The Digest | November 2025

Monerium x Finery Markets: Partnership expands EUR stablecoin access, connecting EURe to global institutional liquidity and cross-rates.
Sage Capital & Gold-i Alliance: Three-party partnership builds an institutional “liquidity highway” with 200+ assets and unified prime brokerage access.
Wintermute Streams: Institutional pricing added via Quote Streams, unlocking 5,000+ pairs and deeper liquidity for best-execution trading.
API Reference: New documentation enables sub-accounts to automate trading and settlement independently, improving scalability and transparency.
CoinDesk Feature: Finery Markets’ $19B liquidation analysis highlights OTC venues as market firewalls maintaining stability during volatility.
The Flow Podcast: GSR’s Xin Song joins to discuss OTC modernization, stablecoins, and the convergence of traditional and crypto markets.
Finance Magnates London Summit Awards: Finery Markets shortlisted for Best Connectivity Provider and Best White Label Solution

Finery Markets and Monerium partner to expand EUR stablecoin access

Finery Markets and Monerium, the licensed issuer of the EURe stablecoin, have announced a partnership to expand the reach of on-chain euros across global liquidity networks. The collaboration connects Monerium’s regulated stablecoin infrastructure with Finery Markets’ non-custodial ECN and stablecoin-first trading technology.

Through this partnership, EURe gains instant access to institutional liquidity and cross-rates with major stablecoins like USDC and USDT. The setup transforms EURe from a regional asset into a global settlement instrument, enabling seamless conversions between IBAN accounts and crypto wallets while avoiding centralized exchange dependencies and capital lock-ups.

As institutional demand for stablecoin settlement accelerates, up 138% year over year and now accounting for nearly 75% of all OTC flow, the partnership reinforces Finery Markets’ role as a key liquidity and infrastructure provider connecting issuers, institutions, and global markets.

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Finery Markets, Sage Capital & Gold-i forge OTC liquidity highway

Finery Markets has expanded its partnership with Sage Capital Management and Gold-i, forming a unified liquidity network that connects prime brokerage, ECN, and connectivity layers into one institutional access point. The collaboration enhances liquidity depth across more than 200 digital assets, offering margin lending of up to 10× through a single API.

This three-party infrastructure simplifies access for OTC desks, brokers, hedge funds, and prop traders by consolidating previously fragmented vendor relationships. Clients benefit from 24/7 uptime, compliant counterparties, and millisecond-level execution precision through a fully integrated ecosystem.

Together, Finery Markets, Sage Capital, and Gold-i are removing technical and operational barriers for institutions, building a cohesive “liquidity highway” that improves efficiency, reduces complexity, and advances regulatory alignment across the crypto OTC landscape.

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Wintermute price streams join Finery Markets Quote Streams

Finery Markets has integrated Wintermute’s institutional pricing via Quote Streams, providing clients access to over 5,000 trading pairs and 450 tokens with deep liquidity and competitive spreads. The integration enhances the platform’s best-execution framework, allowing the OEMS to automatically route orders to the most favorable source.

This upgrade introduces additional order types such as Limit FOK and Market FOK for guaranteed full-volume execution of large trades. Combined with automated reconciliation and risk management, it ensures high-efficiency execution across both firm order book and quote-stream environments.

By expanding its network of liquidity providers, Finery Markets strengthens its position as the preferred non-custodial ECN for institutions seeking performance, transparency, and scalability in digital asset trading.

API reference for sub-accounts now live

The Finery Markets platform now features a complete API Reference section for sub-accounts, enabling independent automation of trading, settlement, and operational workflows. The update empowers end clients to manage their activity directly through APIs without relying on master-account oversight.

This improvement significantly reduces administrative load, enhances transparency, and ensures a smoother user experience for white-label and institutional clients. By decoupling daily operations from support dependencies, partners can focus on scaling their businesses efficiently.

The new API documentation also introduces clearer endpoint structures and examples, helping developers integrate faster while maintaining enterprise-grade reliability across all connected services.

Finery Markets’ $19bln liquidation analysis featured on CoinDesk

Following the recent market liquidation, Finery Markets’ post-event analysis was featured on CoinDesk. Our study examined how OTC venues absorbed volatility and prevented localized shocks from spreading across the broader ecosystem.

When Ethena’s synthetic dollar (USDe) briefly dropped to $0.65 on Binance but remained near $0.92 on Bybit, the incident revealed the fragility of single-exchange collateral models. Finery Markets’ data showed that OTC trading volumes surged 107% week-over-week, highlighting a decisive institutional shift toward private liquidity pools during moments of stress.

Our analysis concluded that OTC infrastructure acted as a market firewall, maintaining tighter spreads, deeper liquidity, and continuous execution when exchange order books faltered.

Read on CoinDesk

The Flow: Exploring GSR’s multifaceted role in crypto

In the latest episode of The Flow, Konstantin Shulga speaks with Xin Song, CEO of GSR, about how the firm evolved from a market-making pioneer into a multi-line financial institution spanning liquidity, investment, and treasury solutions.

The conversation explores GSR’s growth trajectory from its early days in options trading to its current position serving over 500 institutional clients worldwide. Topics include the modernization of OTC trading, the growing role of stablecoins, and the convergence between traditional and digital market structures.

Xin also reflects on his transition from BlackRock to blockchain, emphasizing how strong risk management, data-driven decision-making, and long-term relationships continue to define GSR’s approach to institutional crypto markets.

Watch on YouTube

Help us win at the FM London Summit Awards 2025

Finery Markets has been shortlisted for two categories at the Finance Magnates London Summit Awards 2025. If you are attending this event, you are eligible to vote and support Finery Markets on these nominations: