Stablecoin Flows & Provenance
Where stablecoin value meets each domestic financial system, and where it came from on-chain.
Off-ramp composition by stablecoin
Monthly stablecoin→fiat conversions entering each domestic system, £k equivalent. Colors follow the asset, never its rank.
Provenance layers (P0 → P4)
Every conversion is attributed across five layers, from on-chain origin to the cash edge. Each layer emits audit events keyed to the same trace ID.
On-chain origin
Source wallet cluster, chain, hop distance from risk entities; chain-analytics attribution before ingress.
Controls: Inbound wallet screening; travel-rule data capture
→Custody ingress
Asset enters the MPC custody estate.
Controls: MPC + HSM key policy; deposit attribution to verified customer
→Conversion
Dealing desk executes stablecoin↔fiat at the disclosed margin; pre-hedged, no proprietary positions.
Controls: Straight-through pricing; per-trade audit event; sandbox caps
→Domestic settlement interface
Fiat leg touches the domestic financial system via the local rail (NIP, FPS, SEPA, Raast, FAST, SIC, UAEFTS, QATCH, ACH).
Controls: Safeguarded accounts; per-rail reconciliation; FIU-reportable events
→Cash edge
Value leaves the electronic system as agent cash-out or card spend.
Controls: Agent KYC, cash thresholds, geo-velocity checks
Interface with the domestic financial system (P3)
The fiat leg of every conversion settles on the local rail through safeguarded/partner accounts, the point regulators care about most.
| Jurisdiction | Settlement rail | Stablecoin→fiat £k | Fiat→stablecoin £k | Net into domestic system | Dominant use-case |
|---|---|---|---|---|---|
| 🇳🇬NGN | NIP / NIBSS + agent cash-out (*919#) | £2,125k | £310k | +£1,815k | KDX-U3 recipient payout · KDX-U4 agent cash-out |
| 🇬🇧GBP | Faster Payments / CHAPS via safeguarding bank | £1,670k | £1,480k | +£190k | KDX-U1 remittance funding · KDX-U2 on-ramp |
| 🇺🇸USD | ACH / Fedwire via partner bank | £1,415k | £960k | +£455k | KDX-U1 remittance funding |
| 🇪🇺EUR | SEPA Instant via EU EMI partner | £1,008k | £720k | +£288k | KDX-U1 remittance funding |
| 🇦🇪AED | UAEFTS / IPP via local bank | £595k | £540k | +£55k | KDX-U1 remittance funding |
| 🇵🇰PKR | Raast via partner bank | £393k | £120k | +£273k | KDX-U1 remittance funding |
| 🇸🇬SGD | FAST / PayNow via MPI partner | £572k | £480k | +£92k | KDX-U1 remittance funding |
| 🇨🇭CHF | SIC via Swiss bank partner | £405k | £350k | +£55k | KDX-U1 remittance funding |
| 🇶🇦QAR | QATCH via QFC bank partner | £209k | £210k | −£1k | KDX-U1 remittance funding |
Net positive = stablecoin value converting into the domestic currency (typical for receive-side NGN); net negative = domestic fiat funding stablecoin purchases (typical for send-side GBP/USD/EUR). Figures are £-equivalent at the daily mid-market close; per-currency native figures are available in each jurisdiction's export.