PCP is the institutional credit rail for tokenized & digital assets.

Standardized messaging infrastructure to request, receive, and enforce bilateral credit without moving collateral out of custody.

Join the Waitlist

Request a Demo

What we do

PCP provides custody native infrastructure that automates pre-loan negotiation, post-deal enforcement, pre & post loan compliance and full lifecycle management for institutional credit.

Combining custodian-based collateral settlement, pre & post loan compliance. With standardized, cross-jurisdictional legal enforceability.

PCP provides custody native infrastructure that automates pre-loan negotiation, post-deal enforcement, and full lifecycle management for institutional credit.

Combining custodian-based collateral settlement, pre & post loan compliance. With standardized, cross-jurisdictional legal enforceability.

PCP provides custody native infrastructure that automates pre-loan negotiation, post-deal enforcement, pre & post loan compliance and full lifecycle management for institutional credit.

Combining custodian-based collateral settlement, pre & post loan compliance. With standardized, cross-jurisdictional legal enforceability.

PCP provides custody native infrastructure that automates pre-loan negotiation, post-deal enforcement, pre & post loan compliance and full lifecycle management for institutional credit.

Combining custodian-based collateral settlement, pre & post loan compliance. With standardized, cross-jurisdictional legal enforceability.

Why it matters

$10T

Tokenized assets are projected to exceed $10 trillion by 2030, transforming how value moves — but credit infrastructure hasn't kept up.

70%

of all bilateral credit still depends on manual, paper-based agreements, asset transfers, and fragmented onboarding.

70%

of all bilateral credit still depends on manual, paper-based agreements, asset transfers, and fragmented onboarding.

6 weeks

is what setting up a bilateral credit line takes on average, while costing upwards to $150k in legal, compliance & operational fees.

6 weeks

is what setting up a bilateral credit line takes on average, while costing upwards to $150k in legal, compliance & operational fees.

Tokenization solved asset mobility — PCP solves collateral utility.

Request a Demo

Tokenization solved asset mobility — PCP solves collateral utility.

Request a Demo

PCP consists out of 3 technical components, and is governed by 1 legal framework.

03

02

01 PCMS

Pre-Loan Messaging

Access via custody UX or OMS. Standardized RFQ and Quote system for credit, replacing manual negotiation (FIX-based).

TICS

Loan enforcement instructions

After quote has been accepted, TICS Automates instructions for collateral lock, repayment confirmations, and liquidation messages to custodians.

PCR

Programmable Credit Receipt

TICS mints the PCR for proof of loan. Linking borrower, lender, custodian & collateral under a legally enforceable framework (Multi-Party GMSLA).

03

02

01 PCMS

Pre-Loan Messaging

Access via custody UX or OMS. Standardized RFQ and Quote system for credit, replacing manual negotiation (FIX-based).

TICS

Loan enforcement instructions

After quote has been accepted, TICS Automates instructions for collateral lock, repayment confirmations, and liquidation messages to custodians.

PCR

Programmable Credit Receipt

TICS mints the PCR for proof of loan. Linking borrower, lender, custodian & collateral under a legally enforceable framework (Multi-Party GMSLA).

03

02

01 PCMS

Pre-Loan Messaging

Access via custody UX or OMS. Standardized RFQ and Quote system for credit, replacing manual negotiation (FIX-based).

TICS

Loan enforcement instructions

After quote has been accepted, TICS Automates instructions for collateral lock, repayment confirmations, and liquidation messages to custodians.

PCR

Programmable Credit Receipt

TICS mints the PCR for proof of loan. Linking borrower, lender, custodian & collateral under a legally enforceable framework (Multi-Party GMSLA).

How it works

Our Transaction Instruction & Confirmation System (TICS) automates the full credit lifecycle

Login & Sign Agreement

Login & Sign Agreement

Login & Sign Agreement

RFQ → Match → Execution

Borrower & lender match, and agree on Terms. ( LTV, Maturity, )

RFQ → Match → Execution

Borrower & lender match, and agree on Terms. ( LTV, Maturity, )

RFQ → Match → Execution

Borrower & lender match, and agree on Terms. ( LTV, Maturity, )

Custodian locks collateral

TICS instructs lock; custodian confirms via API and timestamps lock.

Custodian locks collateral

TICS instructs lock; custodian confirms via API and timestamps lock.

Custodian locks collateral

TICS instructs lock; custodian confirms via API and timestamps lock.

Credit Delivery and Verification

Lender sends stablecoins; Custodian confirms and sends message to TICS.

Credit Delivery and Verification

Lender sends stablecoins; Custodian confirms and sends message to TICS.

Credit Delivery and Verification

Lender sends stablecoins; Custodian confirms and sends message to TICS.

PCR Minting & Lifecycle Management

PCR Minted; dual oracles track LTV & margin Off-chain. Automatic triggers if Liquidation price hits or repayment missed.

PCR Minting & Lifecycle Management

PCR Minted; dual oracles track LTV & margin Off-chain. Automatic triggers if Liquidation price hits or repayment missed.

PCR Minting & Lifecycle Management

PCR Minted; dual oracles track LTV & margin Off-chain. Automatic triggers if Liquidation price hits or repayment missed.

Repayment or Liquidation

Collateral unlocked or auto delivered to lender; GMSLA handles remainder via legal recourse.

