Fiat · Stablecoins · Crypto

Money earns only while it moves.

One account for every currency, and a fee you can see.

PeGe joins fiat, stablecoins and crypto into one account and one engine. Pay in anything, get paid in anything, and put idle balances to work only if you choose.

Read the principle Join

Concept stageNo interest on idle balancesNo hidden spread

The PeGe coin: an amphora above the Greek word for spring, πηγή

3 to 1forms of money, one accountFiat, stablecoins and crypto in a single balance

0hidden spreadRate and fee are always shown separately

0interest on idle balancesCustomer money is never lent or invested

Secondssettlement targetBoth legs settle together, or neither does

Executive summary

A foreign exchange company built on one rule.

Money earns only while it moves, for its owner and for PeGe alike.

Today money lives in three separate places: bank accounts, stablecoins and crypto. Moving between them is slow, costly and full of hidden spreads, and platforms profit from the balances customers leave idle. PeGe joins the three into one account and one engine.

PeGe earns only a visible fee on money in motion. It never earns on idle balances, never lends customer money, and never keeps a hidden spread. Part of each fee returns to the users who kept money moving. Idle money simply earns nothing.

PeGe is at concept stage. This page sets out the principle, the product and a draft protocol. It does not set fees, and it does not yet name a licensed operator.

One account. Hold, convert, send and spend fiat, stablecoins and crypto from a single balance.
Pay in anything. A virtual card draws on any fiat or crypto balance, and the merchant sees an ordinary card payment.
Get paid in anything. Businesses and platforms accept any currency and receive the one they choose, through the same engine.
Locked and hedged. The exact amount is fixed for both sides at the moment of payment, and the currency exposure is offset in that same instant.
Put it to work. Users can opt in to let idle balances act as the other side of someone else's swap, peer to peer, at the mid-market rate.

At a glance

PeGe in five lines.

The problem, the solution, how it earns, where the gap is and why it is different.

Problem

Money is split across fiat, stablecoin and crypto. Moving between them is slow, costly and full of hidden spreads, and providers profit from the balances customers leave idle.

Solution

One account and one engine to hold, convert, send and spend any fiat or crypto currency. Pay with any balance, get paid in any currency, with the rate locked and hedged at the moment of payment.

Model

A single visible fee on money in motion, split between PeGe, the users whose balances filled the swap, and a circulation pool. No interest on idle balances, no lending, no hidden spread.

Gap

Fiat, stablecoin and crypto are served by different kinds of firms. We have not found one product that combines all three with a card, merchant processing and an opt-in way to earn from the flow. Each piece exists separately, so the gap is the combination and the ethic.

USP

Earns only when money moves, and says so in the protocol. Pay in anything, get paid in anything. Price locked and hedged per payment. A published rule set anyone can audit from the ledger.

The name

The source that keeps the river running.

The name is the Greek pege (πηγή), a spring or source. A spring is only worth anything while the water runs. That is the whole idea: money is valuable because it circulates.

The ethic comes from two old ideas. Money is a means of circulation only while it circulates (Marx), and it exists for exchange, not to breed interest (Aristotle).

1. The problem

A system that rewards sitting still.

Money now comes in three forms that do not talk to each other.

Three silos

Fiat sits in banks, stablecoins and crypto sit in wallets and exchanges. Getting from one to another means a bank transfer, an exchange account and often a second conversion.

Slow and costly

Cross-border payments can take days, and fees are spread across banks, card networks and exchanges.

Hidden spread

The rate shown is rarely the rate used. The difference is a margin the customer cannot see.

Idle money works for the platform

Balances left in an account are commonly lent or invested by the provider. The owner carries the risk and the platform keeps the return.

No role for the ordinary holder

A person with money sitting still cannot easily become the other side of someone else's exchange, even though that is exactly what a market maker does.

PeGe starts from the opposite view.

Money should be priced openly, settled in seconds, and rewarded only for the work it does.

2. The principle

An old idea about money, as five rules.

PeGe turns the ethic of circulation into how the business is run.

