[{"data":1,"prerenderedAt":872},["ShallowReactive",2],{"content-\u002Fresources\u002Fmore\u002Frfq-pricing-stablecoin-fx-explained":3,"resources-category-rfq-pricing-stablecoin-fx-explained":682},{"id":4,"title":5,"authors":6,"body":7,"categories":6,"category":652,"categoryType":6,"compare":6,"contributors":6,"date":653,"description":654,"extension":655,"faq":656,"howto":6,"isBlog":672,"isChangelog":672,"meta":673,"navigation":675,"path":676,"pillar":672,"products":6,"rawbody":677,"role":6,"seo":678,"seoTitle":679,"stem":680,"thumbnail":6,"updated":653,"__hash__":681},"content\u002Fresources\u002Fmore\u002Frfq-pricing-stablecoin-fx-explained.md","What is RFQ (request for quote) in stablecoin FX, and how does it relate to payouts?",null,{"type":8,"value":9,"toc":640},"minimark",[10,14,17,23,42,47,50,53,73,84,98,102,105,144,158,162,177,277,280,284,287,378,381,389,393,396,488,500,504,507,531,538,544,551,560,563,567,570,587,610,621,625,635],[11,12,13],"p",{},"RFQ (request for quote) is a pricing model where a taker asks a set of approved liquidity providers for executable quotes on one specific trade, and the best quote is selected. In stablecoin FX, Circle's StableFX uses offchain RFQ with onchain settlement on Arc. An RFQ trade swaps one stablecoin for another; paying a local bank account is a separate step.",[11,15,16],{},"That separation matters when you design a treasury or payout flow. RFQ answers \"what is the best price for this stablecoin pair, right now, at this size?\" It does not answer \"how do reais land in a supplier's account in São Paulo?\"",[11,18,19],{},[20,21,22],"strong",{},"Key takeaways",[24,25,26,30,33,36,39],"ul",{},[27,28,29],"li",{},"RFQ: a taker asks, approved makers answer with executable quotes, the best price wins.",[27,31,32],{},"StableFX, per Circle's docs: quote responses in under 500 ms, settlement tenors of instant (30 minutes), hourly, and daily, escrow settlement on Arc.",[27,34,35],{},"RFQ competition is worth real money at size: on 100,000 USDC, a 0.0007 gap between the best and worst maker is 70 EURC (illustrative).",[27,37,38],{},"A stablecoin pair trade ends in a wallet. A local bank payout needs an off-ramp quote on a named rail such as Pix or SPEI.",[27,40,41],{},"Use each for its job. Many treasuries need both.",[43,44,46],"h2",{"id":45},"what-is-rfq","What is RFQ?",[11,48,49],{},"RFQ is on-demand pricing. Instead of trading against a rate that is already on a screen, the taker describes the trade and asks for prices.",[11,51,52],{},"Three roles make it work:",[24,54,55,61,67],{},[27,56,57,60],{},[20,58,59],{},"Taker:"," the party that wants to trade, for example a fintech, an exchange, or a corporate treasury.",[27,62,63,66],{},[20,64,65],{},"Maker:"," an approved liquidity provider that answers with a price it will honor.",[27,68,69,72],{},[20,70,71],{},"Execution venue:"," the system that sends out the request, collects and ranks the answers, and records the trade.",[11,74,75,76,83],{},"The key word is executable. An RFQ answer is not an estimate. If the taker accepts inside the quote's life, the maker trades at that price. The FX Global Code, the conduct code for wholesale FX, asks market participants to ",[77,78,82],"a",{"href":79,"rel":80},"https:\u002F\u002Fwww.globalfxc.org\u002Ffx_global_code.htm",[81],"nofollow","make clear whether the prices they provide are firm or merely indicative",".",[11,85,86,87,92,93,97],{},"RFQ is common in over-the-counter markets, which is most of FX. The BIS measured global FX trading at ",[77,88,91],{"href":89,"rel":90},"https:\u002F\u002Fwww.bis.org\u002Fpress\u002Fp250930.htm",[81],"$9.6 trillion per day in April 2025",", most of it priced bilaterally between dealers and clients. The ",[77,94,96],{"href":95},"\u002Fresources\u002Fmore\u002Fwhat-is-a-market-maker-stablecoin-payments","market maker explainer"," covers who sits on the other side.",[43,99,101],{"id":100},"how-does-an-rfq-trade-work-step-by-step","How does an RFQ trade work, step by step?",[11,103,104],{},"Six steps, from question to settlement.",[106,107,108,114,120,126,132,138],"ol",{},[27,109,110,113],{},[20,111,112],{},"Request."," The taker sends the pair, the amount (on the sell side or the buy side), and when it wants to settle.",[27,115,116,119],{},[20,117,118],{},"Distribution."," The venue forwards the request to approved makers.",[27,121,122,125],{},[20,123,124],{},"Responses."," Each maker returns an executable quote with an expiry.",[27,127,128,131],{},[20,129,130],{},"Ranking."," The venue selects the best price and returns it to the taker.",[27,133,134,137],{},[20,135,136],{},"Acceptance."," The taker accepts, which creates the trade and locks the rate.",[27,139,140,143],{},[20,141,142],{},"Settlement."," Both legs are delivered. With an escrow contract, both settle or neither does.",[11,145,146,147,152,153,157],{},"Step 6 is where FX has historically lost money. The BIS estimated that ",[77,148,151],{"href":149,"rel":150},"https:\u002F\u002Fwww.bis.org\u002Fpubl\u002Fqtrpdf\u002Fr_qt2212i.htm",[81],"$2.2 trillion of daily FX turnover was still exposed to settlement risk"," in April 2022, meaning one side could be paid while the other was not. ",[77,154,156],{"href":155},"\u002Fresources\u002Fmore\u002Fherstatt-risk-fx-settlement-risk","Herstatt risk explained"," covers why.",[43,159,161],{"id":160},"how-does-circles-stablefx-use-rfq","How does Circle's StableFX use RFQ?",[11,163,164,165,170,171,176],{},"StableFX is a public Circle product. The facts below come from ",[77,166,169],{"href":167,"rel":168},"https:\u002F\u002Fdevelopers.circle.com\u002Fstablefx",[81],"Circle's StableFX overview"," and its ",[77,172,175],{"href":173,"rel":174},"https:\u002F\u002Fdevelopers.circle.com\u002Fstablefx\u002Fconcepts\u002Ftechnical-guide",[81],"technical guide",", both accessed October 2026.",[178,179,180,193],"table",{},[181,182,183],"thead",{},[184,185,186,190],"tr",{},[187,188,189],"th",{},"Topic",[187,191,192],{},"What Circle's docs say",[194,195,196,205,213,221,229,237,245,253,261,269],"tbody",{},[184,197,198,202],{},[199,200,201],"td",{},"What