Use Cases
Who is CRX for?
Three groups, all carrying emerging-market FX risk that the bank-intermediated forward market prices badly. Stablecoin treasuries, payment operators, and whitelabel partners building a deliverable forward on top of the NDF.
The common thread: each has a known future flow in a currency that is expensive or slow to hedge through a bank, and each wants the rate fixed without a per-counterparty credit line and a stack of documentation.
Why is the bank route so expensive?
Because the trade passes through correspondent banking chains, and every link adds cost. Participants pay 50 to 300 basis points or more to hedge an emerging-market forward through a bank. That spread is overhead, not market risk — credit, capital, and operational cost stacked along the chain.
The structure also locks out smaller flows:
- Large minimum tickets price out anything under a bank's threshold.
- Fixed tenors don't match the date a real flow lands.
- Bilateral credit lines must be negotiated per counterparty before a single trade.
- Heavy onboarding documentation repeats for every new relationship.
CRX removes the chain. Two firms onboard once, quote through one engine, and bind directly to each other on-chain.
Stablecoin treasuries with EM exposure
A treasury holding USDC but owing or earning an emerging-market currency carries the rate risk between today and the day the flow lands. An NDF fixes that rate now.
| Bank NDF | CRX NDF | |
|---|---|---|
| Pricing | one bank's quote | multi-dealer RFQ |
| Ticket size | large minimums | sized to the flow |
| Tenor | fixed buckets | matched to the flow date |
| Onboarding | per-counterparty | once, network-wide |
The treasury keeps its cash where it is and uses CRX only to lock the rate. Settlement is in cash on the notional, on-chain, in one transaction.
Remittance and payroll flows
A remittance or payroll operator commits today to pay a foreign amount on a known future date — and is exposed to every move in the rate until then. The exposure is recurring and date-specific, which is exactly what a forward fixes.
CRX matches the operator's reality: quotes sized to the actual payout, tenors set to the actual pay date, and a single onboarding instead of a credit line per bank. The operator fixes the rate for each cycle and settles the cash difference when the cycle lands.
Whitelabel deliverable-forward partners
A partner who needs to actually deliver the foreign currency builds a deliverable forward by combining two pieces: a CRX NDF that locks the rate, plus their own spot conversion that moves the currency. CRX supplies the rate-lock; the partner supplies delivery.
This lets a partner offer a fully deliverable product to their own customers without standing up a forward desk. The same firm often starts as a taker and grows into a whitelabel partner as its flow scales.
Roadmap, not fully live. The whitelabel surface and partner tooling are in build. The underlying NDF that the deliverable forward is assembled from is live on testnet.
Who can actually trade today?
Onboarding qualifies a firm once for the whole network — Eligible Contract Participant (ECP) verification, KYC, and OFAC screening — after which the operator approves the firm into the maker or taker role. Eligibility is jurisdiction-dependent:
JurisdictionGate on top of ECPRequirements
- Eligible Contract Participant (ECP) under Commodity Exchange Act (CEA) §1a(18). There is no second gate — the federal ECP test is the entire check.
- Qualifies with total assets above US$10 million, or net worth above US$1 million when the trade hedges a commercial risk of the business.
Notes
- The participant attests to ECP status before trading. No local professional-investor overlay applies.
Requirements
- Professional client under MiFID II (EU Markets in Financial Instruments Directive II). Per-se: credit institutions, investment firms, insurers, funds, large undertakings.
- A large undertaking meets two of three: €20M balance sheet, €40M net turnover, €2M own funds.
Notes
- Every counterparty holds a valid Legal Entity Identifier (LEI), a 20-character entity code. No LEI, no trade.
Requirements
- Professional client under Financial Conduct Authority (FCA) rules implementing UK MiFIR — the retained, post-Brexit MiFID framework.
- Same substance as the EU test: per-se professionals plus large undertakings at the same size thresholds.
Notes
- Every counterparty holds a valid Legal Entity Identifier (LEI), a 20-character entity code.
Requirements
- Clears the Securities and Commodities Authority (SCA) client-classification rules — the federal UAE regulator outside the DIFC and ADGM free zones.
- Professional Investor: experience to assess risk (natural-person floor ~AED 4M net assets). Qualified Investor: governments, international bodies, licensed institutions, and corporates meeting size tests.
Notes
- Either classification is sufficient at the eligible booking point.
Testnet only. CRX is live on Sonic Testnet (chain id 14601). No production funds are at risk yet.
Next: Addresses (~2 min) — the live deployed contracts you can inspect on-chain.