How Thaw Digital Built Its Onchain Capital Markets Infrastructure on Utila
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Industry
Real-World Asset Infrastructure
Focus
Tokenized Credit, Onchain Capital Markets
Products Used
Tom Meister
Founder & CEO
Key outcome Thaw Digital gained using Utila
API-First Wallet Infrastructure for Building Institutional Capital Markets on Stellar and Solana
Thaw Digital uses Utila as a core infrastructure layer for its onchain real-world asset platform, with a particular focus on Stellar and Solana.
The integration gives Thaw the wallet controls and transaction infrastructure required to support financial products onchain while keeping blockchain mechanics behind its own customer experience. Utila’s API-first architecture allows Thaw to incorporate wallet functionality into its products rather than requiring customers to interact directly with MPC wallets or unfamiliar blockchain workflows.
The relationship has also become operational rather than transactional. Thaw receives ongoing support from Utila across product implementation, security, operational controls, and potential business development opportunities, despite being a relatively small customer.
About Thaw Digital
Building Infrastructure and Standards for Onchain Credit Markets
Thaw Digital builds infrastructure for bringing traditional capital markets products onchain, with tokenized portfolios of loan receivables representing one of its core use cases.
Its objective is to apply established capital markets practices around transaction structuring, controls, reporting, and investor protection to onchain real-world assets. Thaw works with specialty finance companies, fintechs, debt funds, and enterprise technology companies that want to issue or manage financial products through blockchain-based infrastructure.
The platform combines two important layers.
The first is operational infrastructure: wallets, policies, and transaction controls that increasingly perform functions traditionally handled through corporate trust, administrative agency and servicing functions. Thaw uses these controls to govern how assets move through its products.
The second is Thaw’s vault infrastructure. Its smart contract design is built around the way yield-generating financial instruments operate in traditional markets, including the ability to distribute interest or other yield during an investment period without requiring LPs to sell or redeem their position.
Thaw also integrates reporting from loan management systems, bank accounts, and onchain balances to support more standardized and empirically observable NAV calculations and transaction structures. The broader objective is to establish infrastructure and common standards that can support a more mature onchain RWA market.
The challenge Thaw Digital was facing
Finding Wallet Infrastructure That Fit Thaw’s Stellar Strategy and Product Architecture
Wallet infrastructure plays a foundational role in Thaw’s platform.
As stablecoins and tokenized assets become part of capital markets workflows, wallets can perform many of the functions traditionally associated with bank accounts. That makes wallet security and governance important, but Thaw also needed infrastructure that could operate as an embedded component of its own product.
Two requirements became particularly important: blockchain coverage and integration architecture.
Thaw primarily builds on Stellar and Solana. The company had previously worked with Foredefi and Fireblocks, but its requirements on Stellar made the available options increasingly difficult to reconcile with the product it wanted to build.
Foredefi did not yet offer the Stellar support Thaw required. Fireblocks already supported the network, but Thaw found its available Stellar workflows cumbersome for the way it planned to scale its product. Utila had invested in native infrastructure and workflows for Stellar that more closely matched Thaw’s requirements.
For Thaw, the evaluation went beyond whether a provider offered MPC signing.
Wallet signing and access controls are widely available across institutional wallet platforms. Thaw therefore evaluated how deeply each provider could support the chains, workflows, APIs, and customer experience it actually wanted to deliver.
The company also considered the working relationship behind the technology. As a startup, Thaw had experienced situations in which support became slower and less personal after the sales process, particularly when larger customers naturally represented more commercial value to a provider.
Thaw wanted an infrastructure partner that would remain engaged after the contract was signed.
The solution we delivered for Thaw Digital
Native Stellar Support and an API-First Infrastructure Layer
After evaluating its requirements across chain coverage, product integration, support, and roadmap alignment, Thaw selected Utila.
Stellar Infrastructure That Matched Thaw’s Requirements
Stellar was one of the decisive factors.
Thaw saw growing opportunity on the network and needed wallet infrastructure capable of supporting its product architecture there. According to Meister, Utila was the MPC wallet provider that could provide the level of Stellar support Thaw required.
