Anchorage Digital launches Coordinated Multiparty Settlement enabling institutions to trade on non-custodial venues without moving assets offshore or prefunding exchanges

Spotex processing billions in daily FX volume as an initial CMS venue makes the FX analogy less cosmetic: this is prime-broker credit allocation and netted settlement grafted onto crypto matching engines. The upside is obvious post-FTX — no omnibus exchange custody, fewer pre-funded venue balances — but the tradeoff is that Atlas/BridgePort-style coordination becomes the new institutional gate. If B2C2’s >$1B daily stablecoin flow migrates into this model, liquidity can move toward venues that look boring to CT but legible to risk committees.

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