> ## Documentation Index > Fetch the complete documentation index at: https://docs.paycrest.io/llms.txt > Use this file to discover all available pages before exploring further. # Introduction > Decentralized payment routing infrastructure for stablecoin-fiat conversion — connecting apps and users to a global network of fiat liquidity providers. # Welcome to Paycrest Paycrest is a **decentralized payment routing protocol** for stablecoin-fiat payments in emerging markets. It routes bidirectional conversion orders between stablecoins and local currencies through a distributed network of liquidity providers, with onchain escrow ensuring trustless, automatic completion in under 30 seconds, without custodying user funds. Paycrest is built for **wallets, fintechs, exchanges, DeFi protocols, and platforms** that need to move stablecoins into and out of local fiat accounts in high-friction markets. If you're building a product that touches cross-border payments, remittances, payroll, or stablecoin on/offramps — Paycrest is the routing layer. ## Traction Total payment volume settled Settled orders processed Peak monthly volume (December 2025) Median NGN settlement time ## The Problem Cross-border payments, especially in Africa and other emerging markets, remain globally expensive, slow, and fragmented. Sending money from the US to Nigeria costs an average of 6–8% in fees and takes 1–3 business days. For the \$54 billion in annual remittances flowing into Sub-Saharan Africa, that translates to billions lost to intermediaries every year. Stablecoins have emerged as the most viable alternative: they move in minutes, cost fractions of a cent on modern L2 chains, and are already seeing massive organic adoption. But there is a critical gap: the **last mile**. Converting between stablecoins and local currency remains fragmented and increasingly contested by platform-specific networks tied to individual stablecoin issuers — each building a walled garden around their own token. **There is no neutral, open, protocol-level routing layer for stablecoin-fiat conversion. Paycrest is building that layer — issuer-agnostic by design, with no preference for one stablecoin or issuer over another.** ## How It Works A sender (or an app on their behalf) initiates a payment order through the Gateway Smart Contract, which locks stablecoins in escrow. No funds are held by Paycrest. The aggregator indexes the order and routes it to the most suitable liquidity provider based on rate, availability, and corridor. The provider's automated provision node disburses fiat to the recipient's bank account or mobile wallet via a local PSP. Once payout is verified, the escrowed stablecoins are released to the provider onchain. If the order can't be fulfilled, the sender is automatically refunded. The entire flow completes in under 30 seconds for the majority of orders. The onramp flow inverts this: a user deposits fiat through a provider, and the protocol delivers stablecoins to their wallet. ## What is Paycrest? Paycrest is not a payment app. It is infrastructure: an open payment routing protocol that any application can integrate to offer stablecoin on- and offramps to its users. It is also not a P2P consumer product, not a card-issuing solution, and not suitable for anonymous flows — all senders and providers are KYB-verified. The protocol handles the full stack: * **Order routing** — matching senders with the right provider for each corridor and rate * **Encrypted message passing** — recipient bank/wallet details transmitted securely * **Onchain escrow** — neither party needs to trust the other; the contract enforces completion * **Compliance coordination** — providers own local regulatory obligations, senders own theirs The key properties: Paycrest never holds user funds. Escrow is onchain; provider fiat is provider-controlled. Any smart contract can trigger settlement. Any app can integrate the Sender API. Liquidity providers run their own provision nodes, set their own rates, and connect their own PSPs. The aggregator fee is embedded in the provider's rate, not charged to end users, enabling fee-free on- and offramps for consumer apps. ## Key Participants KYC/KYB-verified entities (wallets, fintechs, DeFi protocols) that initiate payment orders via the Sender API or Gateway contract. The beneficiary who receives local fiat or stablecoins without interacting with the protocol directly. KYC-verified participants that supply fiat liquidity in exchange for stablecoins, running automated provision nodes. Matches orders with suitable providers, coordinates fulfillment, and manages the settlement pipeline. Currently operated by Paycrest. ## Get Started Learn how to create payment orders and integrate with the Paycrest API. The Sender API v2 supports both offramp (stablecoin → fiat) and onramp (fiat → stablecoin). Set up a provision node to supply liquidity and earn fees ## Supported Corridors Paycrest is live across 6 active