December 8, 2025 – Dubai, United Arab Emirates
SemiLiquid, a custody-native infrastructure layer for institutional credit, today announced the launch of its PCP (programmable credit protocol) at Abu Dhabi Finance Week 2025.
- Following first-of-its-kind pilot run with Franklin Templeton, Zodia Custody, Avalanche and CMS demonstrates enforceable bilateral credit within digital assets custody
- Debut at Abu Dhabi Finance Week 2025 showcases a breakthrough in institutional credit infrastructure
The groundbreaking infrastructure enables institutions to activate credit against digital and tokenized assets held in custody without transferring collateral, marking a critical advancement in the evolution of digital capital markets.
Developed and launched in Abu Dhabi, the protocol is now planned to be rolled out globally, underscoring the emirate’s rise as a leading hub for digital assets and a launchpad for financial innovation.
The launch is backed by a successful pilot conducted with Franklin Templeton, Zodia Custody, Avalanche, Presto Labs, M11 Credit, Oasis Foundation and CMS.
As part of the pilot, Franklin Templeton’s daily-yielding tokenized money-market fund, BENJI, was used as collateral, which remained encumbered throughout the loan lifecycle under pre-agreed terms and automated triggers.
This simulated proof-of-concept allowed institutions to retain full daily yield while granting lenders enforceable security over the assets eliminating counterparty risk without any collateral movement.
Rico van der Veen, co-founder and CEO of SemiLiquid, said,
“Programmable assets require programmable credit.
“PCP delivers the missing rail that institutions need a standardized, custody-native and shared legal framework that merges the trust of [TradFi] (traditional finance) with the efficiency of programmable assets.
“This marks a shift from incremental upgrades to foundational infrastructure for institutional credit.
“Abu Dhabi global market’s environment has enabled us to develop our solution within a risk-aware framework optimized for digital asset innovation.”
Anoosh Arevshatian, chief product offer at Zodia Custody, said,
“SemiLiquid’s PCP brings together innovative industry leaders in an effort to address the inefficiencies in institutional credit.
“Through our participation, Zodia Custody hopes to establish custodial infrastructure as the trust layer for scalable and programmable credit.”
Khalid Dannish, head of MENA at Ava Labs, said,
“Programmable credit demonstrates how institutional lending can operate natively within custody without compromising enforceability, compliance or settlement speed.
“Avalanche’s high-performance, institutional-grade infrastructure, combined with SemiLiquid’s programmable credit protocol, creates a clear path to scaling institutional adoption developed in a region that has become a launchpad for next-generation on-chain financial markets.”
Matthew Nyman, digital assets lead at CMS, said,
“Private credit is going digital, and this pilot proves how it can be done legally and compliantly.
“CMS is proud to support the infrastructure bringing automated, custody-native credit to institutional markets.”
While tokenized assets are projected to reach $10 trillion by 2030, credit infrastructure has remained trapped in legacy workflows.
More than 70% of institutional bilateral financing still involves bespoke, deal-by-deal paperwork and collateral transfers across fragmented accounts and systems, creating counterparty risk and friction that prevent tokenized assets from functioning as scalable, financeable collateral.
SemiLiquid’s pilot has shown that the technology and legal framework is mature and institutions are ready.
The company is advancing to phase two, launching in early 2026, which will expand integrations across additional custodians, collateral types and jurisdictions.
Future capabilities will include under-collateralized lending supported by verified solvency attestations and a unified framework for enforceability across markets.
Rico van der Veen added,
“Credit is the lifeblood of capital markets. With PCP, programmable credit has arrived and it’s ready for institutional deployment.”
For more information, users can visit here.
About SemiLiquid
SemiLiquid delivers the infrastructure powering the next evolution of institutional credit.
Built on custody-native rails, its PCP standardizes and automates bilateral lending bringing the trust of TradFi and the efficiency of programmable markets to a unified, compliant and interoperable credit ecosystem.
About Zodia Custody
Zodia Custody is an institution-first digital assets platform with support from Standard Chartered, in association with Northern Trust, SBI Holdings, National Australia Bank and Emirates NBD.
Through the combination of its custody, treasury and settlement solutions, Zodia Custody enables institutional investors around the globe to realize the full potential of the digital assets future simply, safely and without compromise.
Zodia Custody is registered with the Financial Conduct Authority, Central Bank of Ireland and Commission de Surveillance du Secteur Financier and holds a license with the Hong Kong Companies Registry.
Zodia Custody implements the requirements of the 5AMLD and applies the same standards as Standard Chartered relating to AML, FCC and KYC.
It implements the requirements of the FATF travel rule.
Zodia Custody Limited is registered in the UK (United Kingdom) with the FCA as a crypto asset business under the Money Laundering, Terrorist Financing and Transfer of Funds Regulations 2017.
Zodia Custody (Ireland) Limited is registered with the Central Bank of Ireland as a VASP (virtual asset service provider) under Criminal Justice (Money Laundering and Terrorist Financing) Act 2010 (as amended).
Zodia Custody (Ireland) Limited was established in Ireland in August 2021.
Zodia Custody (Ireland) Limited is registered with the CSSF in Luxembourg as a VASP in accordance with article 7-1 (2) of the law dated November 12, 2004, on the fight against money laundering and terrorist financing, as amended.
Zodia Custody (Hong Kong) Limited is registered with the Registry for Trust and Company Service Provider with License Number TC009245 under the Anti-Money Laundering and Counter-Terrorist Financing Ordinance (AMLO), Cap. 615 in respect of its custodial activities in digital assets.
For further information on Zodia Custody, users can visit the website.
Contact
Vinita Kullai, account manager for YAP Global
SemiLiquid, YAP Global
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