Supported Corridors
Ratio launches with three APAC corridors covering the highest-volume cross-border payment routes in Southeast Asia. Each corridor is configured with corridor-specific oracle parameters, base spreads, and pool architecture.
Phase 1 Corridors
| Corridor | Type | Stablecoins | Oracle Sources | Base Spread | Oracle Max Age | Route |
|---|---|---|---|---|---|---|
| USD-IDR | G10 → Asia EM | USDT ↔ IDRX | Pyth + Orakl | 3–4 bps | 20 seconds | Direct Book |
| USD-SGD | G10 → G10 Deep | USDT ↔ tnSGD | Pyth + Orakl | 1–2 bps | 30 seconds | Direct Book |
| MYR-IDR | Asia EM → Asia EM | MYRC ↔ IDRX | Pyth + Orakl + Web2 | 5–6 bps | 15 seconds | Direct or Synthetic via USD |
Stablecoins
| Token | Currency | Issuer | Type |
|---|---|---|---|
| USDT | US Dollar | Tether | Global reference stablecoin; deepest liquidity |
| IDRX | Indonesian Rupiah | PT Rupiah (regulated issuer) | IDR corridor anchor; regulated under Bank Indonesia/OJK |
| tnSGD | Singapore Dollar | — | SGD stablecoin for Singapore corridor |
| MYRC | Malaysian Ringgit | — | MYR stablecoin for Malaysia corridor; serves both USD-MYR and MYR-IDR |
Corridor Details
USD-IDR
The primary remittance corridor. USD-IDR captures the largest cross-border flow volume in Indonesia — driven by worker remittances (USD→IDR morning flow) and e-commerce/merchant payouts (IDR→USD afternoon reverse flow). This bilateral flow pattern is the foundation of the smart rebalancing system's cooldown design.
- Typical daily flow pattern: Morning remittance (USD→IDR) offset by afternoon commerce (IDR→USD)
- Regulatory: Partners need US MSB / SG MPI + Indonesian remittance licence. IDRX provides corridor compliance anchor under Bank Indonesia and OJK.
- Pool depth: Moderate. IDRX minting via issuer has 3–5 minute latency.
USD-SGD
The deepest and most liquid corridor. SGD is a G10-equivalent currency with tight institutional FX spreads. This corridor benefits from Singapore's mature payment infrastructure and MAS regulatory clarity.
- Typical daily flow pattern: More balanced than USD-IDR; lower volume but higher average transaction size
- Regulatory: Partners need US MSB / SG MPI. Travel Rule compliance mandatory under FATF guidelines as implemented by MAS.
- Pool depth: Deep. USDT and tnSGD both readily available.
MYR-IDR
The cross-EM corridor connecting Malaysia and Indonesia. This is the most complex corridor because it can be routed directly (MYRC↔IDRX) or synthetically via the USD leg (MYRC→USDT→IDRX). The synthetic route adds a cross spread add-on to account for cumulative slippage risk of two legs.
- Typical daily flow pattern: Similar bilateral pattern to USD-IDR but with lower volume. MYRC withdrawal impacts both MYR-IDR and any synthetic routes.
- Regulatory: Partners need MY EMI / remittance licence + Indonesian remittance / PSP licence. BNM and OJK oversight.
- Pool depth: Thinnest of the three corridors. Higher skew sensitivity (configurable per corridor via Inventory Skew configuration) compensates for fewer natural flow offsets.
Spread Construction
Every quote spread is constructed from four independent components, each addressing a distinct risk:
| Component | Description | Range |
|---|---|---|
| Base Spread | Minimum floor per corridor, varies by transaction size tier. | See Fee Tiers |
| Volatility Add-on | Buffer for fast-moving markets, scaled to short-term oracle price movement | 0.5–6 bps |
| Liquidity Add-on | Cost of sourcing or replacing the currency externally. Higher for thin EM currencies. | Varies by corridor |
| Inventory Skew | Asymmetric adjustment to attract or discourage flow in a specific direction | Dynamic (capped per corridor) |
Total Spread = Base + Volatility Add-on + Liquidity Add-on + Inventory Skew
Base spread and platform fees vary by transaction size. Larger transactions receive lower rates. Each corridor has 4–5 size tiers. See Volume-Tiered Fee Schedule for the complete per-corridor tier tables.
Future Corridors
Ratio's architecture is corridor-agnostic. Each new corridor requires onboarding the relevant stablecoins, configuring oracle sources, setting spread parameters, and establishing on/off-ramp partnerships. Planned expansion includes JPY, THB, PHP, and KRW corridors as regional stablecoin infrastructure matures.