it is",[199,203,204],{},"An institutional-grade stablecoin FX engine built on Arc that combines RFQ execution with onchain settlement",[184,206,207,210],{},[199,208,209],{},"Who it is for",[199,211,212],{},"A permissioned platform for financial institutions, including payment service providers, fintechs, crypto OTC desks, and prime brokers",[184,214,215,218],{},[199,216,217],{},"Pairs",[199,219,220],{},"USDC and EURC, alongside partner stablecoins in other currencies",[184,222,223,226],{},[199,224,225],{},"Quote request",[199,227,228],{},"The taker sets the sell amount or the buy amount, plus a settlement tenor",[184,230,231,234],{},[199,232,233],{},"Quote speed",[199,235,236],{},"Less than 500 ms from RFQ submission to quote response; the engine takes the best priced maker quote",[184,238,239,242],{},[199,240,241],{},"Tenors",[199,243,244],{},"Instant (settlement window of 30 minutes from trade creation), hourly (1 hour), daily (1 day)",[184,246,247,250],{},[199,248,249],{},"Minimum",[199,251,252],{},"Requests below 10 USDC fail",[184,254,255,258],{},[199,256,257],{},"Acceptance",[199,259,260],{},"Creating a trade needs the quote ID and an idempotency key; the rate is then locked until the trade expires, settles, or is breached",[184,262,263,266],{},[199,264,265],{},"Signatures",[199,267,268],{},"Maker and taker have a 10-minute window to submit signatures, or the trade expires",[184,270,271,274],{},[199,272,273],{},"Settlement",[199,275,276],{},"An escrow contract on Arc pulls both legs and delivers them, so both sides settle or neither does",[11,278,279],{},"Two details are worth noticing. The quote is fast, but settlement has a window measured in minutes to a day, chosen by the tenor. And the escrow model attacks exactly the step-6 risk above.",[43,281,283],{"id":282},"how-is-rfq-different-from-streaming-prices-order-books-and-pools","How is RFQ different from streaming prices, order books, and pools?",[11,285,286],{},"Each model forms a price differently and leaks your size to different people.",[178,288,289,308],{},[181,290,291],{},[184,292,293,296,299,302,305],{},[187,294,295],{},"Model",[187,297,298],{},"How the price forms",[187,300,301],{},"Who sees your size",[187,303,304],{},"Good for",[187,306,307],{},"Watch for",[194,309,310,327,344,361],{},[184,311,312,315,318,321,324],{},[199,313,314],{},"RFQ",[199,316,317],{},"Makers price your exact request",[199,319,320],{},"The makers you ask",[199,322,323],{},"Large or unusual trades",[199,325,326],{},"Quote expiry, last look",[184,328,329,332,335,338,341],{},[199,330,331],{},"Streaming price",[199,333,334],{},"A dealer publishes a continuous executable rate",[199,336,337],{},"No one until you trade",[199,339,340],{},"Small, frequent tickets",[199,342,343],{},"Size tiers, last look",[184,345,346,349,352,355,358],{},[199,347,348],{},"Order book",[199,350,351],{},"Resting orders are matched",[199,353,354],{},"Everyone, through the book",[199,356,357],{},"Liquid pairs",[199,359,360],{},"Price impact across levels",[184,362,363,366,369,372,375],{},[199,364,365],{},"Onchain pool (AMM)",[199,367,368],{},"A formula over pool reserves",[199,370,371],{},"Everyone, onchain",[199,373,374],{},"Liquid onchain pairs",[199,376,377],{},"Price impact grows with size",[11,379,380],{},"Last look deserves a sentence. The FX Global Code defines it in Principle 17 as a final opportunity for the quoting party to accept or reject a trade request against its quoted price, and requires disclosure. Whatever the model, ask whether a quote you accept can still be rejected.",[11,382,383,384,388],{},"Pools and off-ramp inventory are different kinds of depth. ",[77,385,387],{"href":386},"\u002Fresources\u002Fmore\u002Fonchain-liquidity-vs-offramp-liquidity","Onchain liquidity vs off-ramp liquidity"," explains why a deep pool says little about a BRL payout.",[43,390,392],{"id":391},"is-an-rfq-quote-the-same-as-a-payout-quote","Is an RFQ quote the same as a payout quote?",[11,394,395],{},"No. They price different conversions and end in different places.",[178,397,398,411],{},[181,399,400],{},[184,401,402,405,408],{},[187,403,404],{},"Question",[187,406,407],{},"BlindPay local payouts",[187,409,410],{},"StableFX-style stablecoin FX",[194,412,413,424,435,453,467,477],{},[184,414,415,418,421],{},[199,416,417],{},"What is converted",[199,419,420],{},"A stablecoin into local currency",[199,422,423],{},"One stablecoin into another, such as USDC into EURC",[184,425,426,429,432],{},[199,427,428],{},"Where the money ends up",[199,430,431],{},"A recipient's bank account over Pix, SPEI, ACH, SEPA, or SWIFT (POBO\u002FCOBO)",[199,433,434],{},"A wallet on Arc",[184,436,437,439,450],{},[199,438,298],{},[199,440,441,442,446,447],{},"One binding quote per payout, showing ",[443,444,445],"code",{},"commercial_quotation"," and ",[443,448,449],{},"blindpay_quotation",[199,451,452],{},"Competing maker quotes, best price selected",[184,454,455,458,464],{},[199,456,457],{},"Quote lifetime",[199,459,460,461],{},"5 minutes by default, read from ",[443,462,463],{},"expires_at",[199,465,466],{},"Quote expiry, then a 30-minute to 1-day settlement tenor",[184,468,469,471,474],{},[199,470,273],{},[199,472,473],{},"Stablecoins pulled at execution, fiat delivered on the local rail",[199,475,476],{},"Escrowed onchain delivery of both stablecoins",[184,478,479,482,485],{},[199,480,481],{},"Who can use it",[199,483,484],{},"Businesses on published plans",[199,486,487],{},"Permissioned financial institutions",[11,489,490,491,495,496,499],{},"A BlindPay ",[77,492,494],{"href":493},"\u002Fdocs\u002Fpayout-quotes","payout quote"," locks the rate, fees, and ",[443,497,498],{},"receiver_amount"," for one bank payout. Pix and SPEI deliver in minutes, ACH and SEPA in about one to two business days, and SWIFT in up to five.",[43,501,503],{"id":502},"which-one-should-you-use","Which one should you use?",[11,505,506],{},"Use the job, not the technology, to decide.",[24,508,509,515,521],{},[27,510,511,514],{},[20,512,513],{},"Choose BlindPay when the recipient needs money in a local bank account."," One quote prices the