Pontoro and Archax jointly announced a pilot for a Stellar-based fund pool whose purchase discounts change with its liquid-asset share, while withdrawal terms permit delays, reduced payouts or suspensions if available cash cannot cover requests.
The firms presented the Automated Liquidity Pool during Meridian 2026’s Lisbon event, held Wednesday, Oct. 28. Its components include money-market and other cash-like holdings alongside interests in private-market funds.
Holders of private-fund interests may ask the pool to buy them, but the manager can refuse an offer and available liquidity is required. The required discount grows when liquid holdings account for less of the pool and shrinks as their share rises. The pool sets this liquidity-related price independently of valuations for the underlying assets.
Participation is restricted to selected investors under the offering and subscription documents. When investors request withdrawals, the pool draws first on its liquid holdings. If those holdings cannot meet requests, the documents permit payments to be delayed or reduced, or redemptions to be suspended. The discount for purchases does not set what investors receive on withdrawal.
Archax issues a permissioned token on Stellar to represent each fund interest. Transfers are restricted to approved wallets associated with verified identities, and the interests have no secondary market. The manager retains authority over investment strategy and asset selection, along with valuations and governance.
An Oct. 13 Form D from Pontoro Stellar ALP, LP listed $200,000 as the minimum an outside investor could invest. The filing showed $0 in sales and no investors, with a first sale still pending. Because the document came before the pilot, it does not show whether subscriptions followed.
The firms have not made public the pool’s scale or asset mix, subscription totals, redemption results or performance during periods of heavy withdrawal requests.
