Sera

Sera is a stablecoin foreign exchange exchange on Ethereum. Matching runs through an off-chain central limit order book while custody and settlement happen entirely in on-chain contracts. Swappers do not need ETH for gas, since fees are factored into the quote; orders are authorised with EIP-712 signatures, and funds can be recovered through an emergency withdrawal function if the off-chain services become unavailable.

The product is built around two kinds of swap. On Par lets stablecoins with the same fiat peg swap 1:1, with the order book concentrating liquidity at par so discounts between same-peg coins disappear. Cross-currency swaps use smart order routing to find the best path, so Singapore dollar to Indonesian rupiah can route through USD, with multi-leg routing completed inside a single atomic transaction. On the liquidity side, virtual liquidity lets one deposit quote across many currency pairs at once, with capacity shared across all of them.