How This Compares to What You Know
| Correspondent Banking | Musubi | |
|---|---|---|
| Settlement time | 1-3 business days | ~15 seconds |
| Counterparty risk | Present during settlement window (Herstatt risk) | Eliminated — atomic DvP, both legs or neither |
| Intermediaries | 2-4 correspondent banks | Direct — your custodian to receiver’s custodian |
| Transparency | Limited visibility until confirmation | Real-time status from order to settlement |
| FX execution | Bank’s internal rate | Competitive RFQ — market makers bid, you select best execution |
| Settlement proof | SWIFT confirmation messages | Single cryptographic hash covering all settlement legs |
| Nostro/vostro accounts | Required at each correspondent | Not needed — custodians hold stablecoins directly |
Your Role
Sender institution: You initiate a payment — specify the amount, currency pair, and receiver. Market makers compete to offer the best FX rate. You select the best quote, your custodian authorizes it, and settlement happens automatically. Receiver institution: You are passive, like a traditional wire transfer. The first time you see anything is the settlement confirmation — stablecoins arriving in your custodian account. No pre-approval needed.Think of Musubi as a CLS-style Payment-vs-Payment (PvP) system for stablecoins. Like CLS Bank, it settles both legs simultaneously without ever taking ownership of the assets. Unlike CLS, settlement takes seconds, not hours.
Guide Structure
This guide is organized from business context to technical detail:Settlement Flow
How a trade works, step by step, in institutional terms.
Custody & Trust
Your custodian relationship, dual authorization, and Musubi’s role.
Compliance
Audit trail, regulatory reporting, KYC/AML, and jurisdiction handling.
Security
Authentication, data isolation, privacy model, and intent signing.
Integration Guide
Architecture, onboarding checklist, and connecting to your systems.
API Reference
Endpoints, request/response examples, order lifecycle, and events.