Liminal Custody said its digital asset infrastructure platform has processed more than $100 billion in on-chain transaction volume since launch, covering nearly 5 million transactions across more than 20 blockchain networks. The company said most of that activity came from institutional users, including cross-border payment firms, liquidity providers, and cryptocurrency exchanges, pointing to heavier use of custody infrastructure in stablecoin payments and day-to-day crypto market operations.
Annual volume climbed from $1.4 billion to $72 billion
Company figures show annual transaction volume rose from $1.4 billion in 2022 to $72 billion in 2025. The cumulative total reached $100 billion by the end of February 2026. Transaction count also expanded, with 1.8 million transactions handled in 2025 alone and close to 5 million processed since launch.
The highest monthly activity came in October 2025, when the platform processed $11.9 billion. Liminal said that period lined up with one of the sharpest crypto market downturns of the year, and that handling large flows during stressed conditions showed the reliability demands placed on infrastructure providers serving institutional clients.
Founder and Chief Executive Officer Mahin Gupta said crossing $100 billion was “not just a growth milestone” and reflected how digital asset infrastructure is being stress-tested in live institutional environments. He also said the company reached that scale by focusing on reliability, hardening infrastructure, improving operational predictability, and building safety mechanisms that remain intact as complexity and concurrency rise.
USDT and USDC made up the largest share of flows
Stablecoins accounted for most of the transaction activity on the platform, with USDT and USDC representing the largest share of assets moving through the system. The report said those tokens are widely used in digital asset markets because they maintain parity with major fiat currencies.
Institutional use cases were concentrated in a few operational categories. Cross-border payment companies use stablecoins to settle international transfers within minutes instead of relying on banking chains with multiple intermediaries. Crypto exchanges use them to manage liquidity between venues and settle trades in real time. Liquidity providers and trading firms also use stablecoins as collateral and settlement instruments while operating across multiple blockchain networks. Because blockchains run continuously, those transactions can take place outside the time limits of traditional banking hours.
Custody platform now serves clients in 12 countries
Liminal said it currently supports more than 20 blockchain networks through a single custody platform and serves more than 80 business clients across 12 countries. The company has a workforce of more than 130, with staffing concentrated in engineering, infrastructure, and security.
Digital asset custody systems need to manage several operational risks, including unauthorized transfers, private key compromise, transaction manipulation, and human error that could lead to asset loss. To reduce those risks, custody providers commonly use multi-party computation or multisignature wallet structures together with policy enforcement frameworks. Liminal said its platform includes transaction simulation tools so operators can review expected state changes before approving transfers, along with protections against blind signing, where users authorize transactions without reviewing the underlying data.
The platform also includes policy controls for transfer permissions and automated operational functions such as gas management for blockchain fees. The stated goal is to reduce manual intervention and keep operations running during periods of heavy transaction activity. Liminal added that the system includes recovery capabilities designed to preserve access to assets under adverse conditions.
Next development phase targets stablecoin liquidity and treasury tools
Liminal said the next phase of platform development will focus on stablecoin liquidity management and treasury infrastructure. Market research cited by the company projects the global digital asset custody sector could reach $793 billion by 2026. The company also said institutional wallets now account for about 55% of assets held in custody, up from 38% five years earlier.
Those figures point to deeper participation by financial institutions and corporate treasury teams in digital asset markets. As more financial activity moves toward blockchain-based settlement systems, custody platforms are being pushed to support higher transaction throughput, layered approvals, and multi-chain asset management. Liminal said its product work is now centered on tools for stablecoin liquidity positioning, automated treasury transfers, and operational oversight across multiple networks.