From AbokiFX to HyperFX: Instant FX Settlement, Built on Stablecoin Rails
Polytope Labs has launched HyperFX, a fully onchain FX engine that lets businesses swap currencies in seconds using stablecoins, with atomic settlement enforced by smart contracts on the blockchain. HyperFX is live now, settling its naira leg in cNGN, a regulated naira-backed stablecoin. Nigeria’s FX market runs largely on informal markets. Rates are quoted in WhatsApp groups, sourced through P2P, and negotiated over word-of-mouth desks. It’s built on trust, but trust doesn’t scale. HyperFX pulls FX out of manual desks into a single, efficient stablecoin marketplace. Stablecoin settlement removes the need for prefunded capital and clears in seconds rather than days. We are in the period where stablecoins are scaling from being just a cryptocurrency for traders into the better version of FX infrastructure.
“HyperFX brings frontier DeFi technology to fintechs that already rely on stablecoins and blockchain technology for FX settlement. It functions essentially 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, which has already moved $500 million+ across 15+ connected chains using cryptographic proofs, giving HyperFX the track record and scale to handle the heavy demands of FX settlement.
PROJECT SPOTLIGHT | How 2 Nigerian Engineers Built HyperBridge – The First ‘Truly Decentralized Bridge’ Globally
HyperFX settles its naira leg in cNGN, a naira-backed stablecoin engineered to align with regulatory requirements and designed for daily commercial 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 the modernization of value exchange and digital asset settlement.”
HyperFX aggregates liquidity from multiple providers, each with their own rates, so users access it all in one place at a flat 0.05% fee. LPs self-custody their assets, allowing it to be optionally deployed into yield-bearing vaults, only providing the necessary liquidity on-demand to fill swap orders. This is a feature afforded by composable DeFi rails, and is simply not possible on traditional finance rails. These vaults generate incentives of up to 7% on cNGN and 3 to 4% on USD stablecoins. cNGN Incentives are facilitated through a liquidity support arrangement with Vantage Liquidity, which is backed by high-quality liquid assets (HQLA) and other SEC-regulated financial products. USDC and USDT deposits are held in AAVE, the largest decentralized lending protocol with over $12B in TVL, which pays lenders 3-4% with no capital lockups. HyperFX is for modern finance teams and the businesses that move money across borders every day. Fintechs can plug HyperFX into their payment stack via a single API and offer transparent FX to their end users from day one. Off-ramps can source the best rate across stablecoins and fiat, ensuring the tightest spreads for their customers at every conversion. Cross-border fintechs can offer local-currency settlement to merchants without holding foreign-currency inventory or managing nostro accounts. Remittance providers can settle cross-border payments in seconds, slashing corridor costs and beating legacy wire-transfer margins. Neobanks and wallets can embed real-time FX directly into their product, letting users exchange currencies at institutional rates.
HyperFX is live! Start swapping today at app.hyperfx.finance. Polytope Labs provides SDKs so fintechs can plug in their existing wallet solutions to execute stablecoin swaps onchain.
_______ About Polytope Labs Polytope Labs is a blockchain research and development lab and the creator of Hyperbridge, a verifiable cross-chain interoperability protocol, and HyperFX, a fully onchain FX settlement engine.
About cNGN cNGN is a regulated, naira-backed stablecoin engineered for compliance and daily commercial use.
INTRODUCING | Africa’s First Regulated Stablecoin, the Nigerian Naira-Pegged Stablecoin, $cNGN, Goes Live on Local Nigerian Exchanges
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