Hibachi[HEAT]

Stablecoin-native FX exchange

Hibachi is a stablecoin-native FX and crypto exchange using an off-chain order book with ZK on-chain settlement. Its FX Perps product is live, and it is building a full stablecoin-settled FX venue on Circle's Arc L1, targeting the ~$9.5T daily forex market as Arc goes live in H2 2026. The $HEAT token is planned, with a TGE expected after the Arc launch (no confirmed date). Raised a $5M seed in 2025 from Dragonfly, Electric Capital and Echo. Points run as 'Playoffs'.