corridors with real provider liquidity. New corridors launch only when committed providers are onboarded and tested. ## Supported Stablecoins For the complete token list with contract addresses, see **[Supported Stablecoins](/resources/supported-stablecoins)** or use the **[GET /tokens](/api-reference/general/list-supported-tokens)** endpoint. ## Security & Compliance All senders and providers undergo identity verification before participating Audited Gateway contracts with onchain escrow — funds are never held by the protocol Providers own local regulatory obligations; senders own theirs. The protocol coordinates requirement exchange. Senders can set their own fee on top of the protocol, settled atomically onchain in the same transaction *** ## Where We're Headed Paycrest is focused on one thing right now: making payment routing in emerging markets reliable enough to be trusted infrastructure. Q1 2026 delivered on that in the NGN corridor: sub-30 second completion for the majority of orders, a growing provider network with multiple independent PSPs, and onramp live in production. The next phase is hardening what works and replicating it across new corridors. LATAM comes first, starting with Argentina, and each corridor launches only when committed providers are onboarded and tested. Expansion is replication of a working model, not experimentation in production. Over time, the goal is for Paycrest to become the default routing path for stablecoin-fiat payments, not because senders are locked in, but because it's the most reliable, most liquid, and most composable path available. The open architecture is what makes that outcome possible: every integration creates a compounding demand channel, and every new provider makes every existing corridor more robust. *** ## Decentralization Path Paycrest currently operates as a **federated protocol**: one aggregator (run by Paycrest), KYC-gated participation, webhook-based payout verification. This is an intentional design choice, not a shortcut. Reliable decentralized mechanisms require operational data and trust that can only be built by running the system in production first. Here's how the protocol moves from federated today to credibly neutral infrastructure over time. **How it works today**: Paycrest operates the sole aggregator. All order routing, provider matching, and payout verification run through Paycrest-controlled infrastructure. Senders and providers participate with KYC/KYB gating. The 0.5% aggregator fee flows entirely to Paycrest. **What this means for you**: The protocol is predictable and accountable — if something goes wrong, there's one team responsible. Integration is straightforward. The trust model is similar to using any other API-based payment infrastructure. **What's being built toward**: This phase accumulates the operational data — order patterns, provider behavior, PSP reliability, corridor economics — required to design decentralized mechanisms that actually work at scale. **What changes**: Decentralized attesters replace webhook-based payout verification. Instead of Paycrest's infrastructure confirming that a provider paid out, a distributed set of attesters reach quorum on payout events. A hybrid finality model provides a fast-path when quorum is reached quickly, with an optimistic fallback for slower cases. A DAO-governed PSP Registry standardizes the rules for what counts as verified delivery across corridors. **What this means for you**: The trust model improves. Payout verification is no longer a single point of failure tied to Paycrest's uptime. Senders get stronger guarantees — not just "Paycrest says it happened" but "a quorum of independent attesters confirmed it." Providers interact with a standardized registry rather than bespoke onboarding flows. **What risks are removed**: Single-point-of-failure on payout verification. Paycrest's ability to unilaterally decide what counts as a valid payout. **What changes**: Multiple independent aggregators can operate on the protocol. Participation becomes permissionless — any provider meeting the economic and compliance requirements can join without approval from Paycrest. P2P communication handles quote negotiation and attestations. Economic security comes from staking and slashing, not from Paycrest's reputation. **What this means for you**: Paycrest the company is no longer a dependency. The protocol routes orders, enforces escrow, and coordinates providers regardless of whether Paycrest Inc. is operating. Senders get credible neutrality — the routing layer has no stake in which stablecoin you use, which provider wins the order, or which company built the aggregator they're running. **What stays constant across all phases**: Non-custodial onchain escrow. The Gateway contract's guarantees. Corridor-level completion rates. The API contract for senders. KYC/KYB gating (at the compliance layer, not the routing layer). None of these change as the protocol decentralizes.