Convert between usd_stable and COPco balances, 24/7#
StableFX lets businesses convert between their usd_stable and COPco balances directly within Cobre, reusing the same cross-border conversion infrastructure used for fiat corridors. Conversions are available around the clock, with pricing that reflects market hours. This feature is enabled via API and Portal.
1. What Cobre Enables with StableFX#
With StableFX, Cobre enables businesses to:Convert between usd_stable and COPco balances, in either direction
Get a fixed-price quote before executing a conversion, valid for a defined window
Operate 24/7, including outside standard market hours
Reuse the same cross-border conversion model already used for fiat corridors:Cross-Border Money Movements
2. StableFX in the Cobre Model#
This capability fits into Cobre's ecosystem as a stablecoin-to-stablecoin conversion rail:Cobre Balance (Stable, usd_stable) and Cobre Balance (Stable, COPco) are the source and destination of a StableFX conversion
FX Quotes capture the rate and amount for a conversion before it executes
Cross-Border Money Movements represent the executed conversion, referencing the quote used
Transactions reflect the debit on the source balance and credit on the destination balance once the conversion completes
3. Key Capabilities / Options#
3.1 Supported Pair#
StableFX currently supports a single stablecoin pair, in both directions:3.2 Quote Type#
Only static quotes are currently available for the usd_stable/copco pair: a fixed exchange rate that stays valid for a defined window, allowing the client to execute the conversion at the quoted rate before it expires.3.3 Execution#
Once a quote is obtained, the client executes the conversion by referencing the quote id and the source and destination balances. StableFX only operates between two stablecoin balances — it does not convert between a stablecoin balance and a fiat balance.3.4 Availability#
StableFX is available 24/7. Pricing reflects a dynamic spread during off-market hours, consistent with how Cobre's other FX corridors behave outside standard market hours.
4. Core Concepts and Terminology#
StableFX: The conversion rail between usd_stable and COPco balances
FX Quote: A priced, time-limited offer to convert a specific amount at a specific rate
Static Quote: A quote type with a fixed rate that does not change until it expires
Off-market: Hours outside standard market trading hours, where a dynamic spread applies
Cross-Border Money Movement: The object that represents an executed conversion, referencing the FX Quote used
5. Speed, Settlement & Reliability#
Each StableFX conversion involves an on-chain mint or burn of COPco as part of its execution — minting when converting into COPco, burning when converting out of it. The credit on the destination balance only occurs once that on-chain operation is confirmed; if it fails, the initial debit is automatically reversed. Quotes are valid for a fixed window, so conversions should be executed promptly after a quote is obtained.
6. Typical Business Use Cases#
Businesses rebalancing between USD and COP stablecoin exposure based on operational needs
Treasury teams that want to shift liquidity into COPco to earn rewards, and back into usd_stable when needed
Platforms settling obligations in one stablecoin while holding reserves in another
7. Transactions, Reporting & Reconciliation#
Each conversion produces a debit transaction on the source stablecoin balance and a credit transaction on the destination stablecoin balance
Both transactions reference the same Cross-Border Money Movement, allowing finance teams to reconcile the full conversion as a single event
The underlying FX Quote used for the conversion is preserved in the transaction metadata for audit purposes
8. Governance, Controls & Auditability#
Quote-based pricing: every conversion requires a valid, unexpired quote, preventing execution at stale rates
On-chain confirmation gating: the destination credit only happens once the mint or burn is confirmed, with automatic reversal on failure
Stable-to-stable restriction: StableFX only operates between two stablecoin balances, keeping the conversion scope clearly bounded
9. StableFX vs Stablecoin Funding (On/Off-Ramp)#
| Dimension | StableFX | Stablecoin Funding (On/Off-Ramp) |
|---|
| What it converts | usd_stable ↔ copco | Fiat ↔ stablecoin (same market) |
| Pricing | Uses an FX quote and rate | No FX rate involved |
| Availability | 24/7 with off-market spread | Depends on corridor and modality |
| Typical use | Rebalancing between stablecoin denominations | Moving liquidity between fiat and stablecoin balances |
10. Summary — What Cobre Delivers with StableFX#
Cobre enables businesses to: Convert between usd_stable and COPco balances in either direction
Get a fixed-price quote before executing a conversion
Operate 24/7, with predictable off-market pricing behavior
Rely on automatic reversal if the underlying mint or burn fails
Standardize conversions using Cobre's familiar model: FX quotes → cross-border money movements → transactionsStableFX gives businesses a direct way to rebalance between their USD and COP stablecoin holdings, with the pricing transparency and controls expected from a payments platform.
Modified at 2026-07-17 20:51:51