stablecoin to local currency conversion, and one call pays it over the named rail.",[27,516,517,520],{},[20,518,519],{},"Choose an RFQ stablecoin FX venue when you need to change which stablecoin you hold",", at institutional size, and you can operate wallets on its network.",[27,522,523,526,527,83],{},[20,524,525],{},"Use both when a treasury holds positions in several stablecoins and pays out locally."," Rebalance stablecoin pairs on the FX venue, then pay recipients through BlindPay. Arc is one of the networks BlindPay accepts USDC on for payouts, per ",[77,528,530],{"href":529},"\u002Fdocs\u002Fkb\u002Fsupported-chains","supported chains",[11,532,533,537],{},[77,534,536],{"href":535},"\u002Fresources\u002Fmore\u002Fdirect-vs-indirect-stablecoin-exchange","Direct vs indirect stablecoin exchange"," covers the related question of whether to route a currency pair through the dollar.",[11,539,540,543],{},[20,541,542],{},"Illustrative example."," A treasury needs two things done today.",[11,545,546,550],{},[547,548,549],"em",{},"Job 1, rebalance:"," convert 100,000 USDC into EURC. Three makers respond with 0.8598, 0.8601, and 0.8605 EURC per USDC. The best quote gives 100,000 x 0.8605 = 86,050 EURC before fees. The worst would have given 85,980. Competition at that size was worth 70 EURC.",[11,552,553,556,557,559],{},[547,554,555],{},"Job 2, pay a supplier in Brazil:"," the supplier is owed R$53,700. A BlindPay payout quote with a ",[443,558,449],{}," of 5.37 BRL per USDC needs 53,700 \u002F 5.37 = 10,000 USDC, before any flat fee. The reais arrive over Pix in minutes.",[11,561,562],{},"Neither job can stand in for the other. All rates above are illustrative.",[43,564,566],{"id":565},"how-should-you-evaluate-either-kind-of-quote","How should you evaluate either kind of quote?",[11,568,569],{},"Ask the same five questions of an FX venue and a payout provider.",[106,571,572,575,578,581,584],{},[27,573,574],{},"Is the quote firm, and for how long?",[27,576,577],{},"Can the price be rejected or changed after I accept?",[27,579,580],{},"What exactly settles, where, and when?",[27,582,583],{},"Are fees shown as separate lines or inside the rate?",[27,585,586],{},"What happens to my funds if settlement fails?",[11,588,589,590,594,595,599,600,604,605,609],{},"For payout quotes, the ",[77,591,593],{"href":592},"\u002Fresources\u002Fmore\u002Ftest-offramp-liquidity-depth","quote-ladder depth test"," shows whether the rate holds at size, and ",[77,596,598],{"href":597},"\u002Fresources\u002Fmore\u002Fotc-quote-vs-standard-quote","OTC vs standard quotes"," covers the large-ticket on-ramp case. Terms are defined in the ",[77,601,603],{"href":602},"\u002Fresources\u002Fmore\u002Fonramp-offramp-liquidity-glossary","on\u002Foff-ramp liquidity glossary",". If your payouts start from stablecoins on several chains, ",[77,606,608],{"href":607},"\u002Fresources\u002Fmore\u002Fbest-network-to-off-ramp-stablecoins","which network to off-ramp from"," covers fees and finality by chain.",[11,611,612],{},[547,613,614,615,446,618,620],{},"How we know: StableFX facts come from Circle's developer documentation, linked above and accessed October 2026. BlindPay facts come from the ",[77,616,617],{"href":493},"payout quotes",[77,619,530],{"href":529}," documentation.",[43,622,624],{"id":623},"what-to-do-next","What to do next",[11,626,627,628,631,632,634],{},"If your job is paying bank accounts, request one payout quote from the ",[77,629,630],{"href":493},"payout quotes docs"," for your main corridor and compare its ",[443,633,498],{}," with what you pay today.",[11,636,637],{},[547,638,639],{},"This article is general information, not legal, tax, or financial advice.",{"title":641,"searchDepth":642,"depth":642,"links":643},"",2,[644,645,646,647,648,649,650,651],{"id":45,"depth":642,"text":46},{"id":100,"depth":642,"text":101},{"id":160,"depth":642,"text":161},{"id":282,"depth":642,"text":283},{"id":391,"depth":642,"text":392},{"id":502,"depth":642,"text":503},{"id":565,"depth":642,"text":566},{"id":623,"depth":642,"text":624},"stablecoins","2026-10-02","RFQ is a pricing model where a taker asks approved liquidity providers for executable quotes and takes the best. How it works in stablecoin FX and payouts.","md",[657,660,663,666,669],{"q":658,"a":659},"What is RFQ in FX?","RFQ, or request for quote, is a way of pricing a trade on demand. A taker sends the pair and amount it wants to trade, a set of approved liquidity providers (makers) reply with executable quotes, and the best one is selected. It suits large or less common trades, where a price for that exact size is worth more than a screen rate.",{"q":661,"a":662},"How does Circle StableFX work?","StableFX is Circle's stablecoin FX engine built on the Arc network. A taker requests a quote for a supported stablecoin pair, such as USDC and EURC, approved makers respond, and the execution engine picks the best price. The taker accepts by creating a trade, and settlement happens onchain through an escrow contract on Arc, so both sides settle or neither does.",{"q":664,"a":665},"How fast is an RFQ quote on StableFX?","Circle's technical guide says the response time from RFQ submission to quote response is less than 500 milliseconds. Settlement follows a chosen tenor: instant gives a 30-minute settlement window from trade creation, hourly gives 1 hour, and daily gives 1 day. Quote requests below the minimum trade amount of 10 USDC fail.",{"q":667,"a":668},"Is RFQ better than a streaming FX price?","It depends on size. A streaming price is a continuous rate a dealer is willing to trade, good for small and frequent tickets. RFQ asks several makers to price your exact trade, which tends to help on large or unusual sizes because competition happens at that size. For either model, check whether the price is firm and whether the maker can apply last look.",{"q":670,"a":671},"Can a stablecoin FX trade pay a bank account in Brazil?","A stablecoin FX trade settles into a wallet as another stablecoin. To put reais in a Brazilian bank account, the next step is an off-ramp that converts the stablecoin into BRL and pays it over a local rail. BlindPay does that step: it quotes USDC to BRL with a binding rate and pays the account over Pix.",false,{"author":674},"BlindPay Team",true,"\u002Fresources\u002Fmore\u002Frfq-pricing-stablecoin-fx-explained","---\ntitle: \"What is RFQ (request for quote) in stablecoin FX, and how does it relate to payouts?