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By Crebit Rate Locks
Crebit is the programmable rate-lock layer for stablecoin FX, providing short-duration forwards between fiat currencies (e.g. BRL, NGN) and US stablecoins. We primarily serve crypto-native FX providers, payment companies, market makers, and liquidity providers that assume short-term foreign exchange exposure. Through our APIs and dashboard, these companies can instantly hedge intraday and multi-day FX risk using stablecoin-settled non-deliverable forwards.
One common example is a Brazilian cross-border payments provider. They match customers sending BRL abroad with customers sending USD into Brazil. In practice, these payment flows rarely arrive simultaneously. One customer may fund a transaction hours before the offsetting flow arrives, yet the provider has already guaranteed an exchange rate. During that window, the provider is exposed to BRL/USD price movements.
Crebit allows the provider to automatically hedge that exposure the moment it is created. Using our APIs, they lock today's exchange rate for the required duration, often just a few hours, and receive a USDC-settled payout if the market moves against them. This eliminates FX risk without requiring access to traditional derivatives infrastructure.
We support similar workflows for:
Hedge funds guaranteeing execution prices to clients.
Stablecoin market makers warehousing short-term FX exposure.
Cross-border payment companies bridging settlement delays.
Crypto card issuers that authorize transactions immediately but do not receive settlement until the following day.
The client submits a hedge request through the Crebit dashboard or API, specifying:
Notional amount
Currency pair and direction
Settlement duration (e.g. 1 hour, 10 hours, 24 hours)
Reference oracle (e.g. RedStone, Binance, or a custom Crebit oracle)
Crebit instantly returns a quote, allowing the client to lock the current exchange rate.
The client accepts the quote and posts the required premium and collateral in USDC (or another supported stablecoin).
At maturity, the contract settles automatically based on the selected reference rate. Any gain or loss resulting from exchange-rate movements is paid or collected in USDC, effectively guaranteeing the client's original exchange rate while the underlying payment completes.
The result is an API-first hedging layer that brings programmable, short-duration FX forwards to stablecoin-native financial infrastructure.
$100.0K
Crebit has a live API and dashboard, and we are onboarding more clients every week. You can view our live dashboard and current user experience here: https://drive.google.com/file/d/1mBO7I7BtbBxkwrqEm5sLPeUMGGCd4nQS/view?usp=sharing
Over the past month, Crebit processed $18.26 million in notional of FX rate locks. Our growth is accelerating rapidly, with the majority of this month's volume occurring during the last week, demonstrating increasing customer adoption and transaction velocity. You can view a spreadsheet with all recent transactions and their hashes here: https://docs.google.com/spreadsheets/d/1hXwnucwmjtd5iMWi-KZIqRQQQYqutzk3VdFooYbg9N0/edit?usp=sharing. As you will see in the table, user's pay a deposit and a premium which is a set percent of their total rate lock notional dependent on the duration of their rate lock.
Today, Crebit's settlement infrastructure is built exclusively on Tron. While this has enabled us to serve our initial customers, it has become a bottleneck as our customer base expands. Many companies in our pipeline require USDC-native settlement, while others need integrated fiat pay-ins and pay-outs alongside their FX hedges. For example, a customer may want to pay BRL into a rate lock and receive settlement in USD after hedging their exposure.
Stellar is an ideal blockchain for this next stage of our platform. Native support for USDC on Stellar would allow us to serve customers that prefer USDC while creating a foundation to support additional regulated stablecoins such as EURC, AUDD, and GYEN. Beyond stablecoin settlement, the Stellar Anchor Network would enable Crebit to integrate fiat on- and off-ramps directly into our hedging workflow, allowing us to onboard companies like importers and exporters that require seamless movement between bank accounts and digital assets.
Through this integration, we will expand Crebit from a USDT-only settlement layer into a multi-stablecoin FX infrastructure platform, enabling customers to hedge with USDC on Stellar while also providing the fiat connectivity needed to serve a significantly larger segment of the global cross-border payments market. We have already had multiple users and many companies in our pipeline request to use USDC and EURC. This change will allow these clients to use our platform, while leveraging the unique advantages of the Stellar blockchain to provide stronger pricing and greater liquidity for our internal treasury management.
Proof of coding abilities:
Jensen studied computer science at MIT. Jensen has competed and won many hackathons, being named one of the top 50 hackers in the world by MLH: https://top.mlh.com/2025/profiles/jensen-coonradt. Although Jensen keeps their GitHub on private, they do have a devpost with many projects they have collaborated on: https://devpost.com/JCoonradt. Jensen also built and coded many other inventions. You can see those completed projects and featured sections of their code here: https://www.youtube.com/watch?v=PX6kMsbyOgo. Jensen has also worked as a software engineer for Amazon and NASA. NASA final project (invited to present at Stanford's C3E energy summit): https://docs.google.com/presentation/d/11irCj4pjAeSOj1eHTYO4Vcr1C1sEa-0vID5hTGSXy44/edit?usp=sharing. Jensen's project for Amazon Web Services was confidential, but Jensen received an award for having the best intern project in their East Palo Alto Office.
