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Algorithm Analysis: PCP (Programmable Credit Protocol)
PCP demonstrates a strong real-world impact by providing a live product that facilitates borrowing and lending against tokenized securities, which is crucial for institutional clients. While transparency could be improved with more public information about the team and regulatory registrations, the active partnerships and operational product indicate a solid foundation for growth within the Canton Network ecosystem.
Last analyzed: Apr 15, 2026
PCP (Programmable Credit Protocol) on Canton
Custody-native credit infrastructure by SemiLiquid. Lets banks, funds, and market makers borrow against tokenized assets without moving collateral out of custody. Partner on Canton Network.
About PCP (Programmable Credit Protocol)
PCP (Programmable Credit Protocol) is credit orchestration infrastructure for tokenized assets, developed by SemiLiquid. It enables banks, hedge funds, and market makers to borrow and lend against tokenized securities and Canton assets without moving collateral out of custody. Partner on Canton Network.
Features
What the product does
Credit activation without moving collateral
Institutions can activate credit against digital and tokenized assets held in custody without transferring the collateral out, preserving custody relationships while enabling repo and secured lending workflows.
Direct integration or Custody-as-a-Service
PCP can be integrated directly by custodian banks and digital asset custodians, or consumed via a Custody-as-a-Service (CaaS) model for execution venues that do not run their own custody stack.
SDKs and rapid API integration
SDKs are provided to accelerate development, with a stated maximum integration timeframe of around six weeks for partners connecting to the PCP APIs.
Standardized post-trade enforcement
Acts as standardized post-trade enforcement infrastructure for tokenized collateral, targeting custodian banks, digital asset custodians, and execution venues running lending and repo transactions.
Connected Projects
PCP (Programmable Credit Protocol) is developed by SemiLiquid, a custody-native infrastructure layer for institutional credit headquartered in Abu Dhabi. SemiLiquid was launched out of Abu Dhabi Global Market (ADGM) and unveiled PCP at Abu Dhabi Finance Week in December 2025. The initial pilot was built with Avalanche and ran with Franklin Templeton (using its BENJI tokenized money-market fund), Zodia Custody, Ava Labs, Presto Labs, M11 Credit, Oasis Foundation, and CMS. On the Canton Network side, PCP lists Digital Asset and the Canton Foundation as ecosystem partners, alongside Franklin Templeton and Libeara.
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