Glacis Labs closed a $6.8 million seed round to scale ZeroDelta, its multichain non-custodial clearinghouse. The round was led by Lightspeed Faction, with Franklin Templeton, Coinbase Ventures, Again, Protein Capital, and Techni Ventures also writing checks.

What ZeroDelta actually does

ZeroDelta works across more than 40 different blockchain networks without ever taking custody of assets. Traditional clearinghouses act as middlemen between buyers and sellers, guaranteeing that both sides of a trade settle properly. ZeroDelta does something similar for stablecoins, but replaces the trusted intermediary with cryptographic receipts and atomic delivery.

When you move stablecoins through ZeroDelta, the system ensures the transaction either completes fully or doesn’t happen at all. No partial fills, no slippage, no praying that your funds arrive on the other side of a bridge.

The platform supports major stablecoins including USDC, USDT, and USDe. It has processed over $1 billion in lifetime transaction volume and is currently running at an annualized rate of $1.5 billion. For a company that raised just $2.1 million in its previous round back in May 2024, that volume-to-funding ratio is notable.

The new capital will go toward hiring, expanding operational capacity, and go-to-market efforts. Glacis Labs plans to extend ZeroDelta’s clearing capabilities beyond stablecoins into tokenized securities, real-world assets, and foreign exchange markets.

The team and the Robinhood connection

CEO Jacob Blish previously helped drive Lido’s growth from $100 million to $20 billion in total value locked. Glacis Labs also recently announced a collaboration with Robinhood Chain, positioning itself as infrastructure for consumer-facing crypto platforms.

Why stablecoin clearing matters now

ZeroDelta’s approach of minimizing on-chain transactions while still maintaining non-custodial guarantees addresses fragmentation in stablecoin movement across chains. Every unnecessary on-chain hop is a potential point of failure, an additional gas cost, and a slippage opportunity. By compressing the settlement process and making it atomic, the platform reduces the surface area for things to go wrong.

Franklin Templeton, one of Glacis’s new investors, is actively tokenizing treasury products and other traditional instruments. Those tokenized assets need settlement infrastructure that can handle multichain complexity at institutional scale.

What this means for investors

Franklin Templeton’s participation is particularly meaningful given that the asset manager is actively building tokenized fund products that would benefit from better settlement infrastructure. They are not just investing in Glacis; they could become a customer.

A $1.5 billion annualized run rate sounds impressive, but clearing volume can be lumpy and dependent on broader market activity. The expansion into tokenized securities and FX also introduces regulatory complexity that pure stablecoin clearing does not face.