"Each piece of money is a mere coin, or means of circulation, only so long as it actually circulates."
Karl Marx, Capital, Vol. 1

"Money was intended to be used in exchange, but not to increase at interest."
Aristotle, Politics, Book I, ch. 10

"Wealth is evidently not the good we are seeking; for it is merely useful and for the sake of something else."
Aristotle, Nicomachean Ethics, Book I, ch. 5

Quotations are from public-domain works. The named edition and translation are still to be confirmed.

Earn on flow, not on float.Revenue is a visible fee on money moving. Customer balances are never lent out or invested to earn interest.
Money in transit is money not circulating.Settlement in seconds is an ethical feature as well as a technical one. Days of delay are a hidden cost that someone else collects.
No hidden margin.Every conversion shows the mid-market rate and PeGe's fee separately. The locked quote means the price shown is the price that settles.
Fees fall as flow grows.Volume pricing rewards circulation, so the more money moves through an account, the less each payment costs.
Wealth for the sake of something else.Optionally, businesses can route a share of their flow to a cause or purpose of their choice. A product idea still to be decided, not a commitment.

3. The product

One account, one engine.

Anyone can pay in any currency, and any business can be paid in the one it chooses.

One account

Holds fiat, stablecoins and crypto as a single balance. Converting between them is an internal ledger entry, not a bank-to-exchange transfer.

Serves: everyone

Pay in anything

A virtual card draws on any fiat or crypto balance the holder owns. The merchant sees an ordinary card payment.

Serves: consumers (B2C)

Get paid in anything

Checkout accepts any currency, and the business receives the one it chooses. Card and online payments share one engine.

Serves: businesses (B2B) and platforms (B2B2C)

Locked and hedged quote

The payer sees the exact amount and the payee sees the exact amount they will receive. The currency exposure is offset in the same instant, so neither side carries rate risk while the payment settles.

Serves: all payments

One API

The same account, card and processing stack is available to platforms for their own users.

Serves: platforms (B2B2C)

Routing

A routing engine prices every conversion across fiat corridors, stablecoin liquidity and on-chain markets in real time, then settles through the fastest, cheapest path. Where a peer on the other side is available, the swap is matched directly.

Compliance in the core

Identity, transaction monitoring and treasury controls are part of the core, not added afterwards.

Built on

Finly's payment and settlement rails and PremierPay's virtual card and wallet technology, developed with the ADI Foundation.

4. Put it to work

Be the other side of someone's swap.

Opt in, and earn a share of the fee for doing it.

This is a swap, not a loan. Both sides trade at the locked mid-market rate at the same instant. The user keeps ownership of whatever currency they hold afterwards and can withdraw it at any time.

BenNeeds to pay in eurosHolds dollars

AnnaOpted in to put it to workHolds euros

Ben holds dollars and needs to pay a supplier in euros.

What the user controls

The one real risk is that a swap changes which currency Anna holds. If markets move, she carries that move. So the controls matter more than the earnings.

Currencies. The ones she is happy to hold.
Limits. A maximum per swap and a maximum share of her balance to put to work.
Home currency. An automatic swap back toward her base currency, so she drifts back rather than staying in whatever she was matched into.
Off switch. Instant, with funds always withdrawable.

Two modes

Open Build first

The user accepts holding any of their chosen currencies. Simplest, and the default.

Same value Build later

The user stays valued in their home currency. PeGe hedges the exposure for them at a visible cost, which reduces their earnings. Built later, because PeGe would then carry hedging risk.

Where the money comes from. Only from the fee paid by the person who needed the swap. It is split between PeGe, the opted-in user and a circulation pool for rebates. The split is not yet set.

Why this is not interest. The user is paid for a service, being the counterparty to someone else's payment. Money that is not used earns nothing. Nothing is lent, and PeGe holds no customer money for its own use.

4.1 What peers gain

What Anna earns when her euros move.

Her gain is her share of the fee on each swap her balance fills. Move the sliders to see it.

Fee paid by the person swapping (F) Share of the fee to providers (b) Anna's balance Share of it put to work Times that amount is swapped against in a month

Anna's gain on each swap her euros fill

0.25%

of the amount filled, which is b × F.

