# Sera Protocol — Full Content Corpus

> Sera brings FX onchain. This document is the complete public-facing content of sera.cx, structured for LLM ingestion. It covers all product pages, the glossary, comparison pages, and integration documentation.

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## About Sera

Sera is an on-chain FX settlement protocol. It provides the missing exchange layer for the stablecoin economy — atomic cross-border swaps between 600+ stablecoins denominated in 120+ currencies, with zero protocol fee, non-custodial architecture, and sub-300ms quote latency.

Traditional cross-border payment rails take 1–5 days and charge 3–7% in fees. Sera settles the same flow in a single on-chain transaction. Liquidity providers earn the FX spread; the protocol charges nothing.

Founded 2024. Smart contracts audited by CertiK.

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## Technology

### Four-plane architecture

Sera's settlement engine is built on four co-operating planes:

**1. Virtual Liquidity**
A single LP deposit earns spreads across 30,000+ corridors without the LP deploying capital separately into each pair. Capital efficiency is over 100× compared to traditional AMMs, which require assets on both sides of every pair. LPs set their own bid/ask spreads; there is no impermanent loss in either the matched-pair or unmatched deployment model.

**2. Smart Order Routing (SOR)**
The SOR discovers the cheapest settlement path across all live liquidity pools in a single on-chain transaction. It splits settlement into optimal sub-legs, executes atomically, and reverts the entire trade if any leg fails. No stuck bridges. No partial fills. The router is MEV-resistant: settlement path details are hidden until after the trade.

**3. Intent-based execution (EIP-712)**
Users sign a typed intent off-chain using EIP-712. Sera's engine interprets the intent, finds the optimal path, and submits and pays gas on the user's behalf. The user experience is gasless; settlement is on-chain and auditable.

**4. Non-custodial settlement**
Stablecoins stay in the LP's or user's wallet at all times. The protocol only routes flow through deposits under instruction from the owner's signed intent. Smart contracts include an emergencyWithdraw() escape hatch and a circuit breaker on oracle price deviation exceeding 2%.

### Audit
Sera's smart contracts are audited by CertiK. Audit reports are publicly available at docs.sera.cx.

### Quote latency
Sera returns FX quotes in under 300 ms. The quote engine aggregates live reference rates from 50+ banks, 10+ payment service providers (PSPs), and 10+ FX houses in real time.

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## Liquidity Providers (Earn)

### How LPs earn
Liquidity providers earn real yield by capturing the FX spread on every swap that routes through their deposit. A single deposit earns spreads across 30,000+ corridors; exposure stays inside the pairs the LP chose to quote.

### Two deployment models

**Matched pair** — Locks the spread on a single corridor as guaranteed profit per swap with zero impermanent loss. Predictable yield for risk-averse LPs.

**Unmatched deployment** — Spreads capital across many corridors for blended yield, capturing multiple spread opportunities at once.

### No impermanent loss
LPs set their own quotes. Price moves in underlying assets do not drag the position. There is no price-driven loss in either model.

### Non-custodial
Stablecoins stay in the LP's wallet. The protocol routes flow through deposits without ever taking custody. Withdrawal is instant, gas-free, and requires no permission.

### Risk management
Smart contracts audited by CertiK with emergencyWithdraw(). Price feeds have a circuit breaker that halts trading if oracle deviation exceeds 2%. On-call monitoring fires within 30 seconds of any anomaly.

### FAQ

**How do liquidity providers earn yield on Sera?**
LPs earn real yield by capturing the FX spread on every swap that routes through their deposit. A single deposit earns spreads across 30,000+ corridors, while exposure stays inside the pairs the LP chose to quote.

**What's the difference between matched-pair and unmatched deployment?**
Matched pair locks the spread on a single corridor as guaranteed profit per swap with zero impermanent loss — the predictable path for risk-averse LPs. Unmatched deployment spreads capital across many corridors for blended yield, capturing multiple spread opportunities at once.

**Is there impermanent loss on Sera?**
No. LPs set their own quotes, so price moves in the underlying assets don't drag the position. Matched pairs lock the spread; unmatched deployments park capital at the LP's stated rate. There is no price-driven loss in either case.

**Is Sera custodial?**
No. Sera is non-custodial. Stablecoins stay in the LP's wallet at all times; the protocol routes flow through deposits without ever taking custody of them.

**How is LP capital protected?**
Smart contracts are audited by CertiK and ship with an emergencyWithdraw() escape hatch. Price feeds have a circuit breaker that halts trading if oracle deviation exceeds 2%, and on-call monitoring fires within 30 seconds of any anomaly.

**What is a corridor, and how does it relate to LP capital?**
A corridor is a currency-pair route — for example USDC → BRLA. LPs quote bid/ask on one or more corridors and earn the spread on every swap that uses those quotes. Capital can be parked on one side and quoted against many destinations.

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## Stablecoin Issuers

### The issuer's dilemma
Most new stablecoins fail to gain traction for three reasons:

1. **Cold start** — No distribution or volume on day one, so no utility.
2. **Pairing limits** — Forced to anchor against USDT and pay the spread twice on every cross-currency move.
3. **Engineering burden** — Integrations, oracles, and liquidity APIs that require dedicated teams most issuers don't have.

