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.
What we do
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.
$10T
Tokenized assets are projected to exceed $10 trillion by 2030, transforming how value moves — but credit infrastructure hasn't kept up.
$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.
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.
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.
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).
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
Our Transaction Instruction & Confirmation System (TICS) automates the full credit lifecycle
Login & Sign Agreement
Login to your custodian account and sign the GMSLA before getting access
01
Login & Sign Agreement
Login to your custodian account and sign the GMSLA before getting access
01
Login & Sign Agreement
Login to your custodian account and sign the GMSLA before getting access
01
Login & Sign Agreement
Login to your custodian account and sign the GMSLA before getting access
01
RFQ → Match → Execution
Borrower & lender match, and agree on Terms. ( LTV, Maturity, )
02
RFQ → Match → Execution
Borrower & lender match, and agree on Terms. ( LTV, Maturity, )
02
RFQ → Match → Execution
Borrower & lender match, and agree on Terms. ( LTV, Maturity, )
02
RFQ → Match → Execution
Borrower & lender match, and agree on Terms. ( LTV, Maturity, )
02
Custodian locks collateral
TICS instructs lock; custodian confirms via API and timestamps lock.
03
Custodian locks collateral
TICS instructs lock; custodian confirms via API and timestamps lock.
03
Custodian locks collateral
TICS instructs lock; custodian confirms via API and timestamps lock.
03
Custodian locks collateral
TICS instructs lock; custodian confirms via API and timestamps lock.
03
Credit Delivery and Verification
Lender sends stablecoins; Custodian confirms and sends message to TICS.
04
Credit Delivery and Verification
Lender sends stablecoins; Custodian confirms and sends message to TICS.
04
Credit Delivery and Verification
Lender sends stablecoins; Custodian confirms and sends message to TICS.
04
Credit Delivery and Verification
Lender sends stablecoins; Custodian confirms and sends message to TICS.
04
PCR Minting & Lifecycle Management
PCR Minted; dual oracles track LTV & margin Off-chain. Automatic triggers if Liquidation price hits or repayment missed.
05
PCR Minting & Lifecycle Management
PCR Minted; dual oracles track LTV & margin Off-chain. Automatic triggers if Liquidation price hits or repayment missed.
05
PCR Minting & Lifecycle Management
PCR Minted; dual oracles track LTV & margin Off-chain. Automatic triggers if Liquidation price hits or repayment missed.
05
PCR Minting & Lifecycle Management
PCR Minted; dual oracles track LTV & margin Off-chain. Automatic triggers if Liquidation price hits or repayment missed.
05
Repayment or Liquidation
Collateral unlocked or auto delivered to lender; GMSLA handles remainder via legal recourse.
06
Repayment or Liquidation
Collateral unlocked or auto delivered to lender; GMSLA handles remainder via legal recourse.
06
Repayment or Liquidation
Collateral unlocked or auto delivered to lender; GMSLA handles remainder via legal recourse.
06
Repayment or Liquidation
Collateral unlocked or auto delivered to lender; GMSLA handles remainder via legal recourse.
06
Impact
90%
Faster
Faster
Credit Origination
From multi-day bilateral setups to execution in under 60 seconds via standardized messaging.
From multi-day bilateral setups to execution in under 60 seconds via standardized messaging.
10x
Cheaper
Cheaper
Cost Reduction
Daily infra fees of ~0.5 bps vs 5–10 bps elsewhere.
Daily infra fees of ~0.5 bps vs 5–10 bps elsewhere.
+40%
More
More
Liquidity Activation
Turn static AUC into working collateral without moving assets or adding balance sheet risk.
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
Who we serve
Supported Custodians
Available at Launch
Available at Launch
Available at Launch
Available at Launch
Available at Launch
Available at Launch
Available at Launch
Available at Launch
Request here
Request here
Request here
Request here
Request here
Request here
Request here
Request here
Request here
Request here
Request here
Request here
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Request here
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Request here
Request here
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Request here
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Request here
Supported collateral
Credit currencies
Chains
FAQs
1. How long does it take to get set up?
Most users can complete the setup process in under 10 minutes. We guide you through each step to get you started quickly. We prioritize your security with 256-bit encryption, two-factor authentication, and regular third-party audits.
1. How long does it take to get set up?
Most users can complete the setup process in under 10 minutes. We guide you through each step to get you started quickly. We prioritize your security with 256-bit encryption, two-factor authentication, and regular third-party audits.
1. How long does it take to get set up?
Most users can complete the setup process in under 10 minutes. We guide you through each step to get you started quickly. We prioritize your security with 256-bit encryption, two-factor authentication, and regular third-party audits.
1. How long does it take to get set up?
Most users can complete the setup process in under 10 minutes. We guide you through each step to get you started quickly. We prioritize your security with 256-bit encryption, two-factor authentication, and regular third-party audits.
2. How does PCP handle cross-border credit?
2. How does PCP handle cross-border credit?
2. How does PCP handle cross-border credit?
2. How does PCP handle cross-border credit?
3. What types of collateral are supported?
3. What types of collateral are supported?
3. What types of collateral are supported?
3. What types of collateral are supported?
4. Is collateral ever moved out of custody?
4. Is collateral ever moved out of custody?
4. Is collateral ever moved out of custody?
4. Is collateral ever moved out of custody?
5. How does PCP enforce bilateral credit?
5. How does PCP enforce bilateral credit?
5. How does PCP enforce bilateral credit?
5. How does PCP enforce bilateral credit?
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.
© 2025 PCP. Building credit infrastructure for the tokenized economy.
© 2025 PCP. Building credit infrastructure for the tokenized economy.
