09 — Roadmap · 10
Composable liquidity
PATH LIQUIDITY
Every settlement receipt includes a route field. In this version the value is null. PIP-0005 defines the only shape it may take. PATH Liquidity is out of scope until a later PIP names who may fill it.
- Target
- Q4 2027
- Year
- 2027
- Window
- Q4
- Status
- reserved
Liquidity is reserved. The route field stays empty.
How to say it
Not “PATH will route payments.” PATH will not. Composable liquidity means a receipt can name the route that was used — which providers, which rails, which legs — in a form another implementation can read, without PATH choosing the route or holding the funds.
What it is for
A payer that crossed two rails and three providers should not end up with three private receipts and no object that describes the path. Liquidity is the composition of those legs. Universal, because any conforming provider can appear in the route. Composable, because the route is an object, not a bilateral hack.
What it is not
A PATH rail. A token. A pricing engine. Rail profiles map PATH onto UPI, PIX and SEPA Instant. Liquidity records how value actually moved once those rails — or any others — were used. The two are easy to conflate and must not be.