HyperFX Launches: Fast Currency Swaps Using Stablecoins

Polytope Labs has launched HyperFX. This new tool helps businesses swap currencies in seconds using stablecoins. It uses smart contracts on the blockchain for instant settlement. HyperFX is already active, settling the naira part with cNGN, a stablecoin backed by the naira.

Nigeria's foreign exchange market mainly depends on informal channels. People get rates from WhatsApp groups, peer-to-peer transactions, and informal negotiations. This system relies on trust, but trust alone cannot handle large volumes. HyperFX aims to streamline FX by moving it from manual desks to a single marketplace with stablecoins. This allows for quicker settlements that take seconds instead of days, changing how FX works.

“HyperFX brings frontier DeFi technology to fintechs that already rely on stablecoins and blockchain technology for FX settlement. It functions as a cross-chain DEX with the deepest liquidity for stablecoin swaps,” said Seun Lanlege, Founder and CEO of Polytope Labs.

HyperFX is built on Hyperbridge. This platform has already moved over $500 million across 15 connected chains. It uses cryptographic proofs, giving HyperFX the ability to handle the high demands of FX settlements.

The naira leg of HyperFX uses cNGN, a stablecoin created to meet regulatory needs and designed for everyday business use. “We’ve worked closely with regulators to build a stablecoin that’s compliant, programmable, and commercially viable,” said Uyoyo Ogedegbe, Managing Director of cNGN. “HyperFX extends that model to modernize value exchange and digital asset settlements.”

HyperFX pools liquidity from different providers, each offering their own rates. Users can access all of this in one place with a flat fee of 0.05%. Liquidity providers keep their assets safe, allowing them to use them in yield-bearing vaults only when needed for swaps. This is something traditional finance cannot do.

These vaults can earn incentives of up to 7% on cNGN and 3 to 4% on USD stablecoins. The incentives for cNGN come through a liquidity support agreement with Vantage Liquidity, which relies on high-quality liquid assets and SEC-approved financial products. USDC and USDT deposits are held in Aave, a major decentralized lending platform with over $12 billion in total value locked. This pays lenders between 3-4% with no need to lock up capital.

HyperFX is designed for finance teams and businesses that handle money transfers daily. Fintechs can easily connect HyperFX to their payment systems with a single API. This allows them to offer clear FX rates to their users from the start. Businesses can find the best rates for stablecoins and fiat, ensuring the best deals for their customers at every exchange.

Cross-border fintechs can provide local currency settlements to merchants without needing to hold foreign currency or manage nostro accounts. Remittance services can process international payments in seconds, cutting down on costs and outperforming traditional wire transfers. Neobanks and wallets can integrate real-time FX directly into their apps, enabling users to exchange currencies at competitive rates.

HyperFX is now live. Start swapping today at app.hyperfx.finance. Polytope Labs offers SDKs for fintechs to connect their existing wallets for stablecoin swaps on the blockchain.