The Fireblocks Network is a peer-to-peer settlement layer that connects more than 2,000 institutions for stablecoin custody, on-chain transfers, and counterparty payments. Settlement runs through pre-vetted addresses controlled by MPC-CMP wallets, which removes the need to publish or copy public addresses for each transaction. Members include BNY Mellon, BNP Paribas, Galaxy Digital, Revolut, and Crypto.com, alongside payment service providers, exchanges, and stablecoin issuers.
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Fireblocks itself is the underlying institutional digital asset infrastructure platform. The company processed more than $7 trillion in cumulative transferred volume by mid-2024 according to its company page, and has expanded that volume meaningfully since the stablecoin payments rollout. The Network sits on top of that custody layer and handles the routing, identity, and policy work needed to send a stablecoin from one regulated entity to another without manual address management.
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This article covers what the Network does, how MPC-CMP custody secures the assets behind it, the differences between Direct Custody, Off-Exchange, and Network Connect, and where Fireblocks fits against Anchorage Digital, BitGo, and Copper. It closes with a short note on how Eco Routes complements Fireblocks for application-layer cross-chain orchestration.
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The Network sits on top of Fireblocks' core custody platform, which uses Multi-Party Computation Continuous Multi-Party (MPC-CMP) signing. Instead of holding a private key in one place, the key is split into shards held by the customer, Fireblocks, and a third co-signer. A signature is produced collaboratively without ever reconstructing the full key, so an attacker cannot extract a usable private key from any single host. Fireblocks documents the cryptography in its MPC-CMP technical post.
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Every member operates a Fireblocks workspace with named whitelisted addresses for each counterparty. When a payment is initiated, the platform looks up the counterparty by name, resolves the correct destination address for the chosen asset and chain, applies the workspace transaction policy, and signs the transaction. The receiving counterparty sees the deposit show up in their workspace tagged to the sender's identity. This eliminates the manual address-copy step that drives most institutional self-custody errors.
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The Network supports more than 100 blockchains and 1,800 tokens as of Q1 2026, including USDC, USDT, USDP, PYUSD, DAI, FDUSD, RLUSD, and the major LSTs and RWAs. Transactions move on the underlying chain rather than through an internal ledger, so a USDC payment from one Network member to another settles as a real ERC-20 transfer (or CCTP burn-and-mint when both members are routing through that path). The compliance and address-management layer is what's proprietary; the asset movement is on-chain and public.
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Fireblocks splits its institutional offering into three product surfaces. Each addresses a different settlement pattern.
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Direct Custody is the base wallet product. The institution holds keys via MPC-CMP, sets transaction policies in the Workflow Engine, and signs transactions through the Fireblocks console, API, or SDK. This is the configuration used for treasury management, staking operations, and on-chain trading. According to the Fireblocks custody page, more than 2,000 institutions run Direct Custody workspaces, including BNY Mellon and BNP Paribas, both of which announced Fireblocks-backed digital asset custody in 2024.
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Off-Exchange lets a trading firm post collateral to a Fireblocks-secured wallet and trade on Coinbase Prime, Bybit, OKX, Deribit, or Bullish without moving the assets onto the exchange. Settlement happens directly between the institution's wallet and the exchange's wallet at the end of the trading session. This addresses the FTX-style counterparty risk that drove off-exchange settlement adoption from late 2022 onward. Fireblocks documents the flow and reports more than $40 billion in monthly off-exchange volume across its connected venues as of 2024.
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Network Connect is the peer-to-peer payment layer. A treasury team sending USDC from a fintech in Singapore to a payment processor in Mexico picks the counterparty by name in the console, the platform resolves the destination address and chain, applies policy, and signs. The receiving counterparty sees the inbound deposit tagged to the sender. This is the surface most relevant to cross-border B2B stablecoin payments and is the part of the Network that processes the published 15% share of global stablecoin payment volume Fireblocks reports in its State of Stablecoins document.
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The Workflow Engine is where institutions configure who can sign what. Policy rules combine asset, amount, source, destination, time of day, and approver identity into a programmable allow-list. A typical rule for a payments operator: USDC outbound transfers under $250,000 to a whitelisted counterparty require one operator signature; transfers between $250,000 and $5 million require two operator signatures plus one CFO approval; transfers above $5 million block until the CEO signs. Rules are versioned, audited, and exported to SIEM systems.
