Settling with Stablecoins

Overview

Thiqwave enables stablecoin settlement for fast, transparent value transfers. Convert fiat to stablecoins, move them on-chain, and convert back to destination fiat — all through the Transfers API. Settlement is significantly faster than traditional banking rails like SWIFT and works for both cross-border and domestic transfers.

The settlement flow

Stablecoin settlement follows a simple pattern: Fiat → Stablecoin → On-chain Transfer → Fiat

Get a transfer quote

Request a quote specifying source and destination currencies. The quote locks in rates and fees for 3 minutes.

Create the transfer

Submit the transfer with your quote ID, source (fiat), and destination (fiat). Thiqwave handles the stablecoin conversion and routing internally.

Complete the deposit

If your source is fiat, use the payment_instructions in the response to complete the bank deposit.

Monitor progress

Track the transfer through its lifecycle via GET /v1/transfers/{id} or webhooks.

Getting a transfer quote

Request a quote to see the exact amounts and rates before committing.

curl -X POST "https://api.thiqwave.com/v1/quotes" \
  -H "X-API-Key: your-api-key" \
  -H "Content-Type: application/json" \
  -d '{
    "type": "transfer",
    "source_currency": "AED",
    "destination_currency": "EUR",
    "amount": "1000.00",
    "corridor": "uae"
  }'

Response

{
  "id": "quote_settlement_001",
  "type": "transfer",
  "source_currency": "AED",
  "destination_currency": "EUR",
  "source_amount": "1000.00",
  "destination_amount": "253.00",
  "exchange_rate": "0.2530",
  "fees": {
    "platform_fee": "2.00",
    "network_fee": "0.00"
  },
  "total_fee": "2.00",
  "expires_at": "2026-04-08T12:03:00Z",
  "created_at": "2026-04-08T12:00:00Z"
}

The quote shows source amount, destination amount, fees, and exchange rate. Stablecoin routing is handled internally — you only see the fiat-to-fiat conversion. Quotes expire after 3 minutes.

Creating the transfer

Once you have a quote, create the transfer with source and destination details.

curl -X POST "https://api.thiqwave.com/v1/transfers" \
  -H "X-API-Key: your-api-key" \
  -H "Content-Type: application/json" \
  -H "Idempotency-Key: settlement_001" \
  -d '{
    "quote_id": "quote_settlement_001",
    "source": {
      "currency": "AED",
      "payment_rail": "bank_transfer"
    },
    "destination": {
      "currency": "EUR",
      "account_holder": "Schmidt GmbH",
      "account_number": "DE89370400440532013000",
      "bank_code": "COBADEFFXXX",
      "country": "DE"
    },
    "amount": "1000.00",
    "metadata": {
      "transaction_id": "txn_cross_border_001"
    }
  }'

Response

{
  "id": "txn_01HZ5NM2XDQE8F1G7HKRWS4JV",
  "quote_id": "quote_settlement_001",
  "status": "awaiting_deposit",
  "source": {
    "currency": "AED",
    "payment_rail": "bank_transfer",
    "amount": "1000.00"
  },
  "destination": {
    "currency": "EUR",
    "amount": "253.00"
  },
  "fees": {
    "platform_fee": "2.00",
    "network_fee": "0.00"
  },
  "exchange_rate": "0.2530",
  "payment_instructions": {
    "beneficiary_name": "Thiqwave Limited",
    "beneficiary_account": "1234567890",
    "bank_code": "ABUAAE3D",
    "reference": "txn_01HZ5NM2XDQE8F1G7HKRWS4JV",
    "country": "AE"
  },
  "metadata": {
    "transaction_id": "txn_cross_border_001"
  },
  "created_at": "2026-04-08T12:00:30Z",
  "completed_at": null
}

Transfer lifecycle

Transfers progress through distinct states as they move from fiat source to stablecoin settlement to fiat destination:

Status	Description
`pending`	Transfer created, awaiting processing or deposit.
`awaiting_deposit`	Fiat source: waiting for bank deposit (use `payment_instructions`).
`processing`	Funds received, conversion and routing in progress.
`settling`	On-chain settlement or fiat delivery in progress.
`completed`	Transfer complete — funds delivered to destination.
`failed`	Transfer failed. Details available via webhooks or GET endpoint.

Tracking transfer progress

Monitor transfers through webhooks. You’ll receive notifications at each stage:

{
  "type": "transfer.processing",
  "data": {
    "id": "txn_01HZ5NM2XDQE8F1G7HKRWS4JV",
    "status": "processing",
    "updated_at": "2026-04-08T12:01:00Z"
  }
}

{
  "type": "transfer.settling",
  "data": {
    "id": "txn_01HZ5NM2XDQE8F1G7HKRWS4JV",
    "status": "settling",
    "updated_at": "2026-04-08T12:02:00Z"
  }
}

{
  "type": "transfer.completed",
  "data": {
    "id": "txn_01HZ5NM2XDQE8F1G7HKRWS4JV",
    "status": "completed",
    "destination_amount": "253.00",
    "completed_at": "2026-04-08T12:05:00Z"
  }
}

Subscribe to all transfer events (transfer.processing, transfer.settling, transfer.completed, transfer.failed) to build complete visibility into your cross-border flows.

Why stablecoin settlement?

Speed — Significantly faster than SWIFT and traditional banking rails. Most settlements complete within minutes. Transparency — Track on-chain movement with transaction hashes. Verify every step of the journey. Cost efficiency — Reduced fees compared to traditional correspondent banking. Availability — Works 24/7, including weekends and holidays. No banking hours limitations. Reliability — Blockchain-based finality. Once on-chain, settlement is immutable.

Use cases

Cross-border B2B payments — Pay vendors across different countries without managing multiple bank relationships. Marketplace settlements — Instantly settle funds from one currency zone to another as transactions complete. Salary disbursements — Pay employees across countries with transparent, auditable settlement trails. Treasury management — Move liquidity across regions quickly for optimal capital allocation.

Error handling

If a transfer fails, you receive a transfer.failed webhook event.

Issue	Cause	Recovery
Invalid destination	Bank details incorrect	Request a new quote and retry with correct details
Quote expired	More than 3 minutes passed	Get a fresh quote
Insufficient funds	Source deposit not received	Complete the bank deposit using `payment_instructions`
Network issue	On-chain transmission delayed	Monitor via `GET /v1/transfers/{id}`; transfers retry automatically

Best practices

Always get a quote first — Understand costs and rates before committing
Validate destination details — Ensure correct bank codes, account numbers, and country codes
Use metadata — Track transfers in your system with transaction IDs
Subscribe to webhooks — React in real-time to transfer progress
Handle failures gracefully — When transfers fail, notify users and offer retry options
Use idempotency keys — Safely retry transfers without creating duplicates

Next steps

Transfers API — Full endpoint reference
Receiving payments — Fund transfers with customer deposits
Webhooks — Set up complete event monitoring

​Overview

​The settlement flow

​Getting a transfer quote

​Response

​Creating the transfer

​Response

​Transfer lifecycle

​Tracking transfer progress

​Why stablecoin settlement?

​Use cases

​Error handling

​Best practices

​Next steps

Overview

The settlement flow

Getting a transfer quote

Response

Creating the transfer

Response

Transfer lifecycle

Tracking transfer progress

Why stablecoin settlement?

Use cases

Error handling

Best practices

Next steps