How Settlement Works for You
Your Quote Wins
The institution selects your quote. Your quote status moves to ACCEPTED. Settlement preparation begins automatically.
You Co-Sign the Settlement
Musubi creates a settlement proposal. Four parties must approve before execution:
- Network operator (Musubi)
- Sender’s custodian (holds the JPYSC0)
- You (committing USDCx)
- Receiver’s custodian (receiving USDCx)
Atomic DvP Executes
All four legs execute in a single transaction:
All four succeed atomically, or all four roll back. Settlement takes ~4 seconds.
| Leg | Movement | Your Role |
|---|---|---|
| 1 | JPYSC0: Sender’s custodian -> Musubi | — |
| 2 | USDCx: You -> Musubi | You deliver |
| 3 | USDCx: Musubi -> Receiver’s custodian | — |
| 4 | JPYSC0: Musubi -> You | You receive |
Your Settlement Record
After settlement, you can retrieve the details:| Field | Description | Example |
|---|---|---|
intent_id | Order reference | UUID |
source_currency | What the sender exchanged | JPYSC0 |
target_amount | Sender’s amount | "10000000" |
target_currency | What you delivered | USDCx |
source_amount_actual | Final delivered amount | "11200000" |
fx_rate | Executed rate | "112.0" |
mm_delivered_target_amount | USDCx you delivered | "11200000" |
mm_delivered_target_amount | JPYSC0 you received | "10000000" |
transaction_hash | Cryptographic settlement proof | Hex string |
settled_at | Settlement timestamp | ISO 8601 |
Risk Profile
| Risk | Status | Why |
|---|---|---|
| Counterparty risk | Eliminated | Atomic DvP — both legs or neither |
| Settlement risk | Eliminated | Single transaction, no intermediate state |
| Herstatt risk | Eliminated | No time gap between legs |
| Identity exposure | None | Anonymized RFQs, no sender/receiver identity even post-settlement |
| Pre-funding requirement | None | No intraday liquidity commitment window |
| Failed settlement | Full rollback | If any leg fails, all four revert. Your USDCx stays in your account. |
The only risk you carry is market risk during the validity window of your quote. If the market moves against you between quoting and settlement (~15 seconds total), your committed rate stands. Manage this by setting appropriate
valid_until windows.Liquidity Management
What You Need
Deposit USDCx with sufficient balance to cover your expected quoting activity. Your USDCx is committed only when a quote is accepted and settlement executes — pending quotes do not lock funds.Monitoring
Track your performance via the dashboard:| Metric | Description |
|---|---|
quotes_submitted | Total quotes you’ve submitted |
quotes_accepted | Quotes that won |
quotes_rejected | Quotes where another MM won |
quotes_expired | Quotes that expired unselected |
win_rate | Accepted / submitted ratio |
total_source_traded | Total JPYSC0 received from won swaps |
total_target_traded | Total USDCx delivered in won swaps |
active_quote_requests | Currently quotable requests |
Liquidity Strategy
- Deposit sizing: Based on your expected daily volume and win rate
- Rate management: Tighter spreads win more flow but reduce per-trade P&L
- Validity tuning: Shorter
valid_untilreduces market risk; longer windows increase win probability - Volume monitoring: Track
active_quote_requeststo gauge current demand