Exchanges

Currency trades (exchanges) are performed by moving assets from one account to another. At present - one side of every exchange must be a stable coin. Click here to see the full list of supported exchange pairs.

To perform a fiat to fiat exchange would require 2 separate exchanges. The rail payment orchestration flow coming in Q4 2025 will automate this behaviour for you.

We currently only support market and OTC types of exchange.

With a market order, the order will get executed at the market price.

There are 2 steps to performing an exchange:

1. Create the exchange - using the Create Market endpoint.
2. Execute the exchange - using exchanges/{exchange_id}/accept endpoint

You can get details of any executed Exchange using exchanges/{exchange_id} endpoint

We will soon be releasing our full OTC flows. Stay tuned for updates.

Exchange Action

The action field is use to denote the type of exchange being performed.

FIX_SOURCE - This fixes the amount you want to debit from the SOURCE account, therefore the quote provided is for how much would be credited to the DESTINATION account. Think of this as 'selling' the source amount.

FIX_DESTINATION - This fixes the amount to credit to the DESTINATION account, therefore the quote provided is for how much to deduct from the SOURCE account. Think of this as 'buying' the destination amount.

FIX DESTINATION and MARKET ADJUSTMENT:

To account for normal asset price fluctuations and increase the likelihood that FIX_DESTINATION exchanges execute, an additional 100 bps is temporarily debited from the SOURCE account. After execution, the unused portion of this buffer is credited back to the SOURCE account as a MARKET_ADJUSTMENT transaction.

Exchange Lifecycle

Scenario 1 - Exchange Lifecycle - Happy Path

Scenario where the exchange lifecycle executes without issues.