Holding one stablecoin and owing another is an ordinary operational situation, and the usual fix is to route the balance out to an exchange and back again. That adds two handovers, two records and a wait.
Swap does it inside the platform. The important detail is the boundary: it operates between supported MiCA-compliant stablecoins, and anything outside that set is a different conversation.
Exchanges one supported stablecoin for another inside the platform, from your custodial wallet.
Supported MiCA-compliant stablecoins only. That boundary is the whole point of the function.
Assets outside the supported set. Inbound funds in a non-compliant asset are handled as an exception instead.
So you can manage liquidity across supported assets, issuers and networks from one place.
And when it is not the right move: converting speculatively. These assets reference fiat currencies, so there is no trading gain to chase between them, and every conversion is an operational event with a fee attached.
| Situation | What applies |
|---|---|
| Between two supported MiCA-compliant stablecoins | Swap, as a normal platform function. |
| Inbound funds in a non-compliant asset | Can be converted into a MiCA-compliant stablecoin as an exception, case by case, not through the normal Swap function. |
| Holding a non-compliant asset on the platform | Not supported. Only selected MiCA-compliant stablecoins are held. |
| Stablecoin to fiat | Not Swap. That is Make a Payment, which converts and sends the fiat over traditional rails. |
The distinction between a Swap and an exception conversion matters operationally. One is a function you run. The other needs a person, and therefore takes longer.
The platform runs on a stablecoin settlement layer. Fiat is not held inside it. It moves in and out through a linked IBAN, and converts on the way through.
Most of the operational risk in cross-border payments comes from paying the wrong party, or taking money from a source you cannot account for. NGPES makes both a deliberate step.
Here is what each leg takes.
| Leg | Timing |
|---|---|
| Stablecoin transfer | Settles instantly within the platform, once funds have been received and are available. |
| Stablecoin to fiat conversion | Instant. |
| Fiat arriving at the recipient | Depends on the destination currency, the geography and the external banking rails involved. NGPES does not control this leg. |
| Fiat top-up | Depends on the inbound transfer reaching your linked IBAN. |
The digital asset layer is instant once liquidity is available, and the fiat legs at either end move at the speed of the banks involved. That is a large improvement on a correspondent banking chain, and it is not the same as end-to-end instant.
This is what the platform supports today.
| Position today | |
|---|---|
| Stablecoins | Selected MiCA-compliant stablecoins only. Assets outside that set are not held on the platform. |
| Non-compliant assets | Funds arriving in an asset that is not MiCA-compliant can be converted into a MiCA-compliant one, as a case-by-case exception, not a standing service. |
| Fiat | Moves in and out through the linked IBAN via on-ramp and off-ramp. Fiat balances are not held on the platform. |
| Swap | Between supported MiCA-compliant stablecoins only. |
| External accounts | You can register your own external bank accounts and wallet addresses. They are verified before use, and only for flows involving the same organisation. |
| Team management | Announced as coming soon. Not available yet. |
If a particular asset, currency or corridor matters to your business, ask us before you build around it.
Where NGPES is authorised today.
NGPES is based in France and the platform supports selected MiCA-compliant stablecoins only, by design. Services will become available only upon obtaining the relevant CASP and EMI authorisations.
What NGPES states today.
| What NGPES states | |
|---|---|
| Reach | Funds move across 150+ countries via SEPA, SWIFT and local rails. |
| Stablecoin settlement | T+0. |
| Fiat settlement | T+1. |
| Processing | 24/7/365, with no end-of-day batch. Everything is processed in real time. |
| Conversion | Instant conversion between fiat, in USD, EUR and GBP, and stablecoins. |
| Exchange | 24/7 fiat to stablecoin exchange, with OTC support. |
For a per-country arrival time, a fee, or the supported asset and network list, talk to the team.
It exchanges one supported stablecoin for another inside the platform, so you can manage liquidity across supported assets, issuers and networks without routing balances out to an exchange.
Swap operates between supported MiCA-compliant stablecoins. USDT sits outside that set, so a conversion from it is handled as an exception on inbound funds rather than through the normal Swap function. Confirm the position with the team.
Because NGPES is a France-based regulated provider and the platform holds selected MiCA-compliant stablecoins only. That constraint is what allows regulated counterparties to transact with you.
No. Swap moves between stablecoins. Make a Payment converts your balance to fiat and sends it to a bank account over traditional rails.
No. These assets reference fiat currencies, so there is no meaningful gain between them, and each conversion carries a fee and an operational record.
It happens inside the platform, on the stablecoin layer, once funds are received and available.
In Activity, alongside your transfers, payments and top-ups, and it exports with the rest to CSV or Excel.
The supported list is narrow on purpose. Ask before you plan a flow around it.
NGPES, Next Generation Payment EcoSystem, is a B2B payment infrastructure that enables businesses to send, receive, hold and move money efficiently across borders. Both fiat currencies and regulated stablecoins are integrated, for faster settlements, lower costs, and enhanced transparency. NGPES is based at 35 avenue de Friedland, 75008 Paris, and was ranked 83 in the Finance Innovation Fintech100 2025.
Interested in our solution? Talk to our team, or email sales@ngpes.com.
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