Repayment or Liquidation

Collateral unlocked or auto delivered to lender; GMSLA handles remainder via legal recourse.

Repayment or Liquidation

Collateral unlocked or auto delivered to lender; GMSLA handles remainder via legal recourse.

Impact

90%

Faster

Credit Origination

From multi-day bilateral setups to execution in under 60 seconds via standardized messaging.

10x

Cheaper

Cost Reduction

Daily infra fees of ~0.5 bps vs 5–10 bps elsewhere.

+40%

Liquidity Activation

Turn static AUC into working collateral without moving assets or adding balance sheet risk.

Core features

Custody-Native Credit Activation

Originate, execute, and enforce credit directly inside regulated custody, without asset movement or rehypothecation risk.

Standardized Legal Framework

Pre-signed Multi-Party GMSLA ensures global enforceability and removes bespoke negotiations. s

Lightweight Integration

Integrate in under 6 weeks for Custodians using our standardized API’s and optional UI SDK for speed-to-market.

Filter Based on Preference or Risk

Filter requests based on jurisdiction, collateral type, or borrower credit score. Enforcing risk parameters at the protocol level.

Public or Private Deployments

Connect to PCP via a shared network or deploy a private instance facing off only your own clients. Ideal for banks, prime brokers, or brokerages.

Seamless Connectivity

UI based, FIX- and API-compatible; connect seamlessly through custodians or your OMS/PMS.

Compliant by Design

Verified Counterparties

All parties are issued a PartyID using pre-verified CDD via custodian. After matching, parties can request documents directly via their compliance officers. Fully FATF 16/17 compliant.

Verified Counterparties

All parties are issued a PartyID using pre-verified CDD via custodian. After matching, parties can request documents directly via their compliance officers. Fully FATF 16/17 compliant.

Full Lifecycle Auditability

Every action — RFQ, quote, lock, recall, and enforcement — is timestamped and standardized, with verifiable price-snapshots and liquidation logs.

Full Lifecycle Auditability

Every action — RFQ, quote, lock, recall, and enforcement — is timestamped and standardized, with verifiable price-snapshots and liquidation logs.

Regulatory & Legal Certainty

PCP operates as market infrastructure. While PCRs act as digital warehouse receipts, referencing the signed GMSLA, providing binding enforceability and regulatory clarity.

Regulatory & Legal Certainty

PCP operates as market infrastructure. While PCRs act as digital warehouse receipts, referencing the signed GMSLA, providing binding enforceability and regulatory clarity.

Who we serve

Market Makers, Hedgefunds, Repo Desks, Banks, Custodians, Private Credit Firms, Prime Brokers,Prop Traders, Treasury Desks, Asset Managers & many others...

Market Makers, Hedgefunds, Repo Desks, Banks, Custodians, Private Credit Firms, Prime Brokers,Prop Traders, Treasury Desks, Asset Managers & many others...

Market Makers, Hedgefunds, Repo Desks, Banks, Custodians, Private Credit Firms, Prime Brokers,Prop Traders, Treasury Desks, Asset Managers & many others...

Supported Custodians

Request here

Supported collateral

Credit currencies

Chains

FAQs

1. How long does it take to get set up?

It takes maximum 6 weeks to integrate PCP APIs. We provide SDKs to help you accelerate the development.

2. How does PCP handle cross-border credit?

3. What types of collateral are supported?

4. Is collateral ever moved out of custody?

5. How does PCP enforce bilateral credit?

Latest insights

View all

PCP and Libeara Collaborate to Explore Means to Enable Custody-Native Credit Against Tokenized Real-World Assets

The collaboration looks towards making products tokenized by Libeara, such as funds, available on PCP's credit orchestration infrastructure — allowing borrowers to earn yield on locked collateral while maintaining liquidity.

SemiLiquid Unveils Programmable Credit Protocol, Built with Avalanche, Advancing Institutional Credit on Tokenised Collateral

SemiLiquid, a custody-native infrastructure layer for institutional credit, today announced the launch of its Programmable Credit Protocol (PCP) at Abu Dhabi Finance Week 2025. The groundbreaking infrastructure enables institutions to activate credit against digital and tokenized assets held in custody – without transferring collateral, marking a critical advancement in the evolution of digital capital markets. Developed and launched in Abu Dhabi, the protocol is now planned to be rolled out globally, underscoring the emirate’s rise as a leading hub for digital assets and a launchpad for financial innovation.

PCP is the institutional credit rail for tokenized & digital assets.

Join the Waitlist

Request a Demo

PCP is the institutional credit rail for tokenized & digital assets.

Join the Waitlist

Request a Demo

PCP is the institutional credit rail for tokenized & digital assets.

Join the Waitlist

Request a Demo

This website is intended for the user's own use in reviewing information available here about PCP, SemiLiquid and any of its affiliates . By accessing this website, you agree to be bound by the terms and conditions that appear herein. These terms and conditions are subject to change. PCP reserves the right to modify these terms and conditions, which it may do by posting changes to the website. If you do not agree with these terms and conditions, please do not access the website.

Request custodian

SemiLiquid unveils PCP. During a pilot with Franklin Templeton, Zodia Custody, Avalanche and others.

SemiLiquid unveils PCP. During a pilot with Franklin Templeton, Zodia Custody, Avalanche and others.
Read more

About us

Contact

Join Waitlist