Sera vs Curve: Pools around a peg vs an order book for FX
Curve is the specialist AMM for stablecoins. Its StableSwap pools hold two to eight coins that should trade near a fixed ratio, with a fee that rises when a pool drifts off peg; its newer FXSwap pools concentrate liquidity around a moving external price, for pairs such as fiat FX. Both are AMM curves: the pool's invariant sets the price, and arbitrage keeps it in line with the outside market. Sera starts from the outside price instead. Makers quote bid and ask around the real FX rate on one order book, and one deposit backs quotes on every pair. Curve is the deeper venue for same-peg swaps such as USDC to USDT; Sera is built for crosses between currencies.
Sera vs Curve, side by side
| Sera | Curve (stablecoin AMM) | |
|---|---|---|
| Pricing | Makers quote bid and ask around the real FX rate | Pool invariant: StableSwap around a peg; FXSwap around a moving price scale |
| Built for | Pairs in different currencies, priced by FX | StableSwap: coins near a fixed ratio. FXSwap: two-asset pairs priced elsewhere, such as fiat FX |
| Pool structure | One order book across all pairs | One pool per set of coins: StableSwap-NG holds 2–8, FXSwap and Twocrypto hold two |
| Liquidity provision | One deposit in Sera's Vault backs quotes on every pair (Virtual Liquidity) | Capital is deposited into each pool separately |
| Following the market | Makers reprice their quotes without gas (EIP-712 signed orders) | Arbitrage, plus an EMA oracle that recenters the pool's price scale; recentering has a cost the pool funds |
| Swap fee | No protocol fee; 10–30 bps all-in spread, paid to the maker | Set per pool; StableSwap-NG's fee rises with imbalance (Curve suggests a 0.04% base for fiat-backed stablecoins) |
| Execution | One signed intent; multi-leg routes settle all-or-nothing in one transaction | On-chain swap against a pool, or a route across pools |
| Asset coverage | 20+ currencies, 40+ stablecoins, 700+ pair combinations | Whatever deployers pool; pool deployment is permissionless |
| Best for | Cross-currency stablecoin FX at the real rate | Same-peg stablecoin swaps and deep stable liquidity |
When to choose Sera
- Your flows cross currencies, such as GBP to EUR or SGD to MYR, rather than swap between two dollars.
- You want one deposit to stand behind quotes on every pair instead of funding a pool per pair.
- You'd rather set the price yourself than have an invariant set it and pay to recenter.
- You need a direct quote for a currency pair that has no deep Curve pool.
When to choose Curve
- You swap between stablecoins with the same peg, such as USDC and USDT, where Curve's pools are among the deepest on-chain.
- You want a passive liquidity position with no quotes or repricing to manage.
- You need a multi-coin pool or a metapool to launch your own stablecoin.
- Your integration already routes through Curve and the pair you need is deep there.
Pricing, side by side
Illustrative: $10,000 from a GBP stablecoin to a EUR stablecoin, a non-USD cross.
| Sera | Curve | |
|---|---|---|
| Route | Direct GBP→EUR quote | A GBP/EUR pool if one has depth; otherwise a route through USD pools |
| Swap fee | No protocol fee | Each pool's fee, which rises with imbalance |
| Price impact | None within the quoted size; the quote is binding | Along each pool's invariant; depends on depth and concentration |
| Effective total cost | $10–$30 (10–30 bps all-in, paid to the maker) | Pool fee(s) plus price impact; varies by pool |
Integrating Sera
Sera is a settlement venue for stablecoin FX. You request a quote, the user signs one EIP-712 intent, and the route settles atomically on-chain, with gas paid in the swapped stablecoin. Liquidity providers deposit once in Sera's Vault and quote every pair from that balance.
Integrating Curve
Curve is a family of AMM pool types. Integrators swap against a pool directly or through Curve's router, and liquidity providers deposit into a specific pool. Pools are deployed permissionlessly through Curve's factories.
Frequently asked questions
- Isn't Curve already built for stablecoins?
- For stablecoins with the same peg, yes. StableSwap concentrates liquidity around a fixed ratio, which is why USDC to USDT on Curve is deep and cheap. A GBP stablecoin and a EUR stablecoin don't share a peg: their ratio is an FX rate that moves all day. They need either a pool that tracks an external price, or a venue priced by makers. Sera is the second.
- What is Curve FXSwap, and how does it compare?
- FXSwap is Curve's two-asset AMM for markets whose price is discovered elsewhere, such as fiat FX. It concentrates passive liquidity around a moving price scale that an EMA oracle and arbitrage recenter, and recentering has a cost the pool funds. Sera doesn't approximate the external price with a curve: makers quote it directly, and one deposit backs quotes on every pair rather than one pool per pair.
- Do I need a separate pool for each currency pair?
- On Curve, generally yes: each pool holds a fixed set of coins, two for FXSwap and Twocrypto and up to eight for StableSwap-NG. On Sera, a single deposit in the Vault backs quotes on every pair at once, through Virtual Liquidity.
Use Sera as your FX settlement layer
Keep custody and KYC where they are. Plug Sera in for the on-chain currency conversion and capture the FX spread on your own flow.