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.Documentation Index
Fetch the complete documentation index at: https://musubinetwork.com/llms.txt
Use this file to discover all available pages before exploring further.
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