[{"data":1,"prerenderedAt":684},["ShallowReactive",2],{"content-\u002Fresources\u002Fmore\u002Fwhy-onramp-and-offramp-rates-differ":3,"resources-category-why-onramp-and-offramp-rates-differ":492},{"id":4,"title":5,"authors":6,"body":7,"categories":6,"category":462,"categoryType":6,"compare":6,"contributors":6,"date":463,"description":464,"extension":465,"faq":466,"howto":6,"isBlog":482,"isChangelog":482,"meta":483,"navigation":485,"path":486,"pillar":482,"products":6,"rawbody":487,"role":6,"seo":488,"seoTitle":489,"stem":490,"thumbnail":6,"updated":463,"__hash__":491},"content\u002Fresources\u002Fmore\u002Fwhy-onramp-and-offramp-rates-differ.md","Why are on-ramp and off-ramp rates different? Bid, ask, and the round-trip cost",null,{"type":8,"value":9,"toc":451},"minimark",[10,14,23,29,48,53,56,66,75,79,82,85,112,119,123,126,206,220,224,227,230,236,317,320,324,327,347,355,359,384,387,419,422,435,439],[11,12,13],"p",{},"On-ramp and off-ramp rates differ because a provider buys and sells at two prices. The ask, what you pay to get dollars or stablecoins, sits above the mid-market rate. The bid, what you get when you sell them, sits below it. Convert one way and straight back and you pay both gaps plus fees. That total is the round-trip cost.",[11,15,16,17,22],{},"People notice this the first time they on-ramp R$ 54,000, off-ramp it a minute later, and get back less. Nothing is broken. Two spreads and two sets of fees did exactly what they are built to do. Every term below is defined in the ",[18,19,21],"a",{"href":20},"\u002Fresources\u002Fmore\u002Fonramp-offramp-liquidity-glossary","on\u002Foff-ramp liquidity glossary",".",[11,24,25],{},[26,27,28],"strong",{},"Key takeaways",[30,31,32,36,39,42,45],"ul",{},[33,34,35],"li",{},"Every conversion has a side. Buying dollars uses the ask, selling dollars uses the bid.",[33,37,38],{},"The mid-market rate is a reference point between the two, not a price anyone fills you at.",[33,40,41],{},"A round trip pays both spreads and both sets of fees. Two 0.5% margins plus small fees come to about 1.13%.",[33,43,44],{},"Dollars to USDC is not an FX conversion. Its cost is a fee line, not a spread.",[33,46,47],{},"Measure both legs at the same moment, on the same corridor and size, or the comparison is noise.",[49,50,52],"h2",{"id":51},"what-are-bid-ask-and-mid-market-rates","What are bid, ask, and mid-market rates?",[11,54,55],{},"The bid is the price a dealer pays to buy a currency from you. The ask is the price it charges to sell that currency to you. The mid-market rate sits halfway between them.",[11,57,58,59,65],{},"Wholesale markets publish both sides. Brazil's central bank releases a daily buy and sell PTAX dollar rate in its ",[18,60,64],{"href":61,"rel":62},"https:\u002F\u002Fdadosabertos.bcb.gov.br\u002Fdataset\u002Fdolar-americano-usd-todos-os-boletins-diarios",[63],"nofollow","open data portal",". On September 23, 2026, the buy rate was 5.14080 BRL per USD and the sell rate was 5.14140. That is a gap of 0.0006 reais, about 1.2 basis points around the midpoint.",[11,67,68,69,74],{},"That is the interbank end of the market, at size, between dealers. Any price you get through an app or an API sits wider, because the provider adds its own margin on each side. The ECB makes the same point about its ",[18,70,73],{"href":71,"rel":72},"https:\u002F\u002Fwww.ecb.europa.eu\u002Fstats\u002Fpolicy_and_exchange_rates\u002Feuro_reference_exchange_rates\u002Fhtml\u002Findex.en.html",[63],"euro reference rates",": they are published for information purposes only, and using them for transactions is strongly discouraged.",[49,76,78],{"id":77},"why-does-a-provider-quote-two-different-prices","Why does a provider quote two different prices?",[11,80,81],{},"Because it gets paid in the gap. A provider that fills conversions on demand has to hold inventory in both currencies, hedge the risk of holding it, move money over local rails, and run compliance on every customer.",[11,83,84],{},"Four costs end up in the spread:",[86,87,88,94,100,106],"ol",{},[33,89,90,93],{},[26,91,92],{},"Inventory risk."," Reais held overnight can lose value against the dollar. The provider charges for carrying them.",[33,95,96,99],{},[26,97,98],{},"Hedging."," Offsetting that risk in