What's changing Starting June 22, 2026, VelaFi will use XE as the source for the FX reference rate applied to currency conversions across most of the pairs we support. XE is one of the most widely recognized global FX data providers, which allows us to offer reference rates that are more standardized, transparent, and aligned with international market conditions. Why we're making this change Moving to a single, globally recognized FX data provider improves consistency and transparency in how reference rates are calculated across our supported corridors.
Affected reference rates
The following pairs will move from the current market reference rate to XE:
USD pairs:
- USD–MXN, USD–BRL, USD–CLP, USD–PEN, USD–CNY, USD–CNH, USD–EUR, USD–HKD
Stablecoin–USD pairs:
- USDT–USD, USDC–USD
How this affects cross-currency pairs
For cross-currency conversions (e.g., MXN–CLP, BRL–PEN, MXN–ARS), VelaFi continues to construct the rate from two USD legs sourced from each currency's respective reference feed. For example:
- MXN–CLP = (USD–MXN from XE) combined with (USD–CLP from XE)
- MXN–ARS = (USD–MXN from XE) combined with (USD–ARS from current market reference)
The migration to XE only changes the source of the USD leg for currencies listed above. The mechanism for constructing cross-currency rates remains the same.
About USDT and other stablecoins
USDT, USDC, and other stablecoins are not the same as USD, even though they are designed to track the US dollar closely. Their market prices can deviate slightly from USD based on liquidity, supply/demand, and other market factors.
As part of this migration, the USDT/USD and USDC/USD reference rates also move to XE. This means VelaFi now uses a single, consistent source for the underlying USD-anchor rate of stablecoin pricing. The XE-sourced USDT/USD and USDC/USD rates reflect prevailing market prices and may differ from the nominal 1:1 USD peg.
For stablecoin-to-fiat conversions (e.g., USDT–MXN, USDC–BRL), the reference rate is constructed from:
- The stablecoin's market rate vs USD (from XE), and
- The USD-to-fiat reference rate (also from XE)
Both legs now come from the same source, improving transparency and consistency.
Exception: ARS and BOB
USD–ARS (Argentine peso) and USD–BOB (Bolivian boliviano) will continue to use the current market reference rate due to the specific regulatory and market structure of those currencies, which require a locally sourced reference rate to reflect available market pricing. There is no change to how these legs are quoted.
For any cross-currency pair involving ARS or BOB (e.g., MXN–ARS, USD–BOB), the ARS or BOB leg will continue to use the current market reference, while the non-ARS/BOB leg will use XE.
Reference rates vs transaction pricing
Reference rates reflect the underlying benchmark rate from the specified data source and are provided for transparency purposes only. The rate applied to your transaction will reflect the reference rate plus applicable spread and fees, which may vary by corridor, transaction type, and account tier. The final rate applicable to each transaction is displayed at the time of execution. What this means for you From the effective date, reference rates for affected pairs will be calculated using XE data. This may result in minor variations compared to current values. No action is required on your part — the change applies automatically. Questions? If you have any questions about how this affects your operations, please reach out to your account contact or our support team.