> For the complete documentation index, see [llms.txt](https://vnx.gitbook.io/vnx-global/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://vnx.gitbook.io/vnx-global/institutional/products/fx-platform.md).

# FX Platform

*Exchange one stablecoin for another — for example VCHF to VGBP, or into USDC — directly on the platform, at a quoted rate.*

## Overview

The FX Platform lets you convert between the fiat-pegged stablecoins available on the platform: VNX's own VCHF and VGBP, alongside USDC (US dollar), plus future supported stablecoins. Instead of off-ramping to fiat, running a bank FX trade, and on-ramping again, you swap one stablecoin for another in a single step inside the platform — the cross-currency leg happens on chain.

## Key benefits

* **One-step currency switch** — move between CHF, GBP, and USD pegs without leaving the platform or touching external banking rails.
* **Faster and cheaper than bank FX** — no off-ramp/on-ramp round trip, no correspondent-bank delays; settlement is on chain.
* **Par-backed, regulated legs** — every stablecoin in the trade is a fully reserve-backed stablecoin, and the conversion executes inside VNX's regulated DABA Class M perimeter.
* **Compliance built in** — FX flows inherit VNX's AML/ATF, sanctions, and (where applicable) Travel Rule controls automatically.

## How it works

You request a conversion between two supported stablecoins (for example VCHF → VGBP, or VGBP → USDC). The platform returns a quoted rate inclusive of fees and a short confirmation window. On confirmation, your balance in the source stablecoin is debited and the destination stablecoin is credited — settled on chain against VNX's reserves. See the stablecoins page for the assets available and on-ramp / off-ramp for moving between crypto and fiat.

## Regulatory and risk context

The FX Platform operates under the same DABA Class M licence and BMA Stablecoin Guidance perimeter as VCHF and VGBP issuance. It follows the enterprise risk framework (market, liquidity, counterparty, operational risk families) and the AML/CTF and Travel Rule regime. Reserve and segregation mechanics inherit from reserve management and asset segregation.

## Related

* [Stablecoins](/vnx-global/institutional/products/stablecoins.md)
* [On Off ramp](/vnx-global/institutional/products/on-off-ramp.md)
* [Reserve Management](/vnx-global/institutional/reserve/reserve-management.md)
* [Stablecoin Specific Risks](/vnx-global/institutional/risk/stablecoin-specific-risks.md)
* [Quotes and Conversions](/vnx-global/developer/api/quotes-and-conversions.md)