\"\nseoTitle: \"What is RFQ in stablecoin FX? Request for quote explained\"\ndescription: \"RFQ is a pricing model where a taker asks approved liquidity providers for executable quotes and takes the best. How it works in stablecoin FX and payouts.\"\ndate: \"2026-10-02\"\nupdated: \"2026-10-02\"\ncategory: \"stablecoins\"\nauthor: \"BlindPay Team\"\nfaq:\n  - q: \"What is RFQ in FX?\"\n    a: \"RFQ, or request for quote, is a way of pricing a trade on demand. A taker sends the pair and amount it wants to trade, a set of approved liquidity providers (makers) reply with executable quotes, and the best one is selected. It suits large or less common trades, where a price for that exact size is worth more than a screen rate.\"\n  - q: \"How does Circle StableFX work?\"\n    a: \"StableFX is Circle's stablecoin FX engine built on the Arc network. A taker requests a quote for a supported stablecoin pair, such as USDC and EURC, approved makers respond, and the execution engine picks the best price. The taker accepts by creating a trade, and settlement happens onchain through an escrow contract on Arc, so both sides settle or neither does.\"\n  - q: \"How fast is an RFQ quote on StableFX?\"\n    a: \"Circle's technical guide says the response time from RFQ submission to quote response is less than 500 milliseconds. Settlement follows a chosen tenor: instant gives a 30-minute settlement window from trade creation, hourly gives 1 hour, and daily gives 1 day. Quote requests below the minimum trade amount of 10 USDC fail.\"\n  - q: \"Is RFQ better than a streaming FX price?\"\n    a: \"It depends on size. A streaming price is a continuous rate a dealer is willing to trade, good for small and frequent tickets. RFQ asks several makers to price your exact trade, which tends to help on large or unusual sizes because competition happens at that size. For either model, check whether the price is firm and whether the maker can apply last look.\"\n  - q: \"Can a stablecoin FX trade pay a bank account in Brazil?\"\n    a: \"A stablecoin FX trade settles into a wallet as another stablecoin. To put reais in a Brazilian bank account, the next step is an off-ramp that converts the stablecoin into BRL and pays it over a local rail. BlindPay does that step: it quotes USDC to BRL with a binding rate and pays the account over Pix.\"\n---\n\nRFQ (request for quote) is a pricing model where a taker asks a set of approved liquidity providers for executable quotes on one specific trade, and the best quote is selected. In stablecoin FX, Circle's StableFX uses offchain RFQ with onchain settlement on Arc. An RFQ trade swaps one stablecoin for another; paying a local bank account is a separate step.\n\nThat separation matters when you design a treasury or payout flow. RFQ answers \"what is the best price for this stablecoin pair, right now, at this size?\" It does not answer \"how do reais land in a supplier's account in São Paulo?\"\n\n**Key takeaways**\n\n- RFQ: a taker asks, approved makers answer with executable quotes, the best price wins.\n- StableFX, per Circle's docs: quote responses in under 500 ms, settlement tenors of instant (30 minutes), hourly, and daily, escrow settlement on Arc.\n- RFQ competition is worth real money at size: on 100,000 USDC, a 0.0007 gap between the best and worst maker is 70 EURC (illustrative).\n- A stablecoin pair trade ends in a wallet. A local bank payout needs an off-ramp quote on a named rail such as Pix or SPEI.\n- Use each for its job. Many treasuries need both.\n\n## What is RFQ?\n\nRFQ is on-demand pricing. Instead of trading against a rate that is already on a screen, the taker describes the trade and asks for prices.\n\nThree roles make it work:\n\n- **Taker:** the party that wants to trade, for example a fintech, an exchange, or a corporate treasury.\n- **Maker:** an approved liquidity provider that answers with a price it will honor.\n- **Execution venue:** the system that sends out the request, collects and ranks the answers, and records the trade.\n\nThe key word is executable. An RFQ answer is not an estimate. If the taker accepts inside the quote's life, the maker trades at that price. The FX Global Code, the conduct code for wholesale FX, asks market participants to [make clear whether the prices they provide are firm or merely indicative](https:\u002F\u002Fwww.globalfxc.org\u002Ffx_global_code.htm).\n\nRFQ is common in over-the-counter markets, which is most of FX. The BIS measured global FX trading at [$9.6 trillion per day in April 2025](https:\u002F\u002Fwww.bis.org\u002Fpress\u002Fp250930.htm), most of it priced bilaterally between dealers and clients. The [market maker explainer](\u002Fresources\u002Fmore\u002Fwhat-is-a-market-maker-stablecoin-payments) covers who sits on the other side.\n\n## How does an RFQ trade work, step by step?\n\nSix steps, from question to settlement.\n\n1. **Request.** The taker sends the pair, the amount (on the sell side or the buy side), and when it wants to settle.\n2. **Distribution.** The venue forwards the request to approved makers.\n3. **Responses.** Each maker returns an executable quote with an expiry.\n4. **Ranking.** The venue selects the best price and returns it to the taker.\n5. **Acceptance.** The taker accepts, which creates the trade and locks the rate.\n6. **Settlement.** Both legs are delivered. With an escrow contract, both settle or neither does.\n\nStep 6 is where FX has historically lost money. The BIS estimated that [$2.2 trillion of daily FX turnover was still exposed to settlement risk](https:\u002F\u002Fwww.bis.org\u002Fpubl\u002Fqtrpdf\u002Fr_qt2212i.htm) in April 2022, meaning one side could be paid while the other was not. [Herstatt risk explained](\u002Fresources\u002Fmore\u002Fherstatt-risk-fx-settlement-risk) covers why.