The dimensions

Read across the three lines that every rate is built on.

Reference rates

The Mid-Market Rate as an Anchor

The mid-market rate is not a tradable price. It is a reference point — the midpoint between global buy and sell orders at a given second. Every service quotes a rate that differs from it, and that difference is the spread. This page explains how to read the mid-market, where to find it live and why comparing offers without it is like comparing speeds without a stopwatch.

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Spreads

Anatomy of the Spread

A spread looks like one number. This page unpacks it into the layers it really is: the wholesale spread the service pays, the retail layer it adds, the corridor premium for specific fiat currencies, and the risk buffer for volatile times.

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Mechanics

How the Stablecoin Peg Works

A peg is a promise maintained by three forces: arbitrage, reserves, and expectations. This page explains each force, how they interact, and what kinds of stress reveal which force is weakest.

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