An illustration with adjustable placeholder numbers. The fee and the split a : b : c are not yet set, and the simulator in Phase 1 will test them. This is a fee share for acting as the other side of a swap, not interest. It is not guaranteed, and euros that nobody swaps against earn nothing. Currency moves are not included: if markets move while she holds dollars, she carries that move. The circulation pool rebate is paid on top and is not modelled here.

5. The PeGe protocol, draft v0.1

How a swap is quoted, matched, settled and paid.

Every user can check that PeGe earns only on flow. Values in square brackets are still to be decided.

1RequestThe payer asks to swap amount N from currency A to B.

2Quote and lockMid-market rate m, fee F and exact amount out, held for [τ] seconds.

3ConfirmThe payer confirms, or the quote lapses. The rate never moves after confirmation.

4MatchOffers served oldest first. Any remainder goes to pooled or external liquidity, hedged in the same instant.

5Settle and splitBoth legs commit together, then the fee is split.

Peer matchedOffers cover the swap, so PeGe has no net exposure.

Pooled or externalThe remainder is routed and hedged at the same instant.

CancelledIf the quote lapses or nothing can fill within [t_max] seconds, nothing moves.

5.1 Actors and objects

Name	Meaning
Payer	A user or business that needs to swap or pay in a currency it does not hold.
Provider	A user who has opted in to Put it to work and holds a balance that can act as the other side of a swap.
Offer	A provider's standing instruction: currencies it will hold, a maximum per swap, a maximum share of balance, and a home currency.
Quote	A locked price for one swap, valid for [τ] seconds.
Swap	Two legs, one in each currency, settled together.
Fee	The visible charge on a swap, shown with the rate before the payer confirms.
Circulation pool	The part of fees set aside for rebates to users who keep money moving.
Ledger	PeGe's record of every balance, swap and fee. Every entry is append-only.

5.2 Quote and rate lock

The payer requests a swap of amount N from currency A to currency B.
PeGe computes the mid-market rate m from [k] independent price sources, using the median. If the sources disagree by more than [d], matching pauses.
PeGe returns a quote: the rate m, the fee F, and the exact amount the payee receives. The quote holds for [τ] seconds.
The payer confirms, or the quote lapses. The rate never moves after confirmation.

5.3 Matching

PeGe looks for eligible offers: a provider holds B, accepts A, and has room under their per-swap and balance limits.
Eligible offers are served oldest first, so no provider is favoured. Partial fills are allowed.
If offers cover the swap, it is peer matched and creates no net exposure for PeGe.
Any remainder is routed to pooled or external liquidity and hedged in the same instant. If no route can fill it within [t_max] seconds, the whole swap is cancelled and nothing moves.

5.4 Settlement

Both legs of a swap commit in a single ledger transaction, or neither does. A half-completed swap cannot exist.
All balances sit in safeguarded accounts in the owner's name. PeGe has no right to use them for anything except the swap the owner instructed.
Settlement targets seconds, not days. External legs (an on-chain transfer or a bank rail) settle separately and are shown to the user with their status.

5.5 Fee split and rewards

Each swap pays one fee F, split three ways.

a · PeGe

b · Providers

c · Circulation pool

F = F_PeGe + F_provider + F_pool
F_PeGe = a·F F_provider = b·F F_pool = c·F with a + b + c = 1

F_provider goes straight to the provider(s) whose balance filled the swap, in proportion to the amount each filled. It is zero for a swap filled from pooled or external liquidity.
F_pool accumulates, and each period [T] is shared among users in proportion to their circulation weight.
The shares a, b and c are [to be set]. The rule that matters is fixed: PeGe's income is a, and a applies only to fees on money that actually moved.

5.6 Circulation score

For each user i over a period T:

C_i = V_i / B̄_i

V_i is the value the user sent to other people, in a reference currency. B̄_i is the user's average balance over the period, weighted by time. A high score means money keeps moving, and a low score means it sits.

The pool weight is based on V_i, limited to payments to [n] or more different counterparties and capped per account, so that moving money between your own accounts earns nothing.