\n\n## How does Circle's StableFX use RFQ?\n\nStableFX is a public Circle product. The facts below come from [Circle's StableFX overview](https:\u002F\u002Fdevelopers.circle.com\u002Fstablefx) and its [technical guide](https:\u002F\u002Fdevelopers.circle.com\u002Fstablefx\u002Fconcepts\u002Ftechnical-guide), both accessed October 2026.\n\n| Topic | What Circle's docs say |\n| --- | --- |\n| What it is | An institutional-grade stablecoin FX engine built on Arc that combines RFQ execution with onchain settlement |\n| Who it is for | A permissioned platform for financial institutions, including payment service providers, fintechs, crypto OTC desks, and prime brokers |\n| Pairs | USDC and EURC, alongside partner stablecoins in other currencies |\n| Quote request | The taker sets the sell amount or the buy amount, plus a settlement tenor |\n| Quote speed | Less than 500 ms from RFQ submission to quote response; the engine takes the best priced maker quote |\n| Tenors | Instant (settlement window of 30 minutes from trade creation), hourly (1 hour), daily (1 day) |\n| Minimum | Requests below 10 USDC fail |\n| Acceptance | Creating a trade needs the quote ID and an idempotency key; the rate is then locked until the trade expires, settles, or is breached |\n| Signatures | Maker and taker have a 10-minute window to submit signatures, or the trade expires |\n| Settlement | An escrow contract on Arc pulls both legs and delivers them, so both sides settle or neither does |\n\nTwo details are worth noticing. The quote is fast, but settlement has a window measured in minutes to a day, chosen by the tenor. And the escrow model attacks exactly the step-6 risk above.\n\n## How is RFQ different from streaming prices, order books, and pools?\n\nEach model forms a price differently and leaks your size to different people.\n\n| Model | How the price forms | Who sees your size | Good for | Watch for |\n| --- | --- | --- | --- | --- |\n| RFQ | Makers price your exact request | The makers you ask | Large or unusual trades | Quote expiry, last look |\n| Streaming price | A dealer publishes a continuous executable rate | No one until you trade | Small, frequent tickets | Size tiers, last look |\n| Order book | Resting orders are matched | Everyone, through the book | Liquid pairs | Price impact across levels |\n| Onchain pool (AMM) | A formula over pool reserves | Everyone, onchain | Liquid onchain pairs | Price impact grows with size |\n\nLast look deserves a sentence. The FX Global Code defines it in Principle 17 as a final opportunity for the quoting party to accept or reject a trade request against its quoted price, and requires disclosure. Whatever the model, ask whether a quote you accept can still be rejected.\n\nPools and off-ramp inventory are different kinds of depth. [Onchain liquidity vs off-ramp liquidity](\u002Fresources\u002Fmore\u002Fonchain-liquidity-vs-offramp-liquidity) explains why a deep pool says little about a BRL payout.\n\n## Is an RFQ quote the same as a payout quote?\n\nNo. They price different conversions and end in different places.\n\n| Question | BlindPay local payouts | StableFX-style stablecoin FX |\n| --- | --- | --- |\n| What is converted | A stablecoin into local currency | One stablecoin into another, such as USDC into EURC |\n| Where the money ends up | A recipient's bank account over Pix, SPEI, ACH, SEPA, or SWIFT (POBO\u002FCOBO) | A wallet on Arc |\n| How the price forms | One binding quote per payout, showing `commercial_quotation` and `blindpay_quotation` | Competing maker quotes, best price selected |\n| Quote lifetime | 5 minutes by default, read from `expires_at` | Quote expiry, then a 30-minute to 1-day settlement tenor |\n| Settlement | Stablecoins pulled at execution, fiat delivered on the local rail | Escrowed onchain delivery of both stablecoins |\n| Who can use it | Businesses on published plans | Permissioned financial institutions |\n\nA BlindPay [payout quote](\u002Fdocs\u002Fpayout-quotes) locks the rate, fees, and `receiver_amount` for one bank payout. Pix and SPEI deliver in minutes, ACH and SEPA in about one to two business days, and SWIFT in up to five.\n\n## Which one should you use?\n\nUse the job, not the technology, to decide.\n\n- **Choose BlindPay when the recipient needs money in a local bank account.** One quote prices the stablecoin to local currency conversion, and one call pays it over the named rail.\n- **Choose an RFQ stablecoin FX venue when you need to change which stablecoin you hold**, at institutional size, and you can operate wallets on its network.\n- **Use both when a treasury holds positions in several stablecoins and pays out locally.** Rebalance stablecoin pairs on the FX venue, then pay recipients through BlindPay. Arc is one of the networks BlindPay accepts USDC on for payouts, per [supported chains](\u002Fdocs\u002Fkb\u002Fsupported-chains).\n\n[Direct vs indirect stablecoin exchange](\u002Fresources\u002Fmore\u002Fdirect-vs-indirect-stablecoin-exchange) covers the related question of whether to route a currency pair through the dollar.\n\n**Illustrative example.** A treasury needs two things done today.\n\n*Job 1, rebalance:* convert 100,000 USDC into EURC. Three makers respond with 0.8598, 0.8601, and 0.8605 EURC per USDC. The best quote gives 100,000 x 0.8605 = 86,050 EURC before fees. The worst would have given 85,980. Competition at that size was worth 70 EURC.\n\n*Job 2, pay a supplier in Brazil:* the supplier is owed R$53,700. A BlindPay payout quote with a `blindpay_quotation` of 5.37 BRL per USDC needs 53,700 \u002F 5.37 = 10,000 USDC, before any flat fee. The reais arrive over Pix in minutes.\n\nNeither job can stand in for the other. All rates above are illustrative.\n\n## How should you evaluate either kind of quote?\n\nAsk the same five questions of an FX venue and a payout provider.\n\n1. Is the quote firm, and for how long?\n2. Can the price be rejected or changed after I accept?\n3. What exactly settles, where, and when?\n4. Are fees shown as separate lines or inside the rate?