Order Creation
The sender institution submits an FX order via their API, specifying the source currency, amount, target currency, and an optional cost guard (
source_amount_max).The order is created in PENDING status.Quote Request Broadcast
Musubi automatically broadcasts an anonymized quote request to all registered market makers. The request contains only the currency pair, amount, and expiry — no sender or receiver identity.
Quote Submission
Market makers evaluate the request and submit competitive quotes with an FX rate, target amount, and validity window. Multiple market makers can quote on the same request.The sender’s custodian can see all incoming quotes.
Quote Acceptance
The sender institution selects the best quote, and the sender’s custodian accepts it. This transitions the order to QUOTED status and authorizes the settlement.Musubi validates the quote against the cost guard before proceeding.
Atomic DvP Settlement
Musubi executes an atomic Delivery vs. Payment (DvP) swap:
All four legs execute in a single transaction. If any leg fails, the entire settlement rolls back. No party is ever exposed to counterparty risk.
| Leg | From | To | Asset |
|---|---|---|---|
| 1 | Sender Custodian | Musubi | Source stablecoin (e.g., JPYSC0) |
| 2 | Market Maker | Musubi | Target stablecoin (e.g., USDCx) |
| 3 | Musubi | Receiver Custodian | Target stablecoin |
| 4 | Musubi | Market Maker | Source stablecoin |
Order Status Flow
| Status | Meaning |
|---|---|
| PENDING | Order created, awaiting market maker quotes |
| QUOTED | Best quote accepted, awaiting settlement execution |
| EXECUTING | Atomic DvP in progress |
| SETTLED | Settlement complete, assets delivered |
| FAILED | Settlement reverted or validation failed |
| EXPIRED | Order expired before settlement could complete |
Timing
| Phase | Duration |
|---|---|
| Order creation to first quote | ~8 seconds |
| Quote acceptance | ~3 seconds |
| Atomic settlement | ~4 seconds |
| Total end-to-end | ~15 seconds |