The Fourth Infrastructure Shift
in Capital Markets Is Now

Three infrastructure shifts built modern capital markets. Floor to electronic gave us how we trade. Telex to SWIFT gave us how we settle. Paper to Bloomberg gave us how we know.

Each shift came from new technology, delivered through a regulated venue. Each achieved near-total adoption.

The fourth shift is happening now. It’s from blind to aware.
How you trust.

Capital markets are seizing up.

There are fewer funded formations, fewer private exits, and fewer IPOs. Investors run 7–15 vendors through months of diligence and still can’t verify provenance: who ultimately owns an asset, and where the capital came from.

The result, by our analysis: $35 trillion of stranded capital, productive assets rendered illiquid by structural information failure. Private markets turn over at roughly 1.5% a year, against 100%+ in public markets. Transaction costs run 5–30%.

Adversarial capital exploits this blindness, using investment to reach IP, supply chains, and the foundations of the U.S. economy. Critical American companies often cannot see who is on their own cap table.

Technological innovation across every stage of U.S. and allied capital markets hasn’t happened yet. It’s day one.

We are building the first provenance-verified exchange.

Provenance is proof of who owns an asset and where the capital came from. Our patent-pending Provenance Engine creates a persistent, verifiable record of both, established at formation, carried for life, and re-verified at every transaction.

That is why provenance can only be assured inside an exchange, and only one spanning the full lifecycle: formation, private markets, and public markets. Every trade adds a verified link to a provenance graph no point-in-time vendor can reconstruct.

One seat is designed to replace 7–15 vendor contracts, onboarding projected to run 95%+ faster than incumbents, continuous verification before, during, and after every transaction, and settlement designed for T+0.

Every transaction makes our engine smarter and your dashboard wiser.

The moment is now.

Roughly $2 trillion in annual private-market transactions now require provenance under U.S. mandates: Treasury’s outbound investment program (EO 14105), the DOJ Data Security Program (EO 14117), and CFIUS review. Provenance is going from optional to mandatory.

Demand for liquidity is surging to meet it: secondary volume reached a record $240 billion in 2025, up 48% in a single year, and private-markets AUM is projected to grow from roughly $15 trillion today toward $24 trillion by 2030. Sovereigns, pensions, and institutions want to go direct, and need an exchange they trust to do it at scale.

Welcome to USAX.
The Provenance-Verified Exchange.

Built by a team of founders, veterans, and economists with backgrounds spanning raising top tier venture, working with F100-500 and government clients, the White House Council of Economic Advisers, and the Hoover Institution. Meet the team →

Investor inquiries: investors@usax.com →

Sources: Bain · Preqin · McKinsey · Jefferies · Ocorian · MSCI · NAIC — Mandates: U.S. Treasury (EO 14105) · DOJ (EO 14117) · CFIUS

USAX is pre-regulatory approval. USAX is not a registered broker-dealer, alternative trading system, or national securities exchange, and makes no representation that it will become one. Nothing on this site is an offer to sell, or a solicitation of an offer to buy, any security.