\n5. What happens to my funds if settlement fails?\n\nFor payout quotes, the [quote-ladder depth test](\u002Fresources\u002Fmore\u002Ftest-offramp-liquidity-depth) shows whether the rate holds at size, and [OTC vs standard quotes](\u002Fresources\u002Fmore\u002Fotc-quote-vs-standard-quote) covers the large-ticket on-ramp case. Terms are defined in the [on\u002Foff-ramp liquidity glossary](\u002Fresources\u002Fmore\u002Fonramp-offramp-liquidity-glossary). If your payouts start from stablecoins on several chains, [which network to off-ramp from](\u002Fresources\u002Fmore\u002Fbest-network-to-off-ramp-stablecoins) covers fees and finality by chain.\n\n*How we know: StableFX facts come from Circle's developer documentation, linked above and accessed October 2026. BlindPay facts come from the [payout quotes](\u002Fdocs\u002Fpayout-quotes) and [supported chains](\u002Fdocs\u002Fkb\u002Fsupported-chains) documentation.*\n\n## What to do next\n\nIf your job is paying bank accounts, request one payout quote from the [payout quotes docs](\u002Fdocs\u002Fpayout-quotes) for your main corridor and compare its `receiver_amount` with what you pay today.\n\n*This article is general information, not legal, tax, or financial advice.*\n",{"title":5,"description":654},"What is RFQ in stablecoin FX? Request for quote explained","resources\u002Fmore\u002Frfq-pricing-stablecoin-fx-explained","c4U3pGXZ9rBqA0zTjHNFtLFVlAIBFRa7a0U9-ZL_vIM",[683,687,691,695,699,703,707,711,715,719,723,727,731,735,739,743,747,751,755,759,762,765,768,772,776,780,784,788,792,796,800,804,808,812,816,820,824,825,829,833,837,841,845,849,853,857,861,864,868],{"path":684,"title":685,"description":686},"\u002Fresources\u002Fmore\u002Fare-stablecoin-cards-safe","Are stablecoin cards safe? Peg, issuer, custody, and smart contract risks","The five risks of a stablecoin card: peg, program failure, custody, smart contracts, and fraud, with the August 2026 incident and a safety checklist.",{"path":688,"title":689,"description":690},"\u002Fresources\u002Fmore\u002Fare-stablecoin-payments-safe","Are stablecoin payments safe? The risks businesses should check, and how to reduce them","Stablecoin payments are as safe as the issuer, the network, the provider, and your own controls. The seven risks to check, with real incidents and fixes.",{"path":692,"title":693,"description":694},"\u002Fresources\u002Fmore\u002Fbest-stablecoin-apis-cross-border-payments-2026","Best stablecoin APIs for cross-border payments in 2026: BlindPay, Circle, Stripe, Bridge, and Fireblocks compared","Five stablecoin APIs compared for cross-border payments: primary use case, pre-funding requirement, payout regions, and developer experience, plus how to choose by buyer scenario.",{"path":696,"title":697,"description":698},"\u002Fresources\u002Fmore\u002Fbest-stablecoin-apis-2026","Best stablecoin APIs in 2026: 10 providers compared","Ten stablecoin APIs compared for 2026: BlindPay, Circle, Bridge, BVNK, Fireblocks, Crossmint, Zero Hash, Conduit, Sphere, and Borderless, across rails, custody, pricing, and compliance.",{"path":700,"title":701,"description":702},"\u002Fresources\u002Fmore\u002Fbest-virtual-account-providers-stablecoins","Best virtual account providers for stablecoins in 2026: BlindPay, Bridge, HIFI, Noah, and Conduit compared","Five virtual account providers for fiat and stablecoins compared on deposit rails, settlement chains, account naming, and custody, plus a 30-day test plan.",{"path":704,"title":705,"description":706},"\u002Fresources\u002Fmore\u002Fbusiness-vs-consumer-crypto-on-ramps","Business vs consumer crypto on-ramps: what changes when a company buys stablecoins","A consumer on-ramp sells crypto to one person, usually by card. A business on-ramp turns company bank deposits into stablecoins via an API. What differs.",{"path":708,"title":709,"description":710},"\u002Fresources\u002Fmore\u002Fcrypto-debit-card-vs-stablecoin-card-for-business","Crypto debit card vs. stablecoin card for business: custody, accounting, tax, and controls compared","Why a company should treat crypto debit cards and stablecoin cards differently: budget predictability, custody risk, per-swipe tax events, accounting, and spend controls.",{"path":712,"title":713,"description":714},"\u002Fresources\u002Fmore\u002Fcustodial-vs-self-custodial-stablecoin-cards","Custodial vs. self-custodial stablecoin cards: who actually holds your money?","Who holds the stablecoins behind your card: custodial vs. self-custodial models, smart-account allowances, failure modes, and what August 2026 showed.",{"path":716,"title":717,"description":718},"\u002Fresources\u002Fmore\u002Fdo-you-need-a-crypto-wallet-for-stablecoin-payments","Do you need a crypto wallet to make stablecoin payments?","Who needs a wallet in a stablecoin payment, who doesn't, and how payment providers hide keys, networks, gas, and confirmations from payers and recipients.",{"path":720,"title":721,"description":722},"\u002Fresources\u002Fmore\u002Fdoes-network-change-offramp-quote","Does the blockchain network change your off-ramp quote? What moves and what doesn't","Network and token are inputs to every payout quote. Which quote lines can change by chain, where gas sits, and how to compare two networks fairly.",{"path":724,"title":725,"description":726},"\u002Fresources\u002Fmore\u002Fhow-merchants-accept-stablecoin-payments","How merchants accept stablecoin payments: the complete 2026 guide","To accept stablecoin payments you need a receiving method, an off-ramp to local currency, and a settlement account. The full flow, costs, and options.",{"path":728,"title":729,"description":730},"\u002Fresources\u002Fmore\u002Fstablecoin-payment-orchestration-cross-border-payouts","How stablecoins fit into payment orchestration for cross-border payouts","Stablecoins are a settlement rail inside an orchestration strategy, not a replacement for banking. What changes: pre-funding, settlement time, FX visibility, and last-mile delivery over Pix and SPEI.",{"path":732,"title":733,"description":734},"\u002Fresources\u002Fmore\u002Faccept-bank-transfers-settle-in-stablecoins","How