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Blockstream · Enterprise Platform

Tokenization & stablecoins on the Liquid Network.

Issue, control, and retire digital assets on a Bitcoin sidechain — confidential transactions, HSM-enforced compliance, and settlement your regulator can audit.

Enterprise GTM v3.0 · Jun 2026 · 11 slides · supersedes v2.7
The problem

The industry has improved how settlement is coordinated — not how it is guaranteed.

Fragmented rails

Off-exchange settlement now moves $50B+ a month across 1,000+ counterparties — coordination at record scale. The risk is redistributed across custodial bridges and netting systems; none of it carries native cross-chain finality.

Compliance bolted on

Whitelists, sanctions lists, and lifecycle controls live outside the asset. Enforcement depends on every intermediary behaving, on every venue, every time.

Privacy vs. transparency

Public chains leak counterparty positions. Private chains lose Bitcoin-grade settlement assurance. Institutions need both — and today they choose one.

Copper ClearLoop notional, vendor-stated · buyer interviews, May–Jun 2026
And the rails sleep: a ~60-hour weekend settlement blackoutevery week, when collateral can't move and the risk can't be priced.
Market timing
"Most banks I speak to are having a tough time debating stablecoins vs. tokenized deposits."
Bank-infrastructure commentator on X · May 2026 · densest institutional phrase in a 290-tweet corpus
$4T
in tokenized assets by 2028 — Standard Chartered research, May 2026. The conservative end of the forecast range; BCG's 2030 figure is $16T.
The last 12 months — banks shipped
  • JPMorganJPMD deposit token live (Nov 2025); MONY tokenized money-market fund (Dec 2025); second fund followed May 2026.
  • HSBCTokenized deposits live in the US; awarded one of Hong Kong's first stablecoin licenses, Apr 2026.
  • StanChart + Ant24/7 tokenized HKD/CNH/SGD/USD deposits in productionon Ant's Whale platform, Dec 2025.
  • HKMA EnsembleFirst real-value tokenized-deposit settlement on HKD RTGS — with HSBC, StanChart, BlackRock, Franklin Templeton.
Live nowGENIUS Act in force (Jul 2025) — stablecoin reserves require regulated custody; OCC rulemaking underway.
Jul 1 2026MiCA transition ends — EU custody and issuance relationships re-papered this year.
Mar 2025VARA custody rulebook final — the UAE's regulated-custody map is drawn.
Standard Chartered via The Block · HKMA releases · company announcements · X v2 corpus, May 2026
The platform

AMP: one issuance and lifecycle layer, anchored to Bitcoin.

Issue security tokens, stablecoins, and regulated instruments on the Liquid Network. Control the full lifecycle — mint, transfer rules, corporate actions, burn — with policies a hardware security module enforces. Two operating models, chosen per asset:

Issuer-TrackedTransfer-Restricted
WhitelistOptional — open transfer between any walletMandatory, per asset
EnforcementIssuer reissue & burn authorityHSM refuses non-whitelisted transfers
SupplyIssuer retains mint & burnFixed at issuance — no reissue
Suited toUtility stablecoins, internal tokensSecurity tokens, regulated stablecoins
$2B+Mifiel — tokenized promissory-note lending settled on Liquid, 25,000+ notes.
$1.3BSTOKR — live distributed asset value issued and settled via AMP on Liquid.
Mifiel case study, figure updated Jun 2026 · stokr.io live metric, verified Jun 10 2026 · confidentiality applies in both models
The settlement layer

A Bitcoin sidechain engineered for institutional settlement.

~60s blocks
Deterministic, 24/7

Ten times Bitcoin L1 cadence, no weekend blackout — collateral moves when desks need it to.

CT
Confidential by default

Amounts and asset types cryptographically hidden; selective disclosure for auditors and regulators.

87 members
A named federation

Industry members across six continents operate the peg. "Who am I trusting?" is answered with a list, not a promise.

16,800+ BTC
Bridged since 2018

Every peg-in verifiable on-chain via the public explorer — verify, don't trust.

~$5B
Value secured

Among the largest RWA chains (Jun 2026) — and growing with each issuance.

<1¢ fees
Native multi-asset

Assets issued at the protocol layer — no smart-contract attack surface; fees viable for high-frequency corporate actions.

liquid.net · Liquid Q1 2026 federation update · Blockstream Explorer API, Jun 10 2026
The pull: $100B+ of institutional BTC sits idle, and BTCfi TVL grew 28× in 18 months — capital wants productive, low-trust rails.
Compliance architecture

Controls the hardware enforces — not the policy binder.

Three lock scopes
  • Wallet lock

    Freeze a wallet end-to-end — sanctions response, operational holds, lost-key incidents.

  • UTXO lock

    Quarantine specific outputs without blocking the rest of the wallet — fine-grained risk containment.