5.7 Invariants the protocol must keep

No yield on idle money: no payment to a user depends only on how much they hold or for how long.
No hidden margin: the amount received equals the amount paid, converted at the quoted mid-market rate, minus the stated fee.
Self-funding rewards: total rewards paid in a period never exceed total fees collected from other people in that period.
No wash profit: for any account, the rewards earned from its own circulation are smaller than the fees it paid to produce it.
No rehypothecation: customer balances are never lent, pledged or invested by PeGe.
Always withdrawable: any balance can be withdrawn and any offer withdrawn at any time. An in-flight swap completes or reverses. It never hangs.

5.8 Failure cases

Case	What happens
Quote lapses	The swap is not made. The payer requests a new quote.
One leg fails	The ledger transaction reverses and both balances return to their previous state.
Price sources disagree	Matching pauses for the affected pair until they agree again.
No match within [t_max]	The swap is cancelled with a clear message. Nothing moves.
Provider opts out mid-swap	That swap completes. All their remaining offers are withdrawn at once.
A provider's balance hits a limit	Their offers pause, and the home-currency swap back starts if they set one.

5.9 Transparency

Every swap produces a statement showing the quote, rate, fee, who filled it, and each party's share. A provider sees exactly what they earned and why, and an auditor can check the invariants in 5.7 from the ledger alone.

6. Business model and economics

PeGe earns one thing.

A share of the visible fee on money that moves. Nothing else is a revenue line.

Revenue line	Source	Status
Swap and payment fee	A fee F on each swap or payment, split a : b : c between PeGe, the providers who filled it and the circulation pool	Core
Card spend	Fee on card payments, shared with the card programme partners	To be agreed with PremierPay and the issuer
Merchant processing	Fee on accepting any currency and settling in the one chosen	Core
Platform and API access	Fees for platforms that embed PeGe for their own users (B2B2C)	To be decided
Interest on idle balances	None. Customer money is never lent or invested	Excluded by design
Hidden spread	None. Rate and fee are always shown separately	Excluded by design

PeGe's income per swap

For a swap of notional N at fee rate f, with PeGe's share a:

R_PeGe = a · f · N

So PeGe grows only if the total value moving through it grows, not if money sits on the platform.

Why users earn

A provider earns b × f × N on every swap their balance fills. Every user also earns from the circulation pool in proportion to how much they move. A balance that is never used earns nothing.

What PeGe gives up

Many providers earn a large share of revenue from the interest on customer balances and from wide spreads. PeGe chooses not to. That is the difference between the two models, and it makes the volume of flow the whole business.

Not yet decided

These need real cost data and a simulation before any of them is shown to investors or customers.

The fee rate f, and whether it falls with volume.
The split a : b : c.
The cost of hedging and of external liquidity, which sets the lowest viable fee.
Whether the same split holds for card and merchant payments.
How much of the circulation pool is paid out each period, and how that period is set.

No figures on this page are forecasts. A simulator covering the Anna and Ben example is the next piece of work.

7. Competitive landscape

Every piece exists. The combination does not.

Each piece is served by a well funded player. Research as of 14 November 2026, not exhaustive.

