The Open Transaction Layer, widely referred to as OTL, officially launched on May 28, 2026, as an open industry initiative designed to standardize coordination across the digital asset ecosystem. Fireblocks introduced the protocol stack in collaboration with more than 30 financial institutions, blockchain networks, and infrastructure providers seeking to improve interoperability and compliance within on-chain finance.
Among the founding members are six major blockchain foundations participating through the Blockchain Payments Consortium. These include Solana, Stellar, Polygon, TON, Sui, and Monad, while Mysten Labs joined in support of the Sui ecosystem. The participating organizations described OTL as a missing coordination framework capable of supporting the next phase of institutional blockchain adoption.
OTL was introduced as an open and chain-agnostic protocol stack intended to coordinate on-chain transactions between different counterparties. Rather than transferring digital assets directly, the system standardizes identity verification, messaging, compliance procedures, and settlement coordination across multiple blockchain environments.
Fireblocks explained that the protocol functions similarly to the role played by internet coordination standards such as DNS, SSL, and HTTP, which helped scale the internet globally. In the same way, OTL is intended to create shared operational standards for digital asset finance. The project’s technical specifications have already been released under an open-source license through the official OTL network platform.
OTL was launched as a chain-agnostic coordination protocol designed to standardize identity, messaging, compliance, and settlement processes across the on-chain finance ecosystem.
Solving Fragmentation in Digital Asset Transactions
According to Fireblocks, regulated institutions currently rely on custom-built integrations to coordinate blockchain transactions with counterparties, creating operational inefficiencies and fragmented infrastructure. The company stated that many organizations independently verify transaction participants, negotiate transfer requirements, and exchange compliance information before settlements can occur.
Six blockchain foundations are joining the Open Transaction Layer as founding partners: @Solana, @StellarOrg, @0xPolygon, @ton_blockchain, @SuiNetwork, and @Monad.
OTL is chain-agnostic by design. The coordination layer for compliant onchain finance works across all of them.
— Blockchain Payments Consortium (@bpconsortium) May 28, 2026
The absence of standardized authentication and reconciliation systems has reportedly increased operational complexity and introduced additional security risks within institutional blockchain finance. OTL aims to address these challenges by creating shared protocols that participants can implement once and use across multiple counterparties and blockchain networks.
Fireblocks Chief Executive Officer Michael Shaulov reportedly stated that a closed network could not resolve coordination challenges affecting the broader digital asset industry. He suggested that only open and collaborative standards could effectively support interoperability across diverse participants within blockchain finance.
The protocol stack organizes its framework into five separate layers. Four foundational layers focus on identity, sessions, transport, and messaging, while the application layer supports real-world institutional workflows. The system also incorporates existing standards, including W3C DIDs, IVMS101, ISO 20022, and CAIP-19, instead of replacing them entirely.
Institutional and AI Applications Expand OTL’s Scope
Initial applications built on OTL are focused on solving practical operational challenges within institutional finance. One application, Universal Deposit, is intended to support authenticated payment coordination between counterparties. Another feature, Wallet Attribution, enables decentralized verification of wallet ownership to improve compliance and reduce settlement risks.
The protocol also supports compliance requirements linked to the Travel Rule while simplifying how institutions exchange standardized regulatory information. In addition, OTL is designed to support centralized finance platforms, decentralized finance protocols, non-custodial wallets, and artificial intelligence-driven financial agents within a unified operational framework.
Announcing the Open Transaction Layer. An open protocol stack for coordinating onchain transactions between any counterparty – compliantly and securely.
Founded with @Checkout @CrossRiverBank @SoFi @RobinhoodApp @privy_io + @Stablecoin @eToro @MoonPay @MetaMask @WalletConnect… pic.twitter.com/JtFrcWkDda
— Fireblocks (@FireblocksHQ) May 28, 2026
OTL introduces standardized compliance and identity tools capable of supporting institutions, decentralized finance platforms, wallets, and AI-driven financial agents across multiple blockchain ecosystems.
Fireblocks Chief Product Officer Idan Ofrat reportedly emphasized that industry-wide standards could not be developed by a single vendor alone. He suggested that broad collaboration across blockchain and financial sectors would be necessary for shared coordination systems to succeed at scale.
Broad Alliance Supports Industry Adoption
The alliance behind OTL includes trading firms such as B2C2, FalconX, and Wintermute, alongside payment providers including Checkout.com, MoonPay, and Triple-A. Financial institutions and fintech companies such as Cross River Bank, SoFi, Coins.ph, and Tazapay also joined the initiative.
Consumer platforms Robinhood and eToro became part of the alliance as well, together with wallet providers MetaMask, WalletConnect, and Zengo. Infrastructure and tokenization companies, including Securitize and zerohash, also contributed to the initiative’s development.
More than 30 institutions across trading, payments, banking, wallets, tokenization, and blockchain infrastructure joined the OTL alliance to support interoperable and compliant on-chain finance.
Fireblocks indicated that reference implementations of the protocol will be introduced gradually as the standards continue to mature. The organization also confirmed that the alliance remains open to additional participants, signaling ambitions for OTL to evolve into a widely adopted coordination layer for global digital asset finance.