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.
So the company has a closed round, a stablecoin treasury, and a payroll coming up at the end of the month.
The position
The founder uses a retail exchange to convert. The exchange flags the size. The company's UK or US bank refuses the incoming wire because the source narrative arrived without proper documentation. The payroll is delayed. The team gets nervous.
This is not a hypothetical. It is the most common treasury problem I see at companies raising in crypto-denominated capital.
I have written before about why files fail on the conversion side. The same logic applies to treasury operations. The asset is real. The control is real. The receiving banking corridor is what determines whether payroll runs.
What the institutional conversion route handles:
- USDT or USDC into the desk
- Fiat out into the operating account, in the right currency, on the right schedule
- Multi-corridor banking - US, UK, Mexico, BVI, Brazil
- Documentation suitable for the cap table, the auditor and the receiving bank
- Fixed price at contract signing - burn rate planning does not move on slippage
What sits behind the route:
- Over five billion in monthly volume
What to consider
- More than 350 institutional counterparts including US BTC and ETH ETF issuers
- Backed by VanEck, Valor Capital and Hack VC
What the company needs to bring:
- KYB on the operating entity
- Cap table documentation (so the source-of-funds narrative holds up)
- Treasury structure and signing process
- Receiving banking details
What the route does NOT do:
- Conversion before the round is properly closed and documented
- Anonymous entities or unverifiable backers
Preparing the file
- Verbal-instruction execution
If your company is raising in stablecoins and the treasury conversion has not been planned, this is the conversation to have at term sheet stage. Not the day before payroll.