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Each policy invocation produces a signed audit log with timestamps, approver public keys, and the signed transaction hash. For compliance officers, this replaces the spreadsheet-based approval trails that historically governed wire transfers. Fireblocks' developer documentation describes the API surface, and customers like Revolut have publicly described using the engine to enforce dual-control on retail-facing crypto operations.
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The same engine supports automated workflows. A market maker can configure a rule that auto-rebalances inventory between Coinbase, Binance, and Kraken whenever any single venue's USDC balance exceeds a threshold; the engine triggers an off-exchange settlement, signs through MPC, and logs the action without a human in the loop. The constraint is policy-shaped, not transaction-shaped: the institution defines what the system is allowed to do, then code does it.
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Fireblocks connects to the venues, chains, and assets institutions actually use. The integration list as of Q1 2026 includes Coinbase Prime, Coinbase Exchange, Binance, OKX, Bybit, Kraken, Deribit, Bullish, B2C2, Cumberland, and Galaxy on the trading-venue side. On-chain, the platform supports Bitcoin, Ethereum, Solana, Tron, Avalanche, Polygon, Arbitrum, Base, Optimism, BNB Chain, Sui, Aptos, Stellar, and roughly 90 additional chains.
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For stablecoins, Fireblocks supports USDC and Circle's CCTP burn-and-mint paths, USDT across Ethereum, Tron, Solana, and Avalanche, USDP from Paxos, PYUSD from PayPal/Paxos, DAI from MakerDAO, FDUSD from First Digital, and RLUSD from Ripple. Tokenized money-market funds from BlackRock (BUIDL), Franklin Templeton (BENJI), and Ondo (USDY) are also supported as collateral and treasury assets, which matters for institutions that want to hold yield-bearing instruments while keeping operational liquidity in payment stablecoins.
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DEX integrations cover Uniswap, Curve, Balancer, Aerodrome, Raydium, and Jupiter via the Fireblocks DeFi access layer, which routes a transaction through policy and MPC signing before it reaches the protocol. This means a treasury team can swap USDC to USDT on Curve from inside the Fireblocks console with full policy enforcement, rather than exporting funds to a hot wallet for the trade.
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Institutional custody splits into four meaningful providers as of 2026. Each takes a different approach to security and regulatory positioning.
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MPC-CMP-based, software-first, no banking license. Fireblocks holds insurance through Lloyd's of London (the published policy is $30 million per workspace as of 2024) and SOC 2 Type II certification. Pricing is workspace-based with volume tiers; mid-tier institutions typically pay between $10,000 and $50,000 per month. Best fit: payment service providers, exchanges, market makers, and corporate treasuries that need software flexibility and broad chain support.
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The only federally chartered digital asset bank in the United States, granted by the Office of the Comptroller of the Currency in January 2021. Anchorage uses HSM-based custody (not MPC) and offers brokerage and lending alongside custody. Best fit: US-regulated financial institutions that need a chartered bank for fiduciary or capital-treatment reasons.
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HSM and multi-signature based, Series C $1.75 billion valuation per its 2023 raise. BitGo holds qualified custodian status under New York and South Dakota trust charters and a Hong Kong TCSP license. The product surface is heavier on custody-as-a-service for crypto asset managers and lighter on payment workflow than Fireblocks. Best fit: crypto-native asset managers and ETF issuers who need qualified-custodian status without an OCC charter.
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UK-based, MPC-based, owns the ClearLoop off-exchange settlement product. Strong in European institutional trading and has integrations with most major Asian exchanges. Best fit: European hedge funds and trading firms that prioritize off-exchange settlement and FCA-aligned custody.
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The Network and underlying custody serve four distinct workloads that map to specific institutional teams.
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A payment service provider in São Paulo settles invoices from a counterparty in Singapore by sending USDC through Network Connect on Solana or Polygon. Settlement is final in under a minute; the recipient's workspace tags the inbound deposit to the sender automatically. This replaces a SWIFT wire that would take 1-3 business days and carry $25-$50 in correspondent fees plus FX spread. Cost analysis on Eco's blog covers the savings math.
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A fintech holding $200 million in operating capital allocates 60% to BUIDL or BENJI for yield, 30% to USDC for daily operations, and 10% to BTC and ETH for inventory hedging. Fireblocks Workflow Engine enforces dual-control on rebalancing, and the platform produces a daily reconciliation report against the bank's general ledger. Revolut has publicly described running its retail crypto operations through Fireblocks since 2021.
