GSX has settled over $350 million on-chain while none of the committed settlement liquidity of $125 million has been moved yet.
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- Zero of the $125 million in committed settlement liquidity has moved since the May 6 announcement, GSX co-founder Ryan Kirkley said.
- The company has settled more than $350 million on-chain, mostly through USD stablecoins.
- GSX still constitutes the market maker entity that will deploy committed liquidity.
Ryan Kirkley, co-founder of the Global Settlement Network, said the company has settled more than $350 million on-chain, even as none of its newly committed $125 million in settlement liquidity has moved. The revelation, made in a recorded interview, draws a sharp line between the $125 million GSX figure Announce on May 6 and the volume is already running across its bars. “The answer right now is zero,” Kirkley said of committed liquidity. “This is because we are forming our own 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, and is directed through Global Settlement Markets, the company’s market-making subsidiary. Kirkley framed the amount as forward financing rather than active flow.
“This was future funding committed to allow us to come through here and set everything up properly and put the proper rails in place,” he said.
Kirkley said the $350 million already settled was mostly passed through US dollar stablecoins. He added that GSX does not view those codes as competitors, but as one option among many. “That means there has to be a secondary option and there is a significant market value for that,” he said.
GSX declined to name the lanes or counterparties involved. “We won’t necessarily disclose what countries choose to settle because that’s part of the reason they work with us,” Kirkley said. The $11 million seed financing and liquidity package arrived days before the Senate Banking Committee 15-9 to advance the Clarity Act, a bill many builders expected To reshape the rules of US digital assets.
Why doesn’t GSX bet on the CLARITY Act
Kirkley said the company is not rallying around passing the bill, despite industry optimism. “I’m taking issue with this because the Clarity Act would be a bonus if that happens,” he said. “I’m not building the business for that to happen.”
Co-founder Kyle Sonlen echoed this point, citing his nearly decade-long history in tokenized securities. “We’ve been building for years, man, and we’ll continue to build for years,” Sonelin said. “The opportunity is there for us on both sides of this type of bill.”
Sonlein said the company’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 has joined the Canton Network as a public auditor and has deployed its compliance product, GSX ID, on the network alongside institutions including Goldman Sachs and Visa.
The CLARITY Act still needs roughly seven additional Democratic votes to pass the full Senate, a hurdle that also affects assets like XRP It is closely linked to regulatory outcomes in the United States. Until then, GSX says its day-to-day operations remain unchanged, with the bulk of its committed capital remaining on the sidelines.
