StableFX

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:

FX Quotes

Cross-Border Money Movements

Transactions

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

In practical terms, StableFX extends Cobre's existing cross-border conversion model to a pair of stablecoin balances, rather than two fiat balances in different countries.

3. Key Capabilities / Options

3.1 Supported Pair

StableFX currently supports a single stablecoin pair, in both directions:

usd_stable/copco

copco/usd_stable

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

This capability fits best when a business already holds both usd_stable and COPco balances and needs a direct way to move value between them without converting through fiat first.

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 → transactions

StableFX 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.

StableFX

Convert between usd_stable and COPco balances, 24/7#

1. What Cobre Enables with StableFX#

2. StableFX in the Cobre Model#

3. Key Capabilities / Options#

3.1 Supported Pair#

3.2 Quote Type#

3.3 Execution#

3.4 Availability#

4. Core Concepts and Terminology#

5. Speed, Settlement & Reliability#

6. Typical Business Use Cases#

7. Transactions, Reporting & Reconciliation#

8. Governance, Controls & Auditability#

9. StableFX vs Stablecoin Funding (On/Off-Ramp)#

10. Summary — What Cobre Delivers with StableFX#