### Three integration paths

**1. Run your own book via API** — Define exchange rates and quote your own spreads. Full control.

**2. Managed by Sera's MM network** — 70+ market-maker desks provide continuous quoting with no setup on the issuer side.

**3. FCIC AMM vault** — Park TVL and let the AMM handle routing, market-making, and yield generation automatically. Yield is split 50/50 between the issuer and Sera Protocol.

### What one integration unlocks
A single integration plugs the stablecoin into the full downstream network: arbitrageurs, CEXs, DEXs, applications, PSPs, payment rails, and 70+ other stablecoin issuers already routing through the protocol.

### FAQ

**What does Sera Protocol do for stablecoin issuers?**
Sera provides distribution, liquidity, and settlement infrastructure for stablecoin issuers. One integration plugs an issuer into every surface routing through the protocol — 600+ stablecoins, PSPs, wallets, exchanges, and payment rails.

**Why do most new stablecoins fail to gain traction?**
Three reasons: cold start (no distribution or volume on day one, so no utility), pairing limits (forced to anchor against USDT and pay the spread twice on every cross-currency move), and engineering burden (integrations, oracles, and liquidity APIs that require dedicated teams most issuers don't have).

**How does an issuer onboard a stablecoin onto Sera?**
Three paths. Run your own book via API — define exchange rates and quote your own spreads. Let Sera's MM network handle it — 70+ market-maker desks provide continuous quoting with no setup on the issuer side. Or park TVL in the passive FCIC AMM vault, where routing, market-making, and yield generation are automatic.

**Does the issuer need to manage liquidity themselves?**
No — managed is an option. Sera's MM network can provide liquidity and drive trade volumes for an issuer's stablecoin on their behalf.

**What downstream surfaces does one Sera integration unlock?**
A single integration plugs the stablecoin into the full downstream network — arbitrageurs, CEXs, DEXs, applications, PSPs, payment rails, and 70+ other stablecoin issuers already routing through the protocol.

**How is yield split in Sera's passive AMM vault?**
In the FCIC AMM vault, yield generated by deposited liquidity is split 50/50 between the issuer and Sera Protocol. No engineering is required from the issuer; the AMM handles routing and market-making automatically.

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## Coverage

Sera covers 30,000+ FX corridors across 120+ currencies and 600+ stablecoins. Key corridors include:

- SGD/IDR (Singapore Dollar / Indonesian Rupiah) — high-volume Southeast Asia remittance
- BRL/USD (Brazilian Real / US Dollar) — major EM corridor
- MYR/AED (Malaysian Ringgit / UAE Dirham) — Gulf-ASEAN corridor
- USD/INR (US Dollar / Indian Rupee) — largest remittance corridor globally
- EUR/USD (Euro / US Dollar) — highest-volume FX pair
- USD/PHP (US Dollar / Philippine Peso) — remittance to Philippines
- USD/MXN (US Dollar / Mexican Peso)
- GBP/EUR (British Pound / Euro)
- AED/INR (UAE Dirham / Indian Rupee) — Gulf-India worker remittance
- SGD/MYR (Singapore Dollar / Malaysian Ringgit)

Reference rates are aggregated from 50+ banks, 10+ PSPs, and 10+ FX houses.

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## Glossary

**AMM (Automated Market Maker)** — A type of decentralised exchange that uses a mathematical formula — typically x·y=k — to price assets. Traditional AMMs suffer impermanent loss and require capital in both sides of a pair. Sera's virtual liquidity layer gives LPs AMM-like reach without the capital inefficiency.

**CLOB (Central Limit Order Book)** — An order-matching mechanism where buyers and sellers post bids and offers at specific prices. Sera's hybrid model lets issuers run their own CLOB-style book while routing excess demand through the protocol's other liquidity tiers.

**Corridor** — A directed currency-pair route on Sera. LPs quote bid/ask on one or more corridors and earn the FX spread on every swap that routes through their position. Sera currently covers 30,000+ corridors.

**EIP-712** — An Ethereum standard for typed, structured data signing. Sera uses EIP-712 intent signatures so users can authorise settlement off-chain. The protocol submits and pays gas on the user's behalf, producing a gasless experience.

**FCIC AMM** — Sera's passive vault tier for stablecoin issuers. Issuers deposit TVL and the AMM handles routing, market-making, and yield generation automatically. Yield is split 50/50 between the issuer and Sera Protocol.

**FX Reference Rate** — The benchmark exchange rate used to price a currency pair. Sera aggregates live mid-market rates from 50+ banks, 10+ PSPs, and 10+ FX houses.

**FX Spread** — The difference between the bid and ask price in a currency exchange. On Sera, LPs earn the spread as yield on every swap.

**Impermanent Loss** — The temporary loss AMM LPs suffer when relative prices change. Sera's LP model eliminates impermanent loss.

**Intent (EIP-712 Intent)** — A signed message expressing what a user wants without specifying how the network executes it. Sera's engine finds the optimal path and submits the transaction.