to accept bank transfers and settle in stablecoins using virtual accounts","Accept ACH, wire, and SWIFT and settle in USDC or USDT: the flow, the token, chain, and custody choices, and when a virtual account beats a memo code.",{"path":736,"title":737,"description":738},"\u002Fresources\u002Fmore\u002Fhow-to-choose-a-blockchain-payment-api","How to choose a blockchain payment API: a technical buyer's checklist","Seven checks for a blockchain payment API: SDKs, OpenAPI quality, abstraction level, networks, built-in compliance, local payout rails, and pricing.",{"path":740,"title":741,"description":742},"\u002Fresources\u002Fmore\u002Fhow-to-choose-a-stablecoin-api","How to choose a stablecoin API: the 6 questions that actually matter","Six criteria for evaluating a stablecoin API: pre-funding, compliance automation, local payout rails, settlement speed, developer experience, and pricing transparency, with a scorecard you can send to every vendor.",{"path":744,"title":745,"description":746},"\u002Fresources\u002Fmore\u002Fhow-to-evaluate-a-wallet-integration-provider","How to evaluate a wallet integration provider: 12-point checklist","A 12-point checklist for choosing a wallet or stablecoin payments provider: custody, chains, rails, pricing, compliance, SOC 2, SLAs, and AI tooling.",{"path":748,"title":749,"description":750},"\u002Fresources\u002Fmore\u002Fhow-to-fund-a-stablecoin-card","How to fund a stablecoin card: exchanges, wallet transfers, virtual accounts, and bank deposits","Four ways to fund a stablecoin card, compared by speed, cost, and control: exchange withdrawal, wallet transfer, virtual account deposit, and card top-up.",{"path":752,"title":753,"description":754},"\u002Fresources\u002Fmore\u002Fis-stripe-a-stablecoin-api","Is Stripe a stablecoin API? What a payout API, Stripe, and Bridge each do","Partly. Stripe offers stablecoin checkout and balances, and owns Bridge, a stablecoin infrastructure API. What each covers for cross-border payouts.",{"path":756,"title":757,"description":758},"\u002Fresources\u002Fmore\u002Fis-xrp-a-stablecoin","Is XRP a stablecoin? No, and here is the difference","XRP is not a stablecoin: its price floats freely with the market. Ripple's actual stablecoin is RLUSD. Here is how the two differ and why it matters.",{"path":597,"title":760,"description":761},"OTC quotes vs standard quotes for large BRL on-ramps: how a 10-second quote works","An OTC quote prices a large BRL to USDT on-ramp through an OTC desk, locks for 10 seconds, and lists fees as lines. When to pick it over a standard quote.",{"path":602,"title":763,"description":764},"On-ramp and off-ramp liquidity glossary: 40 terms for live quotes, spread, and settlement","Live quote, expiry, spread, slippage, basis points, depth, market maker, RFQ, pre-funding: the 40 terms behind on\u002Foff-ramp liquidity, in plain English.",{"path":386,"title":766,"description":767},"Onchain liquidity vs off-ramp liquidity: why a deep DEX pool doesn't mean a deep BRL payout","Onchain liquidity is tokens in pools. Off-ramp liquidity is local currency a provider can pay into bank accounts. Why one doesn't predict the other.",{"path":769,"title":770,"description":771},"\u002Fresources\u002Fmore\u002Fstablecoin-api-pricing-explained","Stablecoin API pricing: mint fees, spread, and what you actually pay","The basis-point figure on a stablecoin provider's pricing page rarely matches the invoice, because mint fees, burn fees, spread, and issuer fees usually live below the line the marketing page shows.",{"path":773,"title":774,"description":775},"\u002Fresources\u002Fmore\u002Fstablecoin-api-vs-crypto-payment-gateway","Stablecoin API vs crypto payment gateway: what's the difference?","A crypto payment gateway accepts crypto at checkout. A stablecoin API moves money across borders through code, and neither side needs a wallet.",{"path":777,"title":778,"description":779},"\u002Fresources\u002Fmore\u002Fstablecoin-api-vs-traditional-cross-border-rails","Stablecoin API vs traditional cross-border rails: a plain-English guide for payments teams","A stablecoin API moves money across borders using dollar-pegged tokens like USDC instead of correspondent banks. How the flow works, what no pre-funding means, and a side-by-side table against SWIFT.",{"path":781,"title":782,"description":783},"\u002Fresources\u002Fmore\u002Fstablecoin-card-vs-crypto-debit-prepaid-credit","Stablecoin card vs. crypto debit card vs. prepaid vs. credit: which type of crypto card is which?","Four kinds of crypto card compared: funding source, when conversion happens, tax timing, volatility, fees to check, and who each one suits.",{"path":785,"title":786,"description":787},"\u002Fresources\u002Fmore\u002Fstablecoin-depeg-risk-payments","Stablecoin depeg risk for payment companies: what past depegs teach and how to set limits","A depeg hurts a payment flow only while you hold the stablecoin. What USDC's 2023 depeg and UST's collapse teach, and the limits and triggers to set.",{"path":789,"title":790,"description":791},"\u002Fresources\u002Fmore\u002Fstablecoin-payments-statistics-2026","Stablecoin payment statistics 2026: volume, B2B share, and cross-border data","Sourced stablecoin payment statistics for 2026: real payment volume vs transfer volume, B2B share, domestic vs cross-border, top markets, and chains.",{"path":793,"title":794,"description":795},"\u002Fresources\u002Fmore\u002Fstablecoin-card-statistics-2026","State of stablecoin cards 2026: volume, programs, networks, and risks (data report)","Sourced stablecoin card statistics for 2026: Visa volume and programs, monthly onchain spend, average ticket, chain and token mix, and incidents.",{"path":797,"title":798,"description":799},"\u002Fresources\u002Fmore\u002Ftypes-of-stablecoin-apis","Types of stablecoin APIs: issuer, wallet, orchestration, payout, and non-custodial APIs compared","The five types of stablecoin APIs, what each one does, and who holds the funds and the compliance work in each. Plus how they differ from exchange