  • Asset lock

    Halt all movement of an entire asset during corporate actions, snapshot windows, or maturity settlement.

HSM policy engine
  • 2-of-2 multisig

    Hardware-backed keys co-sign every transaction — no single operator can move funds.

  • Spend & approval rules

    Per-account limits, multi-approver workflows, whitelisted recipients.

  • Restriction groups

    Per-asset KYC and qualified-investor whitelists; jurisdiction-aware region groups.

  • Tamper-resistant audit

    Cryptographically verifiable logs, ready for regulator inspection.

From buyer interviews: "AML latency is the real T+1 problem." Compliance checks gate settlement speed — in-asset transfer controls compress exactly that.
Deployment pattern · 01 of 02

Stablecoins: mint on deposit, burn on redemption — every step HSM-policed.

Mint
Step 1
Deposit

Holder deposits fiat with the banking partner or custodian.

Step 2
Mint

Mint operator confirms the deposit and signs; AMP reissues the asset 1:1.

Step 3
Deliver

New tokens transfer to the holder's Liquid wallet.

Redeem
Step 1
Return

Holder returns tokens to the issuer redemption wallet.

Step 2
Burn

Redemption operator signs; AMP burns the returned supply.

Step 3
Payout

Banking partner releases reserves; attestor verifies the new peg ratio.

Open utility

No whitelist — free transfer between any Liquid wallet.

KYC-gated

Single global whitelist of verified holders.

Regulated

Jurisdiction-aware region groups; per-wallet rules.

Roles: issuer · banking / custodian · attestor · mint operator · redemption operator — separable keys, separable duties
Deployment pattern · 02 of 02

Bitcoin Mining Notes: hashrate-backed notes for qualified investors.

Anatomy of a mining note
  • Asset classFixed-term security token, qualified investors only
  • Unit1 token = 2,000 TH/s of hashrate (configurable)
  • SupplyMinted once at primary — no reissue
  • Term1–3 years; mined BTC delivered at maturity
  • TransferHSM-enforced per-asset whitelist
  • TradeableFractional to 0.01 token for secondary desks
Lifecycle — whitelist is the central control
1  Issuance

Fixed supply minted to the issuer SPV; registry publishes terms, custody attestation, prospectus.

2  Primary sale

Onboarding partner (e.g. STOKR) verifies qualified investors; verified IDs join the restriction group.

3  Secondary

Bitfinex Securities, SideSwap, MERJ trade against the same whitelist — eligibility changes propagate live.

4  Corporate actions

Asset lock halts trading during snapshots; updated terms and attestations published to holders.

5  Maturity & burn

BTC delivered to holders by the custodian; returned tokens burned to retire supply.

Issuers: industrial miners · mining funds · colocation operators · mining SPVs — non-dilutive capital against future hashrate
The appetite is rated: Ledn closed a $188M BTC-collateralized ABS at BBB− in Feb 2026, 2× oversubscribed.
The field

Where AMP fits.

PlatformSettlement anchorConfidentialityAsset-level complianceToken standard
Blockstream AMPBitcoin (Liquid)Confidential Tx, nativeHSM-enforced, on-chainNative Liquid asset
Canton NetworkFederated DAMLSub-transaction privacyApp-level controlsDAML smart contracts
SecuritizeEthereum / multiPublic chain, off-chain shieldSmart-contract + registryERC-3643 / DS
Zodia MarketsMulti-venueVenue-levelCustodian / venue controlsWrapped / synthetic

One rail combines Bitcoin-anchored settlement, native confidential transactions, and HSM-enforced compliance. The others each trade away at least one.

Public documentation and marketing of each platform, Jun 2026 — characterizations simplified; deeper comparison available in diligence
Engagement

Workshop to live issuance in 6–16 weeks.

Phase 1
Project design
1–2 wks

Asset taxonomy, operating model, restrictions, registry fields, key & approval topology.

Phase 2
Asset issuance
2–4 wks

Issuer account, asset minted, restriction groups configured, sandbox primary sale.

Phase 3
Automation
2–8 wks

Mint/burn operators, ERP & accounting hooks, venue integrations, attestation pipelines.

Phase 4
Go-live
1–2 wks

Production restriction list, listed-venue connectivity, live primary, monitoring & runbooks.

Deliverable-driven engagement · phase 3 scales with the number of integrations
Next steps

Let's tokenize what matters.

01
Technical workshop

Map your asset, operating model, restriction policy, and venue topology with our solutions team.

02
Sandbox issuance

Mint a real test asset on Liquid Testnet end-to-end: registry, whitelist, mint/burn, venue integration.

03
Production

Go to market on Liquid Mainnet with HSM keys, listed-venue connectivity, and 24×7 enterprise support.

amp@blockstream.com
blockstream.com/amp · the future of finance runs on Bitcoin
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