Enabling Seamless USD On- and Off-Ramps for Bybit Users
Challenge
As global crypto markets mature, access to reliable fiat on and off ramps has become just as important as trading functionality itself. Users expect to move USD into and out of their trading accounts on crypto exchanges with the same clarity and confidence they experience in traditional banking.
In partnership with Bybit, StraitsX enabled a USD settlement flow (DVA) that allows users to deposit and withdraw USD via SWIFT directly through the Bybit platform. While users interact with familiar USD transfers, funds are settled using XUSD on a 1:1 basis, ensuring parity with USD while enabling faster, more predictable crediting on the exchange platform. With XUSD also a supported trading asset on Bybit, users can move seamlessly from fiat funding into on-platform trading of direct XUSD trading pairs such as XUSD/BTC, without additional conversion steps.
The introduction of DVA for Bybit users reduces reliance on shared banking accounts, simplifies reconciliation, and provides clearer visibility into individual USD flows. This allows Bybit to scale USD deposits and withdrawals more efficiently, while keeping the experience seamless and intuitive for users.
Supporting USD flows without operational drag
For many exchanges, supporting USD deposits and withdrawals via traditional banking rails introduces friction behind the user experience. Incoming USD wires are often routed through shared or omnibus accounts, requiring operations teams to manually reconcile transfers, investigate exceptions, and resolve mismatches between bank statements and internal ledgers. As volumes grow, these processes become increasingly time-consuming and difficult to scale.
Common challenges include:
- Reconciliation efforts to determine which user an incoming transfer belongs to
- Delays in crediting funds due to incomplete or inconsistent transfer references
- Increased operational risk when managing pooled fiat balances
- Higher support volume related to missing or delayed deposits
- Limited flexibility to scale USD corridors without adding operational headcount
StraitsX Approach
Structuring USD settlement around dedicated accounts
Rather than layering additional processes onto existing banking flows, StraitsX and Bybit focused on changing how USD is structured as it enters and exits the platform.
The integration introduces a dedicated account model where each Bybit user is mapped to a unique USD virtual account provided by StraitsX. This creates a clear, one-to-one relationship between bank transfers and user balances.
Once USD is received into a user’s dedicated virtual account, settlement to Bybit is handled through XUSD on a 1:1 basis. This allows USD balances to be credited with greater speed and certainty, while maintaining full parity between fiat funds held and users’ platform balances.By organising USD movement at the account level, the solution simplifies internal operations while maintaining a familiar banking experience for users.
Results and Benefits
Improved speed and transparency for USD settlements
Users enjoy clearer, faster settlement of USD deposits and withdrawals; behind the scenes, XUSD-based settlement enables quicker balance updates, allowing users to fund their accounts or receive payouts without navigating external correspondence or manual reconciliation delays.
Simplified operations for Bybit
Bybit gains direct visibility into USD inflows and outflows without managing shared or omnibus bank accounts. Each user’s virtual account can be reconciled automatically against the exchange’s ledger.
Better compliance posture
Named virtual accounts backed by banking rails tighten alignment with regulatory expectations around segregation, audit trails, and counterparty clarity.
Future Outlook
Building the next phase of fiat-to-crypto connectivity
As crypto adoption broadens globally, bridging traditional finance rails with digital asset platforms remains a foundational enabler for liquidity and retail/institutional participation. The Bybit integration demonstrates how purpose-built, account-level settlement infrastructure can deliver reliable, transparent USD on/off ramps while lowering operational and compliance burdens for exchanges.
With this foundation, StraitsX aims to continue extending DVA support for robust on/off-ramp experiences across regions and partner platforms, further unifying fiat and digital rails for the next generation of global financial applications.
About DVA
StraitsX DVA is a full-stack payments infrastructure built for platforms and institutions that need reliable, scalable fiat connectivity. It brings together named virtual accounts, leverages stablecoin settlement flows, COBO and POBO operating models, and API-driven automation within a regulated framework, allowing partners to manage USD flows with greater precision and control.
Backed by global banking partners such as DBS and Standard Chartered, DVA provides direct access to SWIFT USD rails and enables seamless integration between traditional banking systems and digital asset platforms. Today, DVA powers fiat on and off ramps for leading exchanges including Bybit, supporting secure, transparent, and user-friendly USD deposits and withdrawals at scale.
Important Advisory:
Trading or purchasing DPTs carries significant risks. DPTs are not suitable for all individuals. Please do not trade if you do not fully understand the risks involved. For more information, review the relevant risks disclosures and regulatory guidelines here.
The services provided by Bybit are not made available to the members of the public in Singapore.
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