APIs.",{"path":801,"title":802,"description":803},"\u002Fresources\u002Fmore\u002Fusdc-vs-usdt-for-payments","USDC vs USDT for payments: which should businesses use?","USDC offers stronger reserve transparency and US regulatory posture; USDT offers deeper liquidity in emerging markets. Most payment flows should support both.",{"path":805,"title":806,"description":807},"\u002Fresources\u002Fmore\u002Fvirtual-account-fees","Virtual account fees: every cost between the payer's bank and the stablecoin wallet","Monthly, deposit, wire, SWIFT, conversion, and partner fees on a virtual account: who pays each one, and a worked 10,000 USD wire to USDC example.",{"path":809,"title":810,"description":811},"\u002Fresources\u002Fmore\u002Fvisa-mastercard-stablecoin-settlement","Visa and Mastercard stablecoin settlement explained: what changed in 2025 and 2026","How Visa's USDC settlement and $7B run rate, Mastercard's BVNK deal, and INFINIOS in Bahrain change card settlement, and what stays the same for payouts.",{"path":813,"title":814,"description":815},"\u002Fresources\u002Fmore\u002Fwallet-api-vs-embedded-wallet-sdk-vs-white-label","Wallet API vs embedded SDK vs white-label: which fits?","Compare the three wallet integration models on control, launch time, engineering effort, security, lock-in, and cost, with a five-question decision tree.",{"path":817,"title":818,"description":819},"\u002Fresources\u002Fmore\u002Ftypes-of-crypto-off-ramps","What are the types of crypto off-ramps? Payment APIs, off-ramp wallets, exchanges, OTC desks, and wallet ramps compared","The five kinds of crypto off-ramp compared: who each serves, who holds funds, limits, trade-offs, consumer vs business, and why stablecoins win.",{"path":821,"title":822,"description":823},"\u002Fresources\u002Fmore\u002Fwhat-happens-on-chain-in-a-stablecoin-payment","What happens on-chain in a stablecoin payment? A step-by-step walkthrough","A stablecoin payment in five steps: bank deposit, conversion to USDC or USDT, on-chain delivery to a wallet, payout authorization, and local currency out.",{"path":676,"title":5,"description":654},{"path":826,"title":827,"description":828},"\u002Fresources\u002Fmore\u002Fwhat-is-usdc","What is USDC? The dollar-pegged stablecoin explained","USDC is a dollar-pegged stablecoin issued by Circle, backed 1:1 by cash and short-term Treasuries and redeemable for US dollars. How it works and where it's used.",{"path":830,"title":831,"description":832},"\u002Fresources\u002Fmore\u002Fwhat-is-a-stablecoin-api","What is a stablecoin API? Infrastructure explained","A stablecoin API lets businesses move money with stablecoins through code: wallets, conversion, local payout rails, and compliance behind one integration.",{"path":834,"title":835,"description":836},"\u002Fresources\u002Fmore\u002Fwhat-is-a-stablecoin-backed-card","What is a stablecoin-backed card? How spending USDC with a card works, in plain English","A stablecoin-backed card spends USDC or USDT wherever Visa or Mastercard works. The four parts behind it, who does what, and where the money comes from.",{"path":838,"title":839,"description":840},"\u002Fresources\u002Fmore\u002Fwhat-is-a-stablecoin","What is a stablecoin? Definition, types, and how they work","A stablecoin is a digital token designed to hold a fixed value, usually one US dollar. Learn how they stay stable, the main types, and what they are used for.",{"path":842,"title":843,"description":844},"\u002Fresources\u002Fmore\u002Fwhat-is-an-off-ramp-wallet","What is an off-ramp wallet? A deposit address that pays out to a bank account","An off-ramp wallet turns every USDC or USDT deposit into fiat paid to a linked bank account, with no quote or payout call. How it works, fees, minimums.",{"path":846,"title":847,"description":848},"\u002Fresources\u002Fmore\u002Fwhat-is-crypto-wallet-integration","What is crypto wallet integration? A developer's guide","Crypto wallet integration adds wallets, key custody, signing, and compliance to an app. The six components, three integration models, and cost drivers.",{"path":850,"title":851,"description":852},"\u002Fresources\u002Fmore\u002Fwhat-is-stablecoin-card-issuing","What is stablecoin card issuing? How it works, who uses it, and how it differs from crypto debit cards","Stablecoin card issuing explained: how a USDC or USDT balance pays a card merchant in local currency, who runs each layer, and how it differs from a crypto debit card.",{"path":854,"title":855,"description":856},"\u002Fresources\u002Fmore\u002Fwhat-is-stablecoin-infrastructure","What is stablecoin infrastructure? The 8 layers of a stablecoin payments stack","Stablecoin infrastructure is the stack that issues, moves, converts, secures, and checks stablecoins. Here are its 8 layers and who provides each.",{"path":858,"title":859,"description":860},"\u002Fresources\u002Fmore\u002Fstablecoin-card-demand-by-country","Where stablecoin card demand is growing: the US, India, UAE, Vietnam, Pakistan, and beyond","Which countries ask AI about stablecoin cards most, why interest is rising in India, the UAE, Vietnam, and Pakistan, and where local payouts matter.",{"path":607,"title":862,"description":863},"Which network should you use to off-ramp stablecoins? Finality, fees, and confirmations by chain","How Ethereum, Polygon, Base, Arbitrum, Solana, Tron, Stellar, Tempo, and Arc compare for off-ramps: time to finality, fee model, and which tokens work.",{"path":865,"title":866,"description":867},"\u002Fresources\u002Fmore\u002Fbest-stablecoin-for-card-spending","Which stablecoin is best for card spending? USDC vs USDT vs euro stablecoins","Which stablecoins power crypto cards in 2026: USDC vs USDT vs euro stablecoins and synthetic dollars, compared on reserves, rules, chains, and support.",{"path":869,"title":870,"description":871},"\u002Fresources\u002Fmore\u002Fwhy-onramp-and-offramp-rates-differ","Why are on-ramp and off-ramp rates different? Bid, ask, and the round-trip cost","Buying stablecoins and selling them back happen at two prices. How bid, ask, and mid-market rates work, and how to calculate a round-trip cost.",1792077657419]