Stablecoin Liquidity Router
Routes client settlement across stablecoin rails on the cheapest path for the required speed — 8 recent decision(s) across 3 active pool(s).
Runnable once promoted to PROD
Liquidity pools
3
stablecoin/fiat pairs
Routed volume
$188M
USD-equivalent
Avg cost
2 bps
chosen rail
Avg saving
13 bps
vs SWIFT
Stablecoin liquidity pools
| Pool | Token | Fiat balance | Token balance | Quote | Preferred rail | Status |
|---|---|---|---|---|---|---|
| POOL-EURC-EUR | EURC | €90M | 90M EURC | 0.9995 | ETHEREUM | Active |
| POOL-JPYC-JPY | JPYC | ¥18B | 18B JPYC | 1.0000 | PROGMAT | Active |
| POOL-USDC-USD | USDC | $250M | 250M USDC | 1.0001 | ETHEREUM | Active |
Rail cost / speed comparison
| Rail | Avg cost | Typical speed | Chosen / evaluated |
|---|---|---|---|
| ETHEREUM | 0.81 bps | ~15 seconds | 3 / 6 |
| PROGMAT | 0.18 bps | T+0 atomic (DVP) | 2 / 2 |
| SWIFT | 17.50 bps | 1-2 business days | 1 / 7 |
| FEDWIRE | 3.23 bps | same day | 1 / 3 |
| COSMOS | 0.50 bps | ~6 seconds | 1 / 3 |
Recent routing decisions
| Payment | Amount | Chosen rail | Cost | Speed | As of |
|---|---|---|---|---|---|
| Repo leg funding · REPO-2607-0001 | ¥10B | PROGMAT | 0.10 bps | T+0 atomic (DVP) | 11 Jul 2026 |
| Client payment · Meridian Capital | $25M | ETHEREUM | 0.60 bps | ~15 seconds | 11 Jul 2026 |
| Corporate sweep · Kestrel Industries | $13M | COSMOS | 0.45 bps | ~6 seconds | 10 Jul 2026 |
| Cross-border settlement · Novastar AM | €9.8M | ETHEREUM | 0.80 bps | ~15 seconds | 10 Jul 2026 |
| FX settlement · Halcyon Partners | $15M | FEDWIRE | 3.00 bps | same day | 09 Jul 2026 |
| JGB coupon distribution · Progmat book | ¥4.0B | PROGMAT | 0.25 bps | T+0 atomic (DVP) | 09 Jul 2026 |
| Client payment · Sable Treasury | €5.0M | ETHEREUM | 0.75 bps | ~15 seconds | 08 Jul 2026 |
| Correspondent payout · Orient Bank | $30M | SWIFT | 12.50 bps | 1-2 business days | 07 Jul 2026 |
Pool liquidity (USD-equivalent)
Standing fiat-leg liquidity per pool, normalised to USD for comparison