the market has its own cost.",[33,101,102,105],{},[26,103,104],{},"Rails and banking."," Local payment systems, bank accounts, and settlement all cost money to run.",[33,107,108,111],{},[26,109,110],{},"Flow imbalance."," On many corridors more customers sell dollars than buy them, or the reverse. The provider prices each side to keep inventory balanced, so the two margins are not always equal.",[11,113,114,118],{},[18,115,117],{"href":116},"\u002Fresources\u002Fmore\u002Fwhat-is-a-liquidity-market-cross-border-payments","What is a liquidity market"," explains where that inventory comes from.",[49,120,122],{"id":121},"which-side-of-the-market-does-each-ramp-use","Which side of the market does each ramp use?",[11,124,125],{},"The direction of the conversion decides the side. This table uses BRL per USD, the way Brazilian rates are usually quoted.",[127,128,129,148],"table",{},[130,131,132],"thead",{},[133,134,135,139,142,145],"tr",{},[136,137,138],"th",{},"Flow",[136,140,141],{},"You are",[136,143,144],{},"Rate you get",[136,146,147],{},"Compared with mid",[149,150,151,166,180,194],"tbody",{},[133,152,153,157,160,163],{},[154,155,156],"td",{},"On-ramp, BRL to USDC",[154,158,159],{},"Buying dollars with reais",[154,161,162],{},"Ask",[154,164,165],{},"More reais per USDC than mid",[133,167,168,171,174,177],{},[154,169,170],{},"Off-ramp, USDC to BRL",[154,172,173],{},"Selling dollars for reais",[154,175,176],{},"Bid",[154,178,179],{},"Fewer reais per USDC than mid",[133,181,182,185,188,191],{},[154,183,184],{},"On-ramp, USD to USDC",[154,186,187],{},"Moving dollars into a dollar stablecoin",[154,189,190],{},"No FX",[154,192,193],{},"Fee line only",[133,195,196,199,202,204],{},[154,197,198],{},"Off-ramp, USDC to USD",[154,200,201],{},"Moving a dollar stablecoin into dollars",[154,203,190],{},[154,205,193],{},[11,207,208,209,214,215,219],{},"The last two rows matter. USDC is designed to be ",[18,210,213],{"href":211,"rel":212},"https:\u002F\u002Fwww.circle.com\u002Fusdc",[63],"redeemable 1:1 for US dollars",", so dollars in and USDC out is not a currency exchange. The cost there is a fee, not a spread. ",[18,216,218],{"href":217},"\u002Fresources\u002Fmore\u002Fvirtual-account-fees","Virtual account fees"," breaks those fees down.",[49,221,223],{"id":222},"how-do-you-calculate-the-round-trip-cost","How do you calculate the round-trip cost?",[11,225,226],{},"Apply each leg's quoted rate and fees in order, then compare the end amount with the start.",[11,228,229],{},"Round-trip cost % = (1 - final amount \u002F starting amount) x 100",[11,231,232,235],{},[26,233,234],{},"Illustrative example."," A company on-ramps R$ 54,000 into USDC and off-ramps it straight back. Mid-market is 5.40 BRL per USDC. Each leg carries a 0.5% margin, plus a small flat fee. All numbers are made up for the arithmetic, not BlindPay pricing.",[127,237,238,251],{},[130,239,240],{},[133,241,242,245,248],{},[136,243,244],{},"Step",[136,246,247],{},"Rate or fee",[136,249,250],{},"Running amount",[149,252,253,263,274,285,296,307],{},[133,254,255,258,260],{},[154,256,257],{},"Start",[154,259],{},[154,261,262],{},"R$ 54,000.00",[133,264,265,268,271],{},[154,266,267],{},"On-ramp at the ask",[154,269,270],{},"5.427 BRL per USDC (mid + 0.5%)",[154,272,273],{},"54,000 \u002F 5.427 = 9,950.25 USDC",[133,275,276,279,282],{},[154,277,278],{},"On-ramp flat fee",[154,280,281],{},"10 USDC",[154,283,284],{},"9,940.25 USDC",[133,286,287,290,293],{},[154,288,289],{},"Off-ramp at the bid",[154,291,292],{},"5.373 BRL per USDC (mid - 0.5%)",[154,294,295],{},"9,940.25 x 5.373 = R$ 53,408.96",[133,297,298,301,304],{},[154,299,300],{},"Off-ramp flat fee",[154,302,303],{},"R$ 20",[154,305,306],{},"R$ 53,388.96",[133,308,309,312,314],{},[154,310,311],{},"Round-trip cost",[154,313],{},[154,315,316],{},"R$ 611.04, or 1.13%",[11,318,319],{},"Two margins of 50 basis points each make about 100 basis points. The flat fees add the rest. On a real corridor the two margins may differ, which is why you measure both.",[49,321,323],{"id":322},"when-do-businesses-pay-a-round-trip-without-noticing","When do businesses pay a round trip without noticing?",[11,325,326],{},"More often than you would guess. Three patterns show up again and