Rather than choosing primarily on provider familiarity or market position, Thaw compared the networks and use cases each platform could support against its own roadmap.
That approach favored Utila.
“Take the logos out of the equation and do a comparison of what chains are supported and what use cases are supported. For us, Utila was the right choice on that count for sure.”
— Tom Meister, Founder & CEO, Thaw Digital
APIs That Keep Blockchain Infrastructure Behind the Product
Thaw does not expect mainstream financial institutions or technology companies to become experts in MPC wallets and smart contracts before they can use onchain financial products.
Its product architecture is therefore designed to abstract much of that complexity from the end user.
Utila’s API-first approach allows Thaw to integrate wallet functionality directly into its own systems. Transactions can retain the visibility, security, and controls required by Thaw while the customer interacts primarily with Thaw’s product rather than the underlying blockchain infrastructure.
This is particularly important for a company serving financial-market participants that may have limited interest in directly managing wallets or learning blockchain-specific operational processes.
Thaw can preserve the controls it needs internally while reducing friction for customers executing transactions or accessing information.
“The API-first approach that Utila has is really helpful to us. We’re able to integrate into your solutions and still carry out transactions at the level of visibility and security that we need, and our customers need, while reducing some of the friction for them.”
— Tom Meister, Founder & CEO, Thaw Digital
Direct Support That Continued After Onboarding
The relationship with Utila also became a differentiator.
During the evaluation process, Thaw and Utila discussed the companies’ broader goals and where their products could complement each other. That engagement continued after Thaw became a customer.
Meister describes the relationship as persistent rather than concentrated around sales and onboarding. Thaw has maintained direct engagement with the Utila team on its product and operations, including discussions around potential customer referrals and business development opportunities.
Utila also proactively provides Thaw with feedback on security and operational measures that can make its systems safer.
For Meister, that matters precisely because Thaw is still a relatively small company.
“We’ve continued to have really strong persistent support and engagement from the Utila team throughout our journey. We’ll get feedback on security measures we can take or operational measures we can take to make our product and our company safer.”
— Tom Meister, Founder & CEO, Thaw Digital
Extending the Product Without Rebuilding Wallet Infrastructure
Thaw also treats wallet infrastructure as a build-versus-buy decision.
Its engineering resources are focused on the parts of the platform where the company creates differentiated value: capital markets structures, vault architecture, reporting, standardization, and the user experience around onchain financial products.
Working with Utila gives the company an infrastructure layer it can integrate rather than requiring the team to build and maintain wallet technology internally.
As Thaw evaluates new product requirements, Utila’s APIs, blockchain coverage, and broader product roadmap therefore become part of Thaw’s own ability to execute.
“If you’re not in the wallet business, it’s great to work with somebody who you can buy from or partner with to get to where you need to go. It really reduces execution risk on your product roadmap.”
— Tom Meister, Founder & CEO, Thaw Digital
High impact results Thaw Digital experienced
A Wallet Infrastructure Partner Embedded in Thaw’s Product Roadmap
Utila now operates as a critical backend infrastructure component supporting Thaw’s work across Stellar and Solana.
The immediate result was access to Stellar infrastructure that fit Thaw’s technical requirements and allowed the company to pursue its strategy on the network without designing its product around more cumbersome wallet workflows.
The API architecture has given Thaw a path to embed wallet operations into its own products while maintaining the security, visibility, and transaction controls required for financial-market use cases. That supports one of the company’s central design principles: customers should be able to benefit from onchain infrastructure without being forced to interact directly with every underlying blockchain component.
The partnership has also given Thaw access to a team that remains directly involved in its operations. Product support has continued after onboarding, accompanied by ongoing security and operational guidance and discussions about how the two companies can work together commercially.
For Meister, these factors are part of a broader lesson when evaluating wallet infrastructure. Chain support and MPC technology matter, but the decision also affects product architecture, customer experience, engineering priorities, and the ability to execute against a roadmap.
Thaw chose Utila based on how those pieces fit together.
For a company whose own product depends on securely bringing traditional financial structures onchain, that reduces one more layer of execution risk.
Customer Stories
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