Ratio launches with three APAC corridors covering high-volume cross-border payment routes in Southeast Asia. The architecture is corridor-agnostic — new currency pairs can be added by onboarding the relevant stablecoins, configuring oracle sources, and establishing on/off-ramp partnerships.
Phase 1 corridors
| Corridor | Direction | Stablecoins | Status |
|---|
| USD ↔ IDR | G10 → Asia EM | USDT ↔ IDRX | Live |
| USD ↔ SGD | G10 → G10 | USDT ↔ tnSGD | Live |
| MYR ↔ IDR | Asia EM → Asia EM | MYRC ↔ IDRX | Live |
USD ↔ IDR
USD ↔ SGD
MYR ↔ IDR
The primary remittance corridor. Captures the largest cross-border flow volume in Indonesia, driven by worker remittances and e-commerce payouts. Indonesia has more crypto users than stock traders, making stablecoin rails a natural fit for this corridor.
The deepest and most liquid corridor. Singapore is a G10-equivalent market with tight institutional FX spreads, mature payment infrastructure, and clear regulatory guidance from MAS.
A cross-emerging-market corridor connecting Malaysia and Indonesia. The swap executes directly between MYRC and IDRX. When a native MYR/IDR oracle feed is unavailable, the system derives the rate from USD/IDR and USD/MYR feeds — USD is used only as a pricing reference, not as an actual conversion step.
Supported stablecoins
| Token | Currency | Description |
|---|
| USDT | US Dollar (USD) | Global reference stablecoin with the deepest on-chain liquidity |
| IDRX | Indonesian Rupiah (IDR) | Regulated IDR stablecoin; anchor for the Indonesia corridor |
| tnSGD | Singapore Dollar (SGD) | SGD stablecoin for the Singapore corridor |
| MYRC | Malaysian Ringgit (MYR) | MYR stablecoin serving both USD-MYR and MYR-IDR corridors |
Ratio’s pools are single-sided and per-currency — each stablecoin has its own dedicated liquidity pool. This ensures that liquidity for one corridor does not interfere with another.
Pricing
Ratio uses oracle-based pricing from institutional-grade feeds (Pyth Network), delivering near real-world FX rates. The pricing model mirrors how institutional FX desks operate — using real market data and controlled spreads rather than AMM bonding curves.
| Characteristic | Detail |
|---|
| No AMM slippage | Execution quality does not degrade with transaction size |
| Volume-tiered fees | Larger transactions receive better rates; each corridor has multiple size tiers |
| Dynamic spread | Spreads adjust automatically based on market conditions to protect liquidity |
| Transparent | All fee components are visible and configurable; no hidden markups |
Future corridors
Ratio’s architecture supports any fiat-backed stablecoin. Planned expansion includes corridors for:
| Currency | Region | Status |
|---|
| JPY | Japan | Confirmed |
| KRW | South Korea | Confirmed |
| CNH | China (offshore) | In discussion |
| PHP | Philippines | In discussion |
| THB | Thailand | In discussion |
Adding a new corridor requires no protocol changes — only configuration of oracle feeds, pool parameters, and partner integrations.