again.",[30,328,329,335,341],{},[33,330,331,334],{},[26,332,333],{},"Domestic money through a cross-border pipe."," A platform collects reais from Brazilian customers, on-ramps them to USDC, then off-ramps to pay Brazilian sellers. The money never needed to leave the currency, but it paid two spreads.",[33,336,337,340],{},[26,338,339],{},"Treasury parked in the wrong currency."," A company holds USDC between a BRL receivable and a BRL payable a week later. It pays the round trip, plus a week of FX exposure in each direction.",[33,342,343,346],{},[26,344,345],{},"Testing with real money."," Teams send small amounts out and back to \"check the rails\" and then read the loss as a pricing problem.",[11,348,349,350,354],{},"The fix is the same each time: use stablecoins for the leg that crosses a border, and keep same-currency flows in that currency. ",[18,351,353],{"href":352},"\u002Fresources\u002Fmore\u002Fwhere-is-the-exchange-rate-set-onramp-offramp","Where the exchange rate gets fixed"," shows which step of each flow sets the rate.",[49,356,358],{"id":357},"how-do-you-read-both-sides-on-a-blindpay-quote","How do you read both sides on a BlindPay quote?",[11,360,361,362,366,367,371,372,375,376,380,381,383],{},"Both quote types show the margin directly. A ",[18,363,365],{"href":364},"\u002Fdocs\u002Fpayin-quotes","payin quote"," returns ",[368,369,370],"code",{},"commercial_quotation",", the raw market rate, and ",[368,373,374],{},"blindpay_quotation",", the rate including BlindPay's fee. A ",[18,377,379],{"href":378},"\u002Fdocs\u002Fpayout-quotes","payout quote"," returns the same two fields, with ",[368,382,374],{}," net of the fee.",[11,385,386],{},"To measure one leg:",[86,388,389,398,404],{},[33,390,391,392,394,395,397],{},"Read ",[368,393,370],{}," and ",[368,396,374],{}," from the quote.",[33,399,400,401,403],{},"Margin % = absolute difference \u002F ",[368,402,370],{}," x 100.",[33,405,406,407,410,411,414,415,418],{},"Add the fee lines: ",[368,408,409],{},"flat_fee",", ",[368,412,413],{},"partner_fee_amount"," if your platform adds a markup, and ",[368,416,417],{},"billing_fee_amount"," if the fee is invoiced at month end.",[11,420,421],{},"To measure the round trip, request a payin quote and a payout quote for the same corridor and amount at the same moment, and run the arithmetic from the table above. A quote from this morning and another from this afternoon measures market movement, not spread.",[11,423,424,425,429,430,434],{},"Instance owners and admins can also see the fee schedule per rail and per network, with payin and payout fees listed separately, through the ",[18,426,428],{"href":427},"\u002Fdocs\u002Flearn\u002Fbilling","billing fees endpoint",". ",[18,431,433],{"href":432},"\u002Fresources\u002Fmore\u002Flive-quote-vs-forward-contract-vs-fixed-rate","Live quote vs forward vs fixed rate"," covers what to do when the timing, not the spread, is the risk.",[49,436,438],{"id":437},"what-to-do-next","What to do next",[11,440,441,442,394,444,446,447,450],{},"Request one payin quote and one payout quote on the same corridor, at the same minute, and compute the round trip from ",[368,443,370],{},[368,445,374],{},". The ",[18,448,449],{"href":364},"payin quotes docs"," show the request and every response field.",{"title":452,"searchDepth":453,"depth":453,"links":454},"",2,[455,456,457,458,459,460,461],{"id":51,"depth":453,"text":52},{"id":77,"depth":453,"text":78},{"id":121,"depth":453,"text":122},{"id":222,"depth":453,"text":223},{"id":322,"depth":453,"text":323},{"id":357,"depth":453,"text":358},{"id":437,"depth":453,"text":438},"stablecoins","2026-09-24","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.","md",[467,470,473,476,479],{"q":468,"a":469},"Why is the off-ramp rate lower than the on-ramp rate?","Because a provider buys and sells at two different prices. When you on-ramp reais into USDC, you buy dollars at the ask, above the mid-market rate. When you off-ramp USDC into reais, you sell dollars at the bid, below it. The gap between the two is how the provider gets paid for holding inventory and carrying risk.",{"q":471,"a":472},"What is the bid-ask spread in currency exchange?","The bid-ask spread is the gap between the price a dealer pays to buy a currency and the price it