Squads

Squads is Solana's standard multisig platform and a growing on-chain financial infrastructure company, providing teams and individuals with programmable smart accounts, stablecoin-native banking, and developer payment APIs — all secured by formally verified programs on Solana.

The Problem Squads Solves

Managing digital assets at the organizational level has historically required either trusting a single private key — a single point of failure — or turning to custodians who reintroduce centralized risk. DAOs, venture funds, DeFi protocols, and validator operators on Solana needed a way to enforce multi-party approval rules, spending limits, and access controls directly on-chain, without sacrificing the speed and composability of the network.

Squads Protocol fills that gap. It replaces ad hoc key management and centralized custodians with programmable multisig vaults whose logic is mathematically proven correct, not just audited.

Core Mechanism: Multisig Smart Accounts

At the heart of Squads is a multisig program deployed on Solana mainnet. A multisig vault is an on-chain account owned by a set of defined members, with a configurable approval threshold — for example, 3-of-5 signatures required before any transaction executes. Every proposed transaction sits in a pending state until the threshold is met, providing a built-in approval layer for any on-chain action.

Squads Protocol v4, the current production version (program address SQDS4ep65T869zMMBKyuUq6aD6EgTu8psMjkvj52pCf), extended the base multisig model significantly. V4 introduced:

• Time locks: Mandatory delay periods before a transaction can be executed, giving members time to review and cancel if needed.
• Spending limits: Per-member, per-token, and time-bound limits that allow routine payments without requiring a full quorum vote each time.
• Role-based access: Granular permissions so different team members can initiate, vote on, or execute transactions according to their role.
• Sub-accounts: Separate vaults under a single multisig for departmental fund separation.
• Fee relayers: Gasless transaction infrastructure for seamless UX.

Key Products

Squads Multisig is the flagship product, serving as the operational control plane for over 450 teams that collectively hold more than $15 billion in on-chain assets. Teams use it to manage treasuries, govern program upgrades, handle token minting authority, secure validator withdraw keys, and integrate trading and payments through embedded Jupiter swap functionality. A tiered pricing model — Basic (0.05 SOL one-time), Pro ($49/month), and Enterprise (custom) — accommodates everything from small teams to large organizations with advanced compliance needs.

SquadsX is a browser extension wallet that lets multisig members connect to any Solana dApp as though they were using a regular wallet, while all transactions still require on-chain multisig approval. This closes the gap between multisig security and normal DeFi participation — users can interact with DEXes, lending protocols, and yield platforms without exposing a hot wallet.

Altitude is a global business account built on stablecoin rails for companies that want to save, earn, and move money outside legacy banking. It supports multi-currency operations (including EURC), Bitcoin treasury management, yield earning on idle stablecoins, bill pay, and integration with Jupiter for instant stablecoin swaps. Altitude accepts ACH, Wire, and SEPA deposits and can pay out to traditional bank accounts — positioning it as an on-chain alternative to corporate bank accounts. In 2026 Altitude acquired Acctual to accelerate invoice and accounts-payable automation for multi-entity businesses.

Grid is a stablecoin API for developers building products that require accounts, payments, card issuance, and yield. It supports gasless transactions on Solana through partnerships with wallet infrastructure providers like Privy, enabling consumer-facing applications to abstract away transaction fees.

Fuse is a personal finance app for individuals managing stablecoins and tokenized assets.

Security and Audits

Squads Protocol is the first formally verified program on Solana. Formal verification means the program's logic has been mathematically proven to behave exactly as specified — a stronger guarantee than traditional audits alone. The v4 program has been audited three times independently by Trail of Bits, OtterSec, and Neodyme, and is undergoing additional formal verification engagements with Certora and OtterSec. Notable DeFi protocols and infrastructure teams including Helium, Jito, and Pyth trust Squads for program authority and treasury management.

The team at Squads Labs has deliberately avoided issuing a protocol token, stating their operating philosophy as building infrastructure people have to use rather than speculate on.

Background and Team

Squads Labs was founded in 2021, with the original concept emerging from the Solana Season Hackathon as a mobile-first governance application. Recognizing a broader need for on-chain organizational security, the team pivoted to building multisig infrastructure. The company has raised funding from investors including Haun Ventures, announced alongside the Altitude platform launch in May 2025. A partnership with Coinbase was announced in August 2025 to expand USDC adoption on Solana.

Ecosystem Role

Squads occupies a foundational layer in the Solana ecosystem: it is not just a product but infrastructure that other protocols rely on to manage their own programs and treasuries. By securing validator operations, DAO governance, and DeFi protocol upgrades through formally verified code, Squads reduces systemic risk across the network. The expansion into stablecoin-native banking through Altitude and Grid extends that foundation toward real-world financial operations, positioning Squads as a bridge between on-chain programmability and the practical needs of globally operating businesses.

As of September 2026, Squads has processed over $3 billion in stablecoin transfers and remains actively developed with new product launches and acquisitions expanding its scope beyond multisig into a full financial operating system for on-chain organizations.