Extension: 1:1 Stablecoin Swaps (USDT:USDC)

Last updated: July 14, 2026

Overview

Rhino.fi can enable the ability to settle USDC and USDT swaps at a fixed 1:1 rate, subject to predefined conditions and limits.

This feature simplifies accounting, pricing, and customer experience by eliminating minor market fluctuations between the two stablecoins.

It is available to clients on the Growth, Scale or Enterprise subscription plans as an Extension. Please speak to your Rhino.fi Account Manager to learn more about enabling this feature and the associated costs.

The 1:1 Stablecoin Swaps feature can be enabled with a standard set up or with an additional client guardrail to provide end customers with the 1:1 experience even when there is additional volatility between the stablecoin rates.

Feature Details

To protect both Rhino.fi and its clients from arbitrage risk, the fixed 1:1 rate applies only within a defined market deviation range.

This 'Rhino.fi Guardrail' is between 1.0000 – 1.0003 market rate.

As such, where the 1:1 Stablecoin Swaps Extension is enabled for a client, any volatility within this band will be absorbed by Rhino.fi to provide the end customer with a 1:1 experience. $100 USDC deposited, results in $100 USDT received.

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It is also possible to enable a 'Client Guardrail' which is a value above the Rhino.fi Guardrail where the 1:1 experience is still maintained for the end customer but the cost of this is absorbed by the client rather than Rhino.fi. This Client Guardrail can be set based on the client's needs and risk tolerance up to a maximum of 20bps: 1.0003 – 1.0020. Any activity which falls in excess of 20bps will return to market rate.

The accrued cost of this will be invoiced within the monthly PAYG or Subscription tier invoice.

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Limits

To maintain service integrity and prevent misuse, Rhino.fi can apply volume limits to 1:1 stablecoin swaps.

These limits help:

  • Prevent arbitrage behavior

  • Protect against concentrated abuse by individual users

  • Ensure consistent performance for all participants

Once a Client or Customer volume limit is reached, the fixed 1:1 rate will no longer apply and activity will revert to the market rate.

Client-Level Global Limit

A maximum aggregate volume can be set for a client account.

This means a defined total volume can be processed at 1:1 within a given period

Per-Customer Limit

In addition to global limits, Rhino.fi can apply limits at the individual end-user level.

This is configured using a unique customer identifier provided by the client.

This ensures:

  • Individual users cannot disproportionately consume allocated 1:1 capacity

  • Fair distribution of the benefit across the client’s customer base

  • Reduced risk of systematic arbitrage

Worked Examples

Example 1

Rhino.fi Guardrail: 3bps

No Client Guardrail.

Market rate: 2bps

In this case since the market rate is within the Rhino.fi Guardrail, the end customer will receive the 1:1 experience and Rhino.fi will fully absorb the cost as part of the client's monthly Extension fee.

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Example 2

Rhino.fi Guardrail: 3bps

No Client Guardrail.

Market rate: 4bps

In this case since the market rate is now above the Rhino.fi Guardrail, the end customer will not receive the 1:1 experience and instead they will see the market rate for the activity.

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Example 3

Rhino.fi Guardrail: 3bps

Client Guardrail: 5bps

Market rate: 4bps

In this case since the market rate is now above the Rhino.fi Guardrail but still within the Client Guardrail, the end customer will receive the 1:1 experience with Rhino.fi covering he first 3bps of cost and the client absorbing the final 1bps.

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Example 4

Rhino.fi Guardrail: 3bps

Client Guardrail: 5bps

Market rate: 6bps

In this case since the market rate is now above the Rhino.fi Guardrail and also the Client Guardrail, the end customer will not receive the 1:1 experience and instead they will see the market rate for the activity.

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Example 5

Rhino.fi Guardrail: 3bps

Client Guardrail: 10bps

Market rate: 6bps

In this case since the market rate is now above the Rhino.fi Guardrail but still within the higher Client Guardrail of 10 bps, the end customer will receive the 1:1 experience with Rhino.fi covering he first 3bps of cost and the client absorbing the final 3bps.

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Important Additional Points

  • If the global market rate is below 1, then rhino supplies 1. This is to prevent arbitrage

  • The supplement that a client must pay when the rate sits between the Rhino.fi Guardrail and any enabled Client Guardrail is in addition to any other fees agreed. It does not replace any existing fees agreed with Rhino.fi

Please speak to your Rhino.fi Account Manager regarding this extension