charges to sell it. The mid-market rate sits halfway between. In wholesale markets the gap is tiny: Brazil's PTAX buy and sell dollar rates on September 23, 2026 were about 1.2 basis points apart. Retail and API prices sit wider.",{"q":474,"a":475},"How do I calculate the round-trip cost of converting to stablecoins and back?","Start with an amount, apply the on-ramp quote and its fees, then apply the off-ramp quote and its fees to the result. Round-trip cost is one minus the final amount divided by the starting amount. With a 0.5% margin on each side plus small flat fees, R$ 54,000 comes back as about R$ 53,389, a 1.13% round-trip cost.",{"q":477,"a":478},"Does converting USD to USDC have a bid-ask spread?","Not in the FX sense. USDC is designed to be redeemable 1:1 for US dollars, so dollars to USDC is not a currency exchange. What you pay is the provider's fee for collecting the bank transfer and delivering the stablecoin. The bid-ask spread shows up when a local currency like reais or pesos is on one side.",{"q":480,"a":481},"How can I see both spreads on a BlindPay quote?","Both BlindPay payin quotes and payout quotes return commercial_quotation, the raw market rate, next to blindpay_quotation, the rate after BlindPay's fee. The gap on each quote is that leg's margin. Request a payin quote and a payout quote for the same corridor at the same moment to measure the round trip, then add the listed fee lines.",false,{"author":484},"BlindPay Team",true,"\u002Fresources\u002Fmore\u002Fwhy-onramp-and-offramp-rates-differ","---\ntitle: \"Why are on-ramp and off-ramp rates different? Bid, ask, and the round-trip cost\"\nseoTitle: \"Why on-ramp and off-ramp rates differ: bid, ask, round trip\"\ndescription: \"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.\"\ndate: \"2026-09-24\"\nupdated: \"2026-09-24\"\ncategory: \"stablecoins\"\nauthor: \"BlindPay Team\"\nfaq:\n  - q: \"Why is the off-ramp rate lower than the on-ramp rate?\"\n    a: \"Because a provider buys and sells at two different prices. When you on-ramp reais into USDC, you buy dollars at the ask, above the mid-market rate. When you off-ramp USDC into reais, you sell dollars at the bid, below it. The gap between the two is how the provider gets paid for holding inventory and carrying risk.\"\n  - q: \"What is the bid-ask spread in currency exchange?\"\n    a: \"The bid-ask spread is the gap between the price a dealer pays to buy a currency and the price it charges to sell it. The mid-market rate sits halfway between. In wholesale markets the gap is tiny: Brazil's PTAX buy and sell dollar rates on September 23, 2026 were about 1.2 basis points apart. Retail and API prices sit wider.\"\n  - q: \"How do I calculate the round-trip cost of converting to stablecoins and back?\"\n    a: \"Start with an amount, apply the on-ramp quote and its fees, then apply the off-ramp quote and its fees to the result. Round-trip cost is one minus the final amount divided by the starting amount. With a 0.5% margin on each side plus small flat fees, R$ 54,000 comes back as about R$ 53,389, a 1.13% round-trip cost.\"\n  - q: \"Does converting USD to USDC have a bid-ask spread?\"\n    a: \"Not in the FX sense. USDC is designed to be redeemable 1:1 for US dollars, so dollars to USDC is not a currency exchange. What you pay is the provider's fee for collecting the bank transfer and delivering the stablecoin. The bid-ask spread shows up when a local currency like reais or pesos is on one side.\"\n  - q: \"How can I see both spreads on a BlindPay quote?\"\n    a: \"Both BlindPay payin quotes and payout quotes return commercial_quotation, the raw market rate, next to blindpay_quotation, the rate after BlindPay's fee. The gap on each quote is that leg's margin. Request a payin quote and a payout quote for the same corridor at the same moment to measure the round trip, then add the listed fee lines.\"\n---\n\nOn-ramp and off-ramp rates differ because a provider buys and sells at two prices. The ask, what you pay to get dollars or stablecoins, sits above the mid-market rate. The bid, what you get when you sell them, sits below it. Convert one way and straight back and you pay both gaps plus fees. That total is the round-trip cost.