Question 1

What is CRX?

Accepted Answer

CRX is a matched-principal dealer for institutional FX hedging, settled on-chain. It replaces the bank-intermediated non-deliverable forward (NDF): a smart contract holds pre-funded margin from the client and a liquidity partner, marks the position to a continuous Pyth feed, and settles at expiry against the last-24h Pyth VWAP.

Question 2

Who is the counterparty on a CRX trade?

Accepted Answer

CRX is your counterparty. It faces the client on one NDF and hedges it with a liquidity partner on an equal, offsetting NDF, holding the spread and the middle credit risk. A client sees one price — CRX's own — not competing quotes. CRX is not a swap execution facility (SEF) and not a clearing house.

Question 3

How is a CRX hedge settled?

Accepted Answer

Atomically on-chain, instead of T+2 through correspondent banks. Margin marks continuously against a Pyth TWAP; settlement at expiry pays against the last-24h Pyth VWAP. Margin lives in the contract, not on CRX's balance sheet, so a CRX failure cannot strand client funds.

Question 4

Which currency pairs are live on CRX?

Accepted Answer

20+ pairs are live on-chain today. FX: USD, EUR, JPY, GBP, CHF, CAD, AUD, NZD, NOK, SEK, INR, BRL, MXN, CNH, KRW, IDR, PHP, TWD, TRY, ZAR, CLP, COP, PEN. Stablecoins: USDC, USDT.

Question 5

Who can trade on CRX?

Accepted Answer

Eligible contract participants only. Access requires one-time KYB onboarding and an on-chain whitelist. After onboarding, a client reaches CRX's dealer network without a separate relationship for each dealer.

FX hedging for the
stablecoin economy

Access the CRX Dealer Network

What corridors do you need?

FX hedging for thestablecoin economy

Access the CRX Dealer Network

What corridors do you need?

FX hedging for the
stablecoin economy