**JIT Liquidity** — Just-in-Time liquidity: capital injected for a single block to capture the spread on a specific swap.

**LP (Liquidity Provider)** — A participant who deposits stablecoin capital into Sera and quotes bid/ask spreads. LPs earn the FX spread on every swap.

**MCP (Model Context Protocol)** — An open protocol by Anthropic that lets AI agents call structured tools on remote servers. Sera's MCP endpoint is at agents.sera.cx/mcp.

**MEV (Maximal Extractable Value)** — Profit extracted by reordering or inserting transactions within a block. Sera's intent-based execution is MEV-resistant.

**Non-custodial** — A design where the protocol never takes possession of user funds. Stablecoins stay in the user's wallet at all times.

**On-chain Settlement** — Final transfer of assets recorded directly on a blockchain. Sera settles every swap on-chain in a single atomic transaction.

**Smart Order Routing (SOR)** — Sera's algorithm that splits a settlement into optimal sub-legs, discovers the cheapest path across all live liquidity pools, and executes atomically.

**Stablecoin** — A cryptographic token whose value is pegged to an external reference. Sera supports 600+ stablecoins denominated in 120+ currencies.

**Virtual Liquidity** — Sera's LP model where a single deposit earns spreads across 30,000+ corridors. Capital efficiency is over 100× vs traditional AMMs.

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## Comparisons

### Sera vs Fireblocks

| Dimension | Sera | Fireblocks |
|-----------|------|------------|
| Primary function | On-chain FX settlement & stablecoin routing | Institutional asset custody & transfer |
| Custody model | Non-custodial — keys stay with the user | Custodial — Fireblocks holds keys in MPC vaults |
| Currency coverage | 120+ currencies, 600+ stablecoins | Single-asset transfer across supported chains |
| FX pricing | Live reference rates from 50+ banks & 10+ PSPs | No built-in FX — users arrange exchange separately |
| Protocol fee | Zero | Per-seat SaaS subscription + transaction fees |
| Access | Open — any developer | Invite-only institutional onboarding (weeks) |
| AI / Agent integration | MCP server + OpenAPI 3 at agents.sera.cx | REST API, no native MCP or agent discovery |
| Settlement finality | Single on-chain transaction, atomic | Off-chain ledger + on-chain withdrawal request |

Fireblocks is institutional custody; Sera is FX settlement. They complement each other — teams hold assets in Fireblocks and settle FX through Sera.

### Sera vs Circle CCTP

| Dimension | Sera | Circle CCTP |
|-----------|------|-------------|
| What it does | Multi-currency FX settlement between any stablecoins | USDC-only bridge across supported EVM chains |
| FX / currency conversion | Built-in — 120+ currencies | None — CCTP never converts currencies |
| Stablecoin support | 600+ stablecoins | USDC only |
| Settlement type | Atomic on-chain FX swap, one transaction | Burn-and-mint bridge (2 transactions, ~20 min) |
| Yield for LPs | LPs earn the FX spread on every swap | No LP yield model |
| Latency | Sub-300ms quote, one block settlement | ~20 minutes (attestation wait time) |
| Coverage | 30,000+ corridors | ~10 chains, USDC pairs only |

CCTP moves USDC across chains. Sera converts currencies and settles FX. If you need to go from USDC to BRL, MYR, or any other currency, Sera is the missing piece.

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## API and Agent Integration

### REST API
Base URL: https://agents.sera.cx
Documentation: https://docs.sera.cx
OpenAPI spec: https://agents.sera.cx/openapi.json

### MCP Server (Model Context Protocol)
Endpoint: https://agents.sera.cx/mcp
Transport: HTTP (Streamable HTTP)

Available tools:

- **fx_quote** — Get a live FX quote between any pair of supported stablecoins. Returns amount-out, mid-rate, network cost, and a settlement-quote ID with a short TTL.
- **fx_settle** — Build an unsigned settlement transaction from a quote. The caller's wallet signs and broadcasts; Sera never takes custody.
- **corridors** — List supported FX corridors, currencies, and current liquidity depth per pair.
- **rates** — Fetch live reference rates aggregated across 50+ banks, 10+ PSPs, and 10+ FX houses.

### Discovery files
- OpenAI plugin manifest: https://sera.cx/.well-known/ai-plugin.json
- A2A agent card: https://sera.cx/.well-known/agent.json
- MCP catalog: https://sera.cx/.well-known/mcp.json
- llms.txt: https://sera.cx/llms.txt
- llms-full.txt: https://sera.cx/llms-full.txt

### Example agent use cases
- Autonomous treasury rebalancing: agent checks FX rates via `rates`, triggers `fx_quote`, gets the user to sign, confirms settlement
- Cross-border payment automation: agent calls `corridors` to verify coverage, `fx_quote` for the rate, `fx_settle` for the unsigned tx
- Real-time FX monitoring: agent polls `rates` on a schedule and alerts on threshold breaches

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## Contact

- Partnerships: partnerships@sera.cx
- Website: https://sera.cx
- Documentation: https://docs.sera.cx
- Agent API: https://agents.sera.cx
- Twitter/X: https://x.com/sera_protocol