\n\nPeople notice this the first time they on-ramp R$ 54,000, off-ramp it a minute later, and get back less. Nothing is broken. Two spreads and two sets of fees did exactly what they are built to do. Every term below is defined in the [on\u002Foff-ramp liquidity glossary](\u002Fresources\u002Fmore\u002Fonramp-offramp-liquidity-glossary).\n\n**Key takeaways**\n\n- Every conversion has a side. Buying dollars uses the ask, selling dollars uses the bid.\n- The mid-market rate is a reference point between the two, not a price anyone fills you at.\n- A round trip pays both spreads and both sets of fees. Two 0.5% margins plus small fees come to about 1.13%.\n- Dollars to USDC is not an FX conversion. Its cost is a fee line, not a spread.\n- Measure both legs at the same moment, on the same corridor and size, or the comparison is noise.\n\n## What are bid, ask, and mid-market rates?\n\nThe bid is the price a dealer pays to buy a currency from you. The ask is the price it charges to sell that currency to you. The mid-market rate sits halfway between them.\n\nWholesale markets publish both sides. Brazil's central bank releases a daily buy and sell PTAX dollar rate in its [open data portal](https:\u002F\u002Fdadosabertos.bcb.gov.br\u002Fdataset\u002Fdolar-americano-usd-todos-os-boletins-diarios). On September 23, 2026, the buy rate was 5.14080 BRL per USD and the sell rate was 5.14140. That is a gap of 0.0006 reais, about 1.2 basis points around the midpoint.\n\nThat is the interbank end of the market, at size, between dealers. Any price you get through an app or an API sits wider, because the provider adds its own margin on each side. The ECB makes the same point about its [euro reference rates](https:\u002F\u002Fwww.ecb.europa.eu\u002Fstats\u002Fpolicy_and_exchange_rates\u002Feuro_reference_exchange_rates\u002Fhtml\u002Findex.en.html): they are published for information purposes only, and using them for transactions is strongly discouraged.\n\n## Why does a provider quote two different prices?\n\nBecause it gets paid in the gap. A provider that fills conversions on demand has to hold inventory in both currencies, hedge the risk of holding it, move money over local rails, and run compliance on every customer.\n\nFour costs end up in the spread:\n\n1. **Inventory risk.** Reais held overnight can lose value against the dollar. The provider charges for carrying them.\n2. **Hedging.** Offsetting that risk in the market has its own cost.\n3. **Rails and banking.** Local payment systems, bank accounts, and settlement all cost money to run.\n4. **Flow imbalance.** On many corridors more customers sell dollars than buy them, or the reverse. The provider prices each side to keep inventory balanced, so the two margins are not always equal.\n\n[What is a liquidity market](\u002Fresources\u002Fmore\u002Fwhat-is-a-liquidity-market-cross-border-payments) explains where that inventory comes from.\n\n## Which side of the market does each ramp use?\n\nThe direction of the conversion decides the side. This table uses BRL per USD, the way Brazilian rates are usually quoted.\n\n| Flow | You are | Rate you get | Compared with mid |\n| --- | --- | --- | --- |\n| On-ramp, BRL to USDC | Buying dollars with reais | Ask | More reais per USDC than mid |\n| Off-ramp, USDC to BRL | Selling dollars for reais | Bid | Fewer reais per USDC than mid |\n| On-ramp, USD to USDC | Moving dollars into a dollar stablecoin | No FX | Fee line only |\n| Off-ramp, USDC to USD | Moving a dollar stablecoin into dollars | No FX | Fee line only |\n\nThe last two rows matter. USDC is designed to be [redeemable 1:1 for US dollars](https:\u002F\u002Fwww.circle.com\u002Fusdc), so dollars in and USDC out is not a currency exchange. The cost there is a fee, not a spread. [Virtual account fees](\u002Fresources\u002Fmore\u002Fvirtual-account-fees) breaks those fees down.\n\n## How do you calculate the round-trip cost?\n\nApply each leg's quoted rate and fees in order, then compare the end amount with the start.\n\nRound-trip cost % = (1 - final amount \u002F starting amount) x 100\n\n**Illustrative example.** A company on-ramps R$ 54,000 into USDC and off-ramps it straight back. Mid-market is 5.40 BRL per USDC. Each leg carries a 0.5% margin, plus a small flat fee. All numbers are made up for the arithmetic, not BlindPay pricing.