GSX has settled over $350m on-chain while none of its committed $125m settlement liquidity has moved yet.
Summary
- GSX co-founder Ryan Kirkley said zero of the committed $125m settlement liquidity has moved since the May 6 announcement.
- The firm has settled more than $350m on-chain, mostly through US dollar stablecoins.
- GSX is still forming the market maker entity that will deploy the committed liquidity.
Global Settlement Network co-founder Ryan Kirkley said the company has settled over $350m on-chain, even as none of its newly committed $125 million in settlement liquidity has moved.The disclosure, made in a recorded interview, draws a sharp line between the $125 million figure GSX announced on May 6 and the volume already running through its rails. “The answer right now is zero,” Kirkley said of the committed liquidity. “And that’s because we are forming our market maker entity as we speak.”
GSX separates committed liquidity from live volume
The $125 million includes a $100 million gold-backed stablecoin commitment led by Ubuntu Group, routed through Global Settlement Markets, the firm’s market-making subsidiary. Kirkley framed the sum as forward financing rather than active flow.
“This was future committed financing to allow us to be able to go through here and get everything set up correctly and get the proper rails in place,” he said.
The $350 million already settled has run mostly through US dollar stablecoins, Kirkley said. He added that GSX does not view those tokens as rivals, but as one option among several. “It is to say that there just has to be a secondary option and there’s a big market cap for that,” he said.
GSX declined to name the corridors or counterparties involved. “We wouldn’t necessarily disclose what countries choose to settle in because that’s obviously part of the reason why they work with us,” Kirkley said.The $11 million pre-seed and liquidity package landed days before the Senate Banking Committee advanced the CLARITY Act in a 15-9 vote, a bill many builders expect to reshape US digital asset rules.
Why GSX is not betting on the CLARITY Act
Kirkley said the firm is not building around the bill’s passage, despite industry optimism. “I approach this as the CLARITY Act is a bonus if it happens,” he said. “I’m not building the business for it to happen.”
Co-founder Kyle Sonlin echoed the point, citing nearly a decade in tokenized securities. “We’ve been building for years, man, and we’re going to keep building for years,” Sonlin said. “The opportunity exists for us on either side of this type of bill.”
Sonlin said the firm’s gold-backed approach targets countries caught between competing settlement blocs, a structure that overlaps with the broader push toward tokenization of real-world assets. GSX joined the Canton Network as a public validator and deployed its compliance product, GSX ID, on the network alongside institutions including Goldman Sachs and Visa.
The CLARITY Act still needs roughly seven more Democratic votes to clear the full Senate, a hurdle that also weighs on assets like XRP tied closely to US regulatory outcomes. Until then, GSX says its day-to-day operations remain unchanged, with the bulk of its committed capital still waiting on the sidelines.
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