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When your quote is accepted, Musubi executes an atomic Delivery-vs-Payment (DvP) swap. You deliver USDCx; you receive JPYSC0. Both legs settle in a single transaction — there is never a moment where you’ve delivered one side but not received the other.

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How Settlement Works for You

1

Your Quote Wins

The institution selects your quote. Your quote status moves to ACCEPTED. Settlement preparation begins automatically.
2

You Co-Sign the Settlement

Musubi creates a settlement proposal. Four parties must approve before execution:
  1. Network operator (Musubi)
  2. Sender’s custodian (holds the JPYSC0)
  3. You (committing USDCx)
  4. Receiver’s custodian (receiving USDCx)
Your approval is collected automatically through the settlement protocol. No manual action is required if your system is connected.
3

Atomic DvP Executes

All four legs execute in a single transaction:All four succeed atomically, or all four roll back. Settlement takes ~4 seconds.
4

Settlement Confirmation

You receive a settlement row whose status is SETTLED and whose settlement_proven is true. All four legs moved in one Canton transaction, and the record that transaction created is observable in your own participant — that record’s existence is your proof of execution.
How this differs from CEX/DEX settlement: On a CEX, settlement is internal ledger entries — you trust the exchange. On a DEX, settlement is atomic within one smart contract call — you trust the code. On Musubi, settlement is atomic across four independent parties via Canton DvP — no exchange custody risk, no smart contract risk. Your assets stay in your own custody until the atomic swap executes.

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Your Settlement Record

After settlement, you can retrieve the details: P&L calculation: Your profit is the spread between your offered rate and your cost of acquiring USDCx. The settlement record gives you exact amounts for reconciliation.

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Risk Profile

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.

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Liquidity Management

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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.

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Monitoring

Track your performance via the dashboard:

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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_until reduces market risk; longer windows increase win probability
  • Volume monitoring: Track active_quote_requests to gauge current demand