Mercuryo, the London-headquartered funds infrastructure platform, has launched Swaps, a token conversion product that lets customers transfer holdings between 24 digital property throughout 21 blockchain networks. The firm says the product covers 1,400 distinct swap routes, gives fastened quotes and 0 slippage, and is executable in a single click on.
The asset listing runs from the key tokens by market capitalisation, together with bitcoin (BTC), ether (ETH) and the 2 dominant stablecoins, Tether’s USDt and USDC, via to extra speculative names together with Dogecoin, Pepe, Shiba Inu and Kaspa. Supported networks embrace Ethereum, Arbitrum, Base, Solana, BNB Smart Chain, TON and the XRP Ledger, amongst others. Liquidity is sourced via an unnamed cryptocurrency alternate that Mercuryo says applies anti-money-laundering controls, although the corporate has not disclosed the counterparty.
The geographic restriction
The most commercially vital element within the announcement is a geographic carve-out: Swaps just isn’t obtainable to customers within the United States, the United Kingdom or the European Economic Area. That restriction covers the three largest regulated digital-asset markets by institutional participation and removes a considerable proportion of worldwide retail buying and selling quantity from Mercuryo’s addressable consumer base for this product.
The exclusion is probably going a regulatory precaution moderately than a business alternative. In the UK, the Financial Conduct Authority requires cryptoasset companies to register and applies monetary promotions guidelines that constrain how token conversion providers may be marketed. Across the EEA, the Markets in Crypto-Assets regulation (MiCA), which got here totally into drive in late 2024, creates a harmonised however demanding licensing and disclosure framework for crypto-asset service suppliers. The US stays fragmented throughout Securities and Exchange Commission, Commodity Futures Trading Commission and state-level money-transmission regimes, and enforcement actions in opposition to token swap venues have put abroad suppliers on discover. Rather than clear these hurdles instantly, Mercuryo seems to be launching in markets the place the compliance overhead is decrease, retaining its choices open for regulated-market entry at a later stage.
Market context
Arthur Firstov, Mercuryo’s chief enterprise officer, pointed to the corporate’s personal on-ramp transaction knowledge because the business rationale for the product. Mercuryo’s figures for the primary half of 2026 present stablecoin transactions rising from 43 per cent to 60 per cent of complete on-ramp quantity throughout a interval when bitcoin fell 33.2 per cent and ether dropped 47.3 per cent. The firm interprets this as proof that retail customers are actively managing portfolio publicity moderately than passively holding, creating demand for a low-friction conversion device.
The token swap section is well-established. Decentralised exchanges equivalent to Uniswap and centralised platforms together with Binance Convert and Coinbase‘s Simple Trade all offer similar functionality, often with broader asset coverage and deeper liquidity. Mercuryo’s proposition is the fixed-quote mannequin, which removes slippage uncertainty at the price of locking in a diffusion, and integration with its current on-ramp and cost infrastructure for customers already on the platform. Whether that bundled positioning is enough to draw significant quantity exterior the UK, US and EEA stays to be examined.
The firm counts Trust Wallet, MetaMask, Revolut, Mastercard and Visa amongst its companions, which provides it distribution into current consumer bases that might present an early adoption channel for Swaps. The unnamed liquidity supplier and the shortage of any disclosed price or unfold construction are gaps that institutional observers will notice earlier than assessing the product’s competitiveness.
AI degree 1 of 5: written by Darlyn Ho; AI helped with tone, construction or wording; edited and signed off by Mark Walker, Editorial Director. What the levels mean
