Strip away the words. A cross-border transfer is four physical steps — collect, convert, move, pay out. Here is every leg of a real one, and who owns each.
A guest books a riad in Marrakech and pays €450 by card. The platform fires one API call to settle the host — no money plumbing of its own.
Zuba's send-side collects the €450 into a virtual account, runs KYB + compliance, and converts EUR to a stablecoin via its ramp partners. The global on-ramp.
Payr quotes the take-rate, opens the transfer, routes the rails and reconciles. At scale, netting means only the net drift between the EUR and MAD pools ever travels.
Value moves on-chain in ~30 seconds for cents — Zuba's transport layer. The stablecoin is a format, touching the books for minutes, not an asset anyone holds.
A licensed partner converts USDC → MAD; Atlas's switch and 180-bank network land the dirham in a local account. This is the regulated access nobody can replicate — the reason the corridor exists.
Funds land in the host's local business account — instantly available. 4 831 MAD, settled, end to end, inside rails we own or operate.
| On-ramp · EUR→USDC | €1.13 |
| FX spread · 45 bps vs mid | 21.9 MAD |
| Off-ramp · USDC→MAD payout | 17.0 MAD |
| Float · yield on pooled balances ~4.5% | + treasury |
| Gross take to Payr | ≈ 0.65% net |
all-in vs mid-market, on a €450 transfer. Legacy correspondent banking charges 3–7% and takes 2–5 days. That gap is the product. Four structural levers compound it: eliminate correspondent hops (netting), externalise to float (treasury yield), aggregate wholesale FX, and own the licensed endpoint.
The stablecoin leg into Morocco is pending Morocco's crypto framework (Bill 42.25) — not yet law. Today the corridor runs on the licensed fiat rails Atlas already operates; stablecoin settlement switches on the moment the framework lands. The thesis doesn't depend on it — it gets cheaper when it arrives.