What is on-chain FX?
On-chain FX is currency exchange settled on a public blockchain, stablecoin to stablecoin, at a rate an open market quotes rather than a rate a bank chooses and marks up. It settles in seconds and anyone can verify it on-chain.
Moving money across a border still costs 3 to 7 per cent through correspondent banks, and up to 10 per cent on some remittance corridors. The widest spreads fall on the weakest currencies. Sera settles the exchange on-chain instead, stablecoin to stablecoin, in seconds, for about 0.14 per cent.
Is on-chain FX the same as crypto trading? No. You're exchanging currency-backed stablecoins (digital dollars, pesos, or Singapore dollars), not speculating on volatile tokens. The point is moving real money at the real rate.
Do I need a bank account? You need a wallet, which anyone with a phone can create. Cash-out rails (PayNow, DuitNow, Pix, UPI, SEPA) land the money in a local account when you want it off-chain.
What makes the rate 'fair'? It's set by an open market of liquidity providers competing to fill your trade, and it's verifiable on-chain, not a number a bank chose and marked up.