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An exchange operates hot, warm, and cold wallets through a single Fireblocks workspace. Hot wallets handle customer withdrawals up to a per-transaction cap; warm wallets refill hot wallets via policy-triggered sweeps; cold wallets sit behind 5-of-7 quorum approval. The Workflow Engine enforces the segregation. Coinbase Prime, Bybit, and Bullish all run institutional balances on Fireblocks.
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Tokenized treasury issuers including BlackRock's BUIDL (issued on Ethereum, Aptos, Arbitrum, Avalanche, Optimism, Polygon, and Solana per rwa.xyz) use Fireblocks for the underlying custody of mint authority and reserve assets. Distribution wallets operated by funds and brokers also run on Fireblocks for compliance and policy enforcement.
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Fireblocks raised a $550 million Series E in January 2022 at an $8 billion valuation and has not raised since. Reuters and The Information reported in late 2025 that the company has held early conversations with banks about a 2026 IPO; the company has not officially confirmed. Revenue figures have not been publicly disclosed since the Series E, but customer count growth from 1,200 (2022) to over 2,000 (2025) and the published $7 trillion cumulative volume figure suggest revenue scale appropriate for a public-market filing.
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On the partnership side, Fireblocks announced a 2024 stablecoin pilot with Mastercard's Multi-Token Network, integrating Fireblocks-secured wallets into Mastercard's settlement layer for tokenized commercial transactions. A separate Visa-led stablecoin settlement pilot in 2025 also included Fireblocks as the custody provider for at least three participating banks per Visa's press releases. These pilots position Fireblocks as the institutional-grade custody layer for card networks experimenting with on-chain settlement.
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The other 2026 development worth tracking is the GENIUS Act and the broader US stablecoin regulatory framework. Fireblocks has publicly supported a federal regime that recognizes MPC-based custody alongside trust-charter custody, and the company's lobbying disclosures show direct engagement with the Senate Banking Committee through 2025.
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Fireblocks handles institutional custody, policy, and counterparty identity. Eco Routes handles application-layer cross-chain orchestration: when an application needs to move USDC from one of the 15 chains Eco supports to another (Solana, Base, Polygon, Arbitrum, Optimism, BNB, Avalanche, Sui, Tron, and others), Eco selects between CCTP, Hyperlane, and LayerZero on cost, speed, and finality. Most of those chains are also supported by Fireblocks, so a developer building a payment application can custody assets in a Fireblocks workspace and route cross-chain user-facing transfers through Eco. The two layers don't compete; they sit at different points in the stack.
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No. Fireblocks is the underlying digital asset custody and infrastructure platform built on MPC-CMP cryptography. The Fireblocks Network is one product within that platform: a peer-to-peer connectivity layer that lets the 2,000+ institutional members send stablecoin payments to each other by name rather than by raw blockchain address.
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Fireblocks supports USDC, USDT, USDP, PYUSD, DAI, FDUSD, RLUSD, and most other regulated stablecoins, plus tokenized money-market funds including BlackRock's BUIDL, Franklin Templeton's BENJI, and Ondo's USDY. Coverage spans Ethereum, Solana, Tron, Avalanche, Polygon, Arbitrum, Base, BNB Chain, and roughly 90 additional chains as of Q1 2026.
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An HSM holds a complete private key inside a tamper-resistant hardware device. MPC-CMP splits the key into shards across separate hosts and never reconstructs it; signatures are produced through cooperative computation. The practical difference: HSMs centralize trust in one device, MPC distributes it across multiple hosts and parties, which removes single-point-of-failure risk while keeping signing latency low.
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Anchorage Digital (US-chartered digital asset bank, HSM-based), BitGo (multi-sig and HSM, qualified custodian status), and Copper (UK-based MPC, owns ClearLoop off-exchange settlement). Each has a different regulatory posture and product emphasis: Anchorage for charter requirements, BitGo for asset managers needing qualified custodian status, Copper for European trading-firm off-exchange flows, and Fireblocks for software-first payment and treasury workflows.
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Yes. Fireblocks supports most chains in Eco's coverage including Ethereum, Base, Optimism, Arbitrum, Polygon, Solana, Avalanche, BNB Chain, and Sui. Applications can hold treasury assets in Fireblocks-custodied wallets and use Eco Routes to orchestrate cross-chain user transfers between those chains, layering institutional custody and policy on top of cross-chain routing.
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