Vivek has a GitHub with several public projects showcasing his abilities: https://github.com/vivekverma1993.
Milestone 1: Stellar Settlement Rail (Core Rate-Lock Infrastructure on Testnet)
Brief Description: Build the core Stellar infrastructure powering Crebit's USDC-settled forwards: Horizon client, chain adapter, and transaction builder for premium/collateral intake verification and automated settlement payouts, plus an isolated remote signing service (ed25519) with a pre-signing control pipeline (kill switch, anomaly detection, idempotent replay, full audit trail) and double-pay protection (signed envelopes persisted before broadcast, timebounds-based safe retry).
How to Measure Completion: Recorded end-to-end demo on Testnet: client posts USDC premium and collateral, funding is verified on-chain, and at maturity the contract settles automatically with a USDC payout, with Testnet transaction hashes provided for each step. Crash-recovery test evidence demonstrates zero duplicate settlement payouts.
Estimated Duration: 3 weeks (weeks 1-3)
Budget: 14,000 USD
Milestone 2: Etherfuse Treasury Auto-Rebalancing (Testnet)
Brief Description: Integrate Etherfuse Stablebonds so Crebit's treasury automatically rebalances between TESOURO (BRL-denominated tokenized Brazilian treasuries tracking the Selic rate) and USDC based on the real-time net BRL/USD exposure of the open contract book, with TESOURO earning Selic-linked yield while offsetting BRL-linked obligations in denomination, and a USDC settlement buffer maintained at a floor sized to worst-case near-term payouts. Crebit already completed Etherfuse KYB and onboarding to ensure there are no delays in going live.
How to Measure Completion: Recorded demo on Testnet: opening and closing simulated rate-lock positions triggers correct TESOURO/USDC rebalances within defined exposure bands, with a rebalance audit log mapping every action to the exposure snapshot that triggered it.
Estimated Duration: 4 weeks (weeks 1-4, parallel track)
Budget: 9,000 USD
Milestone 3: Rate-Lock API & Dashboard Integration (Stellar Surfaces)
Brief Description: Extend Crebit's partner-facing API and dashboard to the Stellar rail: quote acceptance flows that generate Stellar funding instructions, live funding and settlement status surfaced from on-chain data, and lock-level views showing memos and transaction references for partner reconciliation.
How to Measure Completion: Recorded end-to-end flow through the dashboard and API against Testnet: request quote, receive Stellar funding instructions, fund, and track the lock to settlement, with API documentation for the Stellar-specific endpoints published.
Estimated Duration: 3 weeks (weeks 2-4, parallel track)
Budget: 7,000 USD
Milestone 4: Circle CCTP V2 Cross-Chain USDC Funding (Testnet)
Brief Description: Integrate Circle's Cross-Chain Transfer Protocol V2, so clients holding USDC on any of the 23 other CCTP-enabled chains (e.g. Ethereum, Solana, Base, Arbitrum) can fund Stellar rate locks without leaving the Crebit flow: burn-and-mint attestation monitoring, automatic crediting of bridged USDC against the pending quote, and bridge status in the dashboard and API, including attestation-delay and partial-funding handling.
How to Measure Completion: Recorded demo funding a Testnet rate lock end-to-end from a non-Stellar testnet chain via CCTP V2 with no manual intervention, including source-chain and Stellar transaction hashes, plus documented failure-path tests.
Estimated Duration: 4 weeks (weeks 5-8, parallel track)
Budget: 10,000 USD
Milestone 5: BlindPay Integration (Deliverable Forwards, Sandbox)
Brief Description: Integrate BlindPay, which natively supports Stellar for stablecoin settlement, to add direct BRL and USD on/off ramping (PIX for BRL, US virtual accounts with ACH/wire for USD), upgrading Crebit's forwards from purely cash-settled (NDF) to optionally deliverable, a top client request: at maturity, fiat is paid in or out via BlindPay while the hedge settlement nets against the delivered amount. Crebit already completed BlindPay KYB and onboarding to ensure there are no delays in going live.
How to Measure Completion: Recorded end-to-end deliverable forward in the sandbox environment: BRL/USDC rate locked, fiat delivery executed via BlindPay sandbox rails at maturity with FX gain/loss correctly netted, and reconciliation records matching every ramp transaction to its contract.
