Veranta Expands FX and Metals Liquidity by $100M+

Foreign exchange and precious metals are among the deepest markets in global finance, but trading meaningful size onchain has historically been difficult. Native order books can fragment liquidity and make large positions expensive to enter, especially across real-world assets.

Veranta is expanding that capacity with more than $100M in new open-interest liquidity across the world’s most actively traded FX pairs and precious metals. The first phase covers USD/JPY, EUR/USD, GBP/USD, USD/CAD, USD/CHF, AUD/USD and NZD/USD, alongside gold and silver. More than $50M of capacity is being added to USD/JPY alone.

How Veranta routes RWA liquidity

Veranta uses a hybrid architecture for global markets. Real-world assets trade through a CFD-style model, while crypto continues to trade as perpetuals, all supported by a unified USDC vault and shared risk engine.

Pricing is oracle-based, using independent feeds from Pyth Pro and Chainlink. For FX and metals, market makers hedge flow on institutional venues including LMAX and Interactive Brokers. This allows Veranta to connect onchain execution to deeper offchain liquidity rather than relying only on a venue-specific order book.

Deeper FX markets

Across the seven major FX pairs included in this release, Veranta now supports more than $100M in aggregate liquidity. The goal is straightforward: make it possible to express macro views onchain with the kind of size and capital efficiency traders expect from mature markets.

USD/JPY is the clearest example. The market now carries a $50M open-interest cap, and the system is designed to support large clips with limited slippage. The same infrastructure extends across the other major currency pairs in this phase.

Gold and silver get the same infrastructure

The upgrade also expands capacity for precious metals. Gold now supports a $30M open-interest cap, while silver receives a $20M cap and a tighter spread profile. Both markets benefit from the same institutional hedging and oracle-based execution model used across FX.

For traders using Upside Perps, formerly zero-fee perps, selected markets can also be traded with no fixed opening, closing or holding fee. Instead, fees are paid from profitable outcomes, preserving the asymmetric fee model that Veranta introduced for active traders.

Why this matters for onchain RWA trading

Real-world assets are only useful onchain if traders can access them at meaningful size. Listing a market is not enough. Liquidity, slippage, financing costs and execution quality determine whether a venue can support serious trading activity.

This release is the first phase of a broader RWA roadmap focused on improving those fundamentals before expanding the asset universe further.

The RWA roadmap

• Phase 1A: More than $100M in additional liquidity across FX and precious metals. This phase is now live.
• Phase 1B: The same liquidity framework will expand to major commodities, indices and single-name equities.
• Phase 2: Veranta V2 introduces a broader trading system with advanced orders, expanded access, Upside Perps and improved execution across web and mobile experiences.

The objective is to make global markets genuinely usable onchain, not simply available. FX and metals are the first step.