin gas fees, and configurable privacy.

The future of FX is being rewritten in real-time. As digital assets achieve true monetary utility, stablecoin-native foreign exchange will emerge as the foundational layer for the internet of money.

Hibachi is architecting this transformation. While others debate whether this shift will happen, we’re building the rails that will carry trillions in value. The question isn’t whether stablecoin FX will become a core financial market. It’s who will have the vision and execution to define it.

That market is being built now. By Hibachi.