\n\n| Step | Rate or fee | Running amount |\n| --- | --- | --- |\n| Start | | R$ 54,000.00 |\n| On-ramp at the ask | 5.427 BRL per USDC (mid + 0.5%) | 54,000 \u002F 5.427 = 9,950.25 USDC |\n| On-ramp flat fee | 10 USDC | 9,940.25 USDC |\n| Off-ramp at the bid | 5.373 BRL per USDC (mid - 0.5%) | 9,940.25 x 5.373 = R$ 53,408.96 |\n| Off-ramp flat fee | R$ 20 | R$ 53,388.96 |\n| Round-trip cost | | R$ 611.04, or 1.13% |\n\nTwo margins of 50 basis points each make about 100 basis points. The flat fees add the rest. On a real corridor the two margins may differ, which is why you measure both.\n\n## When do businesses pay a round trip without noticing?\n\nMore often than you would guess. Three patterns show up again and again.\n\n- **Domestic money through a cross-border pipe.** A platform collects reais from Brazilian customers, on-ramps them to USDC, then off-ramps to pay Brazilian sellers. The money never needed to leave the currency, but it paid two spreads.\n- **Treasury parked in the wrong currency.** A company holds USDC between a BRL receivable and a BRL payable a week later. It pays the round trip, plus a week of FX exposure in each direction.\n- **Testing with real money.** Teams send small amounts out and back to \"check the rails\" and then read the loss as a pricing problem.\n\nThe fix is the same each time: use stablecoins for the leg that crosses a border, and keep same-currency flows in that currency. [Where the exchange rate gets fixed](\u002Fresources\u002Fmore\u002Fwhere-is-the-exchange-rate-set-onramp-offramp) shows which step of each flow sets the rate.\n\n## How do you read both sides on a BlindPay quote?\n\nBoth quote types show the margin directly. A [payin quote](\u002Fdocs\u002Fpayin-quotes) returns `commercial_quotation`, the raw market rate, and `blindpay_quotation`, the rate including BlindPay's fee. A [payout quote](\u002Fdocs\u002Fpayout-quotes) returns the same two fields, with `blindpay_quotation` net of the fee.\n\nTo measure one leg:\n\n1. Read `commercial_quotation` and `blindpay_quotation` from the quote.\n2. Margin % = absolute difference \u002F `commercial_quotation` x 100.\n3. Add the fee lines: `flat_fee`, `partner_fee_amount` if your platform adds a markup, and `billing_fee_amount` if the fee is invoiced at month end.\n\nTo measure the round trip, request a payin quote and a payout quote for the same corridor and amount at the same moment, and run the arithmetic from the table above. A quote from this morning and another from this afternoon measures market movement, not spread.\n\nInstance owners and admins can also see the fee schedule per rail and per network, with payin and payout fees listed separately, through the [billing fees endpoint](\u002Fdocs\u002Flearn\u002Fbilling). [Live quote vs forward vs fixed rate](\u002Fresources\u002Fmore\u002Flive-quote-vs-forward-contract-vs-fixed-rate) covers what to do when the timing, not the spread, is the risk.\n\n## What to do next\n\nRequest one payin quote and one payout quote on the same corridor, at the same minute, and compute the round trip from `commercial_quotation` and `blindpay_quotation`. The [payin quotes docs](\u002Fdocs\u002Fpayin-quotes) show the request and every response field.\n",{"title":5,"description":464},"Why on-ramp and off-ramp rates differ: bid, ask, round trip","resources\u002Fmore\u002Fwhy-onramp-and-offramp-rates-differ","C4QoFul_6CRZAlWSl1O2y2F06D8UyC5Bj4WxCLOwxSM",[493,497,501,505,509,513,517,521,525,529,533,537,541,545,549,553,557,561,565,569,573,576,580,584,588,592,596,600,604,608,612,616,619,623,627,631,635,639,643,647,651,655,659,663,667,671,675,679,683],{"path":494,"title":495,"description":496},"\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":498,"title":499,"description":500},"\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":502,"title":503,"description":504},"\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":506,"title":507,"description":508},"\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":510,"title":511,"description":512},"\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":514,"title":515,"description":516},"\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":518,"title":