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TL;DR
- B2C2 has named Solana a core settlement network for institutional stablecoin transactions, with support for assets including USDC, USDT, PYUSD, USDG, USD1, EURC, and FDUSD.
- At the same time, TP ICAP has been rebuilding Fusion Digital Assets into a matched principal venue designed for institutional clients, with plans to expand into stablecoins, more cryptoassets, more fiat currencies, and tokenized real-world assets.
- Standard Chartered now acts as digital asset custodian and settlement agent for Fusion, while TP ICAP says the platform is scaling its matched principal activity.
- Put together, the moves point to a bigger shift: B2C2 is pushing further into the market plumbing behind institutional crypto trading and settlement, not just spot liquidity. This last point is an inference based on the cited announcements.
B2C2 is making a bigger play for institutional crypto infrastructure.
The market maker’s latest moves suggest it wants to sit closer to the rails where institutional trading, settlement, and liquidity now meet. On one side, B2C2 said it will use Solana as a core network for institutional stablecoin settlement. On the other, TP ICAP’s Fusion Digital Assets is widening into a more institution-friendly trading model that can support more on-chain assets and more post-trade flexibility.
Simply put, this is not just another partnership cycle. It looks more like the gradual build-out of a wholesale crypto stack: venue access, deeper liquidity, custody, and faster on-chain settlement all moving closer together. This interpretation is based on B2C2’s Solana move and TP ICAP’s changes to Fusion.
B2C2 Is Leaning Into Stablecoin Settlement As A Core Service
B2C2 said on April 1 that it will use Solana as a core settlement network for institutional stablecoin transactions. The firm said supported assets currently include USDC, USDT, PYUSD, USDG, USD1, EURC, and FDUSD, alongside other Solana-issued stablecoins it may support over time.
The company also framed the move around real institutional use cases, not retail crypto activity. In the release, B2C2 said the setup is aimed at funds seeking on-chain settlement, exchanges that need deep stablecoin liquidity, and fintechs handling cross-border payment flows. B2C2 also pointed to its earlier launch of PENNY, a stablecoin swap product for banks, payment firms, and corporates.
That matters because it gives the Solana announcement a clearer business angle. B2C2 is not just picking a chain. It is choosing a settlement rail for the kind of dollar-denominated flow that institutions increasingly care about. That is an inference based on the firm’s stated target clients and product positioning.
Fusion Is Being Rebuilt For Bigger Institutional Flow
At the same time, TP ICAP has been reshaping Fusion Digital Assets into a venue that looks more familiar to traditional wholesale market participants. In February, TP ICAP said Fusion would move to a matched principal model, where TP ICAP stands between buyer and seller as counterparty to both sides of a trade. The firm said that structure removes prefunding, lets clients trade first and settle later, and supports multilateral netting to cut settlement friction.
TP ICAP also said this next phase will let Fusion expand into stablecoins, additional cryptoassets, more fiat currencies, and tokenized real-world assets. In March, Standard Chartered joined the setup as digital asset custodian and settlement agent, giving Fusion a more complete institutional post-trade stack.
That is a meaningful shift. Fusion is no longer just trying to be a regulated crypto venue. It is being rebuilt to handle more of the execution-and-settlement model institutions already expect in other asset classes. This is an inference based on TP ICAP’s matched principal design and custody rollout.
The Liquidity Piece Already Has Scale
TP ICAP said in October 2025 that Fusion had surpassed $1 billion in monthly notional traded volume across its spot bitcoin and ether books. The firm also said at the time that its APIs and operating model were designed to be asset-agnostic and ready to support on-chain assets like stablecoins.
That older milestone now looks more relevant. The venue built liquidity first, then changed the trading model, then added stronger custody and settlement support. Seen together with B2C2’s stablecoin settlement push, the direction is pretty clear: the market is moving toward infrastructure that can bridge centralized trading and on-chain cash movement without making institutions choose one world or the other. This final sentence is an inference based on the cited developments.
Why It Matters
The real story here is not Solana alone or Fusion alone. It is that institutional crypto infrastructure is getting stitched together faster. Liquidity providers, venue operators, custodians, and settlement networks are starting to look less like separate products and more like parts of the same stack. This is an inference based on the cited announcements from B2C2 and TP ICAP.
For the market, that is a more useful signal than another generic partnership headline. If B2C2 can combine deep liquidity with stronger venue connectivity and on-chain stablecoin settlement, it moves closer to becoming part of the default plumbing for banks, brokers, funds, and fintechs that want crypto exposure without rebuilding their workflows from scratch. The next thing to watch is whether this stack starts handling more real payment flow, more stablecoin pairs, and eventually more tokenized real-world assets on the same institutional rails. This forward-looking view is an inference based on B2C2’s Solana settlement announcement and TP ICAP’s stated expansion plans for Fusion.