From the archive · Jun 9, 2026

This article reflects its original publication date. Programme figures, entry routes, counterparties and availability mentioned here are historical, and must be confirmed against current written terms. Start with the current review checklist.

Most of my network knows me for the XSWAP and Tier-1 Derivative programmes.

The position

What most do not know is that I am now a direct partner with an institutional liquidity desk that runs the conversion side. The bit before clients go into a trade. The bit after they come out. The bit in the middle when an asset needs to change form.

This is not a programme. It is execution.

What it covers:

  • Fiat to USDT or USDC (ERC-20 or TRC-20)
  • Fiat to BTC native
  • USDT to BTC, BTC to USDT
  • USDT to USDC, USDC to USDT
  • BTC, ETH, USDT or USDC to fiat (off-ramp)
  • Chain conversion within stablecoins (ERC-20 to TRC-20 and back)
  • FX between fiat currencies via stablecoin (USDMXN, USDBRL, EURUSD)

What sits behind it:

  • Noncustodial , the principal's asset does not sit on an exchange while the trade settles
  • Principal-to-principal , the desk is the counterparty, against its own balance sheet

What to consider

  • Fixed price at contract signing , no slippage on a large clear
  • Multi-corridor banking , US, UK, Mexico, BVI, Brazil
  • Over five billion in monthly trading volume, more than 350 institutional counterparts including US BTC and ETH ETF issuers
  • Backed by VanEck, Valor Capital, Hack VC and Morgan Creek Digital
  • Integrated across Fireblocks, Circle, EDX Markets, Lynq, Avalanche and Stellar

Most of my existing clients use the desk before they go into a structured trade , to convert fiat into the form the trade requires. They use it again after , to off-ramp the proceeds back into the form they actually need.

Same route. Same standards. Both directions.

What it does NOT do:

  • Face-to-face bank meetings
  • Leased or borrowed wallets
  • Files where the principal cannot be identified
  • Verbal-instruction execution
  • Engagement without KYC and source of funds

Preparing the file

Same rules I apply to everything else.

If the conversion side of a current position needs to be solved properly, this is the route that solves it.

Written by Dean Pluthero

Intake, qualification and capital structuring at KMDT. Helping principals and properly mandated representatives prepare clear positions for institutional review.

View the original LinkedIn article ↗