519,"description":520},"\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":522,"title":523,"description":524},"\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":526,"title":527,"description":528},"\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":530,"title":531,"description":532},"\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":534,"title":535,"description":536},"\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":538,"title":539,"description":540},"\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":542,"title":543,"description":544},"\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":546,"title":547,"description":548},"\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":550,"title":551,"description":552},"\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":554,"title":555,"description":556},"\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":558,"title":559,"description":560},"\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":562,"title":563,"description":564},"\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":566,"title":567,"description":568},"\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":570,"title":571,"description":572},"\u002Fresources\u002Fmore\u002Fotc-quote-vs-standard-quote","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":20,"title":574,"description":575},"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":577,"title":578,"description":579},"\u002Fresources\u002Fmore\u002Fonchain-liquidity-vs-offramp-liquidity","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":581,"title":582,"description":583},"\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":585,"title":586,"description":587},"\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":589,"title":590,"description":591},"\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":593,"title":594,"description":595},"\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":597,"title":598,"description":599},"\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":601,"title":602,"description":603},"\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":605,"title":606,"description":607},"\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":609,"title":610,"description":611},"\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":613,"title":614,"description":615},"\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":217,"title":617,"description":618},"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":620,"title":621,"description":622},"\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":624,"title":625,"description":626},"\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":628,"title":629,"description":630},"\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":632,"title":633,"description":634},"\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":636,"title":637,"description":638},"\u002Fresources\u002Fmore\u002Frfq-pricing-stablecoin-fx-explained","What is RFQ (request for quote) in stablecoin FX, and how does it relate to payouts?","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.",{"path":640,"title":641,"description":642},"\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":644,"title":645,"description":646},"\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":648,"title":649,"description":650},"\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":652,"title":653,"description":654},"\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":656,"title":657,"description":658},"\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":660,"title":661,"description":662},"\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":664,"title":665,"description":666},"\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":668,"title":669,"description":670},"\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":672,"title":673,"description":674},"\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":676,"title":677,"description":678},"\u002Fresources\u002Fmore\u002Fbest-network-to-off-ramp-stablecoins","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":680,"title":681,"description":682},"\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":486,"title":5,"description":464},1792077658630]