Estimated Duration: 4 weeks (weeks 5-8, parallel track)
Budget: 10,000 USD
Milestone 6: Anchor Network Ramp Aggregation (Client-Side SEP Integration, Testnet)
Brief Description: Build a client-side integration layer for the Stellar Anchor network so Crebit can programmatically consume existing anchors as additional on/off ramps: anchor discovery via SEP-1, authentication via SEP-10, KYC submission via SEP-12, quote retrieval via SEP-38, and payment initiation via SEP-31 with Crebit as the sending institution (SEP-6/24 fallback where required), extending deliverable forwards into corridors such as NGN and MXN without Crebit operating ramps itself.
How to Measure Completion: Recorded automated end-to-end ramp transaction through at least one third-party Testnet anchor using only standard SEP protocols (discover, authenticate, submit KYC, quote, execute), with status tracked to completion and reconciled against the associated rate-lock contract.
Estimated Duration: 4 weeks (weeks 5-8, parallel track)
Budget: 10,000 USD
Milestone 7: Production Hardening & Security Readiness
Brief Description: Prepare the full stack for Mainnet: internal security review of the signing path and treasury rebalancer, Mainnet key provisioning with rotation procedures, kill-switch and crash-recovery drills, channel accounts for parallel settlement throughput, surge-aware fee strategy with fee-bump support, and the monitoring, alerting, and automated reconciliation stack covering settlements, CCTP transfers, Etherfuse positions, and ramp transactions.
How to Measure Completion: Load test evidence showing 20+ concurrent contract settlements with zero sequence collisions; kill-switch drill recording showing signing halted within the target window; monitoring dashboards and on-call runbooks reviewable by SCF.
Estimated Duration: 2 weeks (weeks 9-10)
Budget: 12,000 USD
Milestone 8: Mainnet Launch (Rate Locks, Treasury, CCTP & BlindPay Live)
Brief Description: Launch on Stellar Mainnet via progressive rollout: small-notional canary contracts, then per-client enablement of USDC-settled rate locks, Etherfuse treasury auto-rebalancing within conservative exposure bands, CCTP V2 cross-chain funding and delivery, and BlindPay deliverable forwards, with daily reconciliation from day one.
How to Measure Completion: Live Mainnet rate locks funded, hedged, and settled for at least one production client across both cash-settled and deliverable paths, verifiable via Mainnet transaction hashes and explorer links; 100 percent reconciliation and zero double-pay or stuck-settlement incidents during the supervised launch period.
Estimated Duration: 2 weeks (weeks 11-12)
Budget: 16,000 USD
Milestone 9: Production Anchor Corridors, Delivery Routing & Developer Docs
Brief Description: Take the anchor aggregation layer live on Mainnet: onboard production ramp providers for priority corridors (NGN via established anchors; MXN via BlindPay's SPEI rail and/or anchors), implement delivery routing that selects the best available ramp per corridor with automatic failover and per-provider reconciliation, and publish public API documentation for partners integrating Crebit's Stellar rate locks.
How to Measure Completion: Live deliverable forwards settle through at least two production ramp providers across at least two currency corridors (Mainnet transaction evidence); routing failover demonstrated in a recorded live drill; public developer documentation accessible at a published URL.
Estimated Duration: 4 weeks (weeks 9-12, parallel track)
Budget: 12,000 USD
We have three full-time members, and two part-time engineers as well as one fractional chief compliance officer.
Jensen Coonradt is our CEO & Co-Founder. Studied CS and EE at MIT and has worked as a software engineer at AWS and NASA. Named one of the Top 50 Hackers in the World by Major League Hacking (building projects shown here: https://devpost.com/JCoonradt), and winner of Harvard's FX Trading Competition. Jensen previously built Lendora, a secondary lending platform for credit unions, which was purchased by Bank Social. [LinkedIn]
Simmi Sen is our CPO & Co-Founder. Studied CS and Design at Stanford and previously founded the clothing brand Tints (www.tintsstreetwear.com) in high school. Through Tints, she was able to work on design with Lucy Guo at Passes. Loves building apps, one of which was recognized at Apple's WWDC, and has published three research papers with the Stanford AI Lab. [LinkedIn]
Vivek Verma is our CTO. Studied Engineering at IIT Delhi, with 11+ years of experience as a full-stack developer focused on building scalable, secure systems. He joined Crebit part-time in October, and now will be full-time in June. We are sponsoring his Visa to come to the U.S. [LinkedIn]
We also have 3 GTM interns who are international students from Brazil. We leverage international student communities here in the US to gain most of our business clients abroad. Many of these students have parents and relatives with large businesses that do cross border payments, which is how they can afford US college and why they are studying abroad to prepare to run these businesses. We have gained most of our clients by hosting events in partnership with the Brazilian Student Associations of US universities.
Jensen Coonradt
By Crebit Rate Locks
Crebit Rate Locks