Liquid is an open-source Bitcoin layer-2 sidechain that enables fast, confidential bitcoin payments and secure digital asset issuance. It serves as the financial layer for Bitcoin capital markets, allowing institutions to issue stablecoins, security tokens, and other digital assets with confidential transactions. The network is operated by a federation of exchanges, financial institutions, and Bitcoin companies, with over $4.2 billion in Total Value Locked including assets like USDT, tokenized securities, and promissory notes.