Recently, my attention has been drawn to Hibachi, a decentralized perpetual contract trading protocol. They’re developing something quite interesting in Circle’s Arc ecosystem.

So the story is, Hibachi will launch a forex trading platform settled with stablecoins. From what I read, the platform is designed with several fairly solid features for traders. They promise instant settlement by default, tight bid-ask spreads, plus adequate deep liquidity. Matching speed and system uptime are also among their focus.

What’s interesting is the backing they’ve received. Circle Ventures through the Arc Builder Fund already supports them. Previously, last year, Hibachi successfully closed a funding round of $5 juta with investors such as Dragonfly, Electric Capital, and echo also joining.

So basically, this is an effort to bring forex trading platforms into DeFi with more efficient settlement. Their business model within the Arc ecosystem could be competitive, given the focus on instant settlement and deep liquidity. If execution is good, this forex trading platform could attract traders who are looking for a more decentralized alternative with a smoother UX.

Worth keeping an eye on, especially if they can deliver what they’ve promised about speed and spreads.