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Musubi is an RFQ-based stablecoin FX venue. As a market maker, you receive anonymized quote requests, compete on price, and settle won trades atomically. You provide USDCx liquidity; you receive JPYSC0 from won swaps.

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How This Compares to What You Know

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The Key Difference: Anonymized Flow

You never see who is asking for a quote. The RFQ contains only:
  • Currency pair (e.g., JPYSC0/USDCx)
  • Target amount (e.g., 100,000 USDCx)
  • Deadline for quotes
No sender identity, no receiver identity, no geographic information. Price the flow, not the name. This anonymity is enforced by the settlement network at the protocol level — it cannot be circumvented.
Even after your quote is accepted and the trade settles, you still do not see the sender or receiver identity. Your settlement record contains swap amounts, rate, and settlement proof — nothing more.

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Guide Structure

Quoting Workflow

How RFQs arrive, competitive dynamics, quote lifecycle, and what you see.

Liquidity & Settlement

What happens when you win: DvP mechanics, P&L, risk profile, and liquidity management.

Security

Authentication, data isolation, and visibility boundaries.

Integration Guide

Architecture, automated quoting setup, onboarding, and monitoring.

API Reference

Endpoints, request/response examples, quote status flows, and SSE events.