Category	Who	What they do today	Where PeGe differs
Multi-currency accounts	Revolut and Wise	Revolut holds 36+ currencies and 200+ crypto assets, supports USDC, and converts at 0% on weekdays up to a limit. Wise holds 40+ currencies, has no crypto or stablecoins, and charges 0.41% to 1.75% per conversion.	No opt-in way for users to supply the other side of a swap. Balances and conversion are the provider's revenue.
Crypto cards	Coinbase Card, Crypto.com, Gnosis Pay, Holyheld, Nexo, RedotPay	Spend crypto at Visa and Mastercard merchants. Crypto is converted at authorization. Spreads run 0.5% to 2.49% on volatile crypto and zero on stablecoin cards. Many issuers run cards at a loss to win customers.	PeGe pays from any balance and locks the rate per payment. The card is a channel, not the business.
Stablecoin merchant processing	Stripe Crypto and Bridge, BVNK, Conduit, Coinbase Business, BitPay	Accept stablecoins and settle to fiat. Stripe Crypto lists 1.5% (promotional 0.8% through 1 January 2027). BitPay lists 2% + $0.25 under $500K a month. Bridge and BVNK settle in 30+ fiat currencies.	Aimed at businesses and developers. PeGe pairs checkout with a consumer account and a fee rule that is published.
Consolidation	Mastercard and BVNK	Mastercard agreed on 17 March 2026 to acquire BVNK for up to $1.8 billion, pending regulatory approval per that report. Completion not confirmed.	Card networks and Stripe are moving into this space, so PeGe must win on model and trust, not on rails.
Institutional onchain FX	Circle StableFX	Permissioned engine for vetted institutions. Request for quote across liquidity providers, with atomic onchain settlement on Arc. Announced 13 November 2025 on testnet, mainnet planned for 2026. Current status not checked.	Not open to consumers or merchants. PeGe is the retail and merchant layer, and could source quotes from engines like this.
DeFi FX pools	Uniswap FX Layer, Curve FXSwap, Fluid	Liquidity providers deposit stablecoin pairs and earn swap fees. EUR/USD costs about 1 to 5 bps. Depth is thin outside the major pairs, and pools cannot tell a real rate move from a depeg.	The closest match to users earning when money moves. PeGe adds identity, a consumer account, hedged quotes and a card, and users opt in without managing a pool.
Peer to peer exchanges	Bisq, RoboSats, HodlHodl, Peach	Non-custodial bitcoin P2P with escrow. Fees from 0.2% to 2%, but fiat premiums of 3% to 8% over spot are typical. Paxful shut down on 1 November 2025.	Bitcoin only and manual. PeGe matches currency pairs automatically at a locked mid-market rate.

What this says about the gap. The hypothesis holds in part. We did not find one product that combines fiat, stablecoin and crypto with a card, merchant processing and an opt-in way for holders to earn from the flow. We did find each piece separately, and DeFi pools already let holders earn swap fees. So the defensible position is the combination and the ethic: a regulated consumer and merchant product, one visible fee, no yield on idle money, and rewards that come only from money in motion.

Not yet checked. Airwallex, Binance P2P and Revolut's own stablecoin plans were not opened. Several sources are secondary, and one comparison is published by a firm that promotes its own stablecoin, so treat figures as indicative until confirmed at the provider.

8. Risk, compliance and safeguarding

The largest risks are legal and operational.

None is settled yet, and each needs a named owner.

Authorisation to operate

A matching exchange and a card programme need authorisation in each market, for example UK cryptoasset registration and EU MiCA.

Design response. Operate through a licensed partner, probably ADI or the licence holder.

Open: which entity operates, and in which markets first.

Safeguarding

Customer balances must be ringfenced and redeemable at par.

Design response. Safeguarded accounts in the owner's name, no rehypothecation.

Open: who holds the accounts.

User takes a currency risk

A swap changes the currency a provider holds.

Design response. Opt-in only, currency lists, limits, home-currency swap back, plain risk warning.

Open: wording and testing of the warning.

Rewards look like investment returns

Pooled profit shares can fall under investment rules.

Design response. Describe payouts as fee rebates tied to activity, never to balances or time held.

Open: legal view on the pool.

Rate and hedging risk

Fast moving markets can outrun a locked quote.

Design response. Short quote life, price-source checks, pause on disagreement, hedge in the same instant.

Open: who provides hedging liquidity.

Gaming

Moving money between your own accounts to farm rewards.

Design response. Rebates smaller than fees, counterparty diversity, per-account caps.

Open: final parameter values.

Fairness in matching

If buyers outnumber sellers, some providers wait.

Design response. Oldest offer first, published queue.

Financial crime

Any open exchange attracts misuse.

Design response. Identity checks, transaction monitoring and sanctions screening built into the core.

Open: provider and thresholds.

Naming and trademark

A name in payments and finance can clash with existing marks. A clearance search in the UK, EU and US is needed before launch, and has not yet been done.

Rule for any statement to users. PeGe does not promise returns, and does not describe Put it to work as interest or yield. It describes what happens: a swap, a fee, a share of the fee.

9. Technology and partners

Two stacks and a regulated base.

Each partner's exact role is to be confirmed in writing.

Partner	Contribution to PeGe	Status
Finly	Payment and settlement rails, and the processing side of the engine	Existing project in the portfolio. Exact role to be defined
PremierPay	Virtual cards, wallets and embedded value	Existing project in the portfolio. Exact role to be defined
ADI Foundation	Regulated infrastructure and partnership. A route to institutional liquidity has been discussed	Development partnership. Terms not yet agreed

Components to build

A multi-currency ledger holding fiat, stablecoin and crypto in one append-only record.

A quote engine using several independent price sources, with a disagreement guard.

A matching service that serves offers in published order, with a fallback to pooled and external liquidity.

A hedging service, so every non-peer leg is offset in the same instant.

A card service that draws from any balance at the point of sale.

A rewards service that computes circulation scores and pays fee rebates, with the invariants checked automatically.

A statement service that shows every user their quotes, rates, fees and earnings.

Any institution that has only been discussed informally is left out until it is agreed, so that no firm is named before it has agreed to be.

10. Roadmap and open decisions

Four phases, each behind a gate.

No phase starts until the one before it has passed. No dates are set, because they depend on the licensing route.

Phase 0

Decide

Name and trademark clearance, operating entity, licensing route, fee model.

GateOperating entity and licence route agreed with partners.

Phase 1

Simulate

A simulator for the fee split, provider earnings and circulation pool, tested against real cost data.

GateModel shows the invariants hold and PeGe's margin works at the chosen fee.

Phase 2

Core

Ledger, quote engine, one account, card and merchant processing, locked and hedged quote.

GateSwaps settle in seconds in a test environment with a licensed partner.

Phase 3

Put it to work

Opt-in offers, peer matching, fee rebates, risk controls and warnings.

GateLegal sign-off on the rewards structure and the safeguarding set-up.

Decisions needed from the founders

Confirm PeGe as the working name, and the domain to register.
Which entity operates PeGe, and in which markets first.
Role of ADI Foundation, Finly and PremierPay in writing.
Starting split a : b : c, and whether to offer Same value mode at launch.
Whether the optional purpose routing (rule 5 in the principle) is in the first release.
Who runs trademark clearance, and in which classes.

Glossary

The words, plainly.

Terms used on this page and in the protocol.

Circulation: Money moving between people, as opposed to sitting in an account.
Circulation score: A user's value sent to others divided by their average balance over a period.
Put it to work: The opt-in feature that lets idle balances act as the other side of someone else's swap.
Provider: A user who has opted in to Put it to work.
Mid-market rate: The midpoint of buy and sell prices across independent sources, with no spread added.
Locked quote: A price fixed for both sides at the moment they confirm.
Hedge: An offsetting position that cancels the currency exposure of a swap.
Circulation pool: The part of fees set aside for rebates to users who keep money moving.
Safeguarding: Holding customer money in separate accounts in the owner's name.
Rehypothecation: A provider lending or pledging customer assets for its own gain.

Help us shape PeGe.

PeGe is at concept stage. If you are a partner, a licensed operator, a liquidity provider or an early user, we would like to hear from you.

Join Read the protocol

FAQ

Questions, answered.

Short answers to the things people ask first.

Is PeGe live?

No. PeGe is at concept stage. This page sets out the principle, the product and a draft protocol. Fees are not set and a licensed operator is not yet named.

Is Put it to work a way to earn interest?

No. It is a swap, not a loan. You are paid a share of a fee for being the counterparty to someone else's payment. Money that is not used earns nothing, and nothing is lent.

Can I withdraw my money at any time?

Yes. Any balance can be withdrawn and any offer withdrawn at any time. An in-flight swap completes or reverses. It never hangs.

What is the risk to me as a provider?

A swap changes which currency you hold, so if markets move you carry that move. You choose the currencies, set limits, can swap back toward your home currency automatically, and can switch off instantly.

How does PeGe make money?

Only from a visible fee on money that moves, shared with the users who fill swaps and a circulation pool. PeGe does not earn on idle balances, does not lend customer money and does not keep a hidden spread.

Will the price I see be the price I pay?

Yes. The quote shows the mid-market rate and the fee separately, and is locked for both sides when you confirm. The rate never moves after confirmation.

Where does the name come from?

From the Greek pege (πηγή), a spring or source. A spring is only worth anything while the water runs.