Fiat-to-crypto journey – exploring on/off ramps and liquidity providers

The Paypers editors Paula Albu and Mirela Ciobanu explore the concept of fiat on- and off-ramping in the digital asset ecosystem, highlighting the key providers enabling optimal conversion between fiat and crypto, as well as the trends shaping this rapidly evolving market. Their analysis examines how these essential gateways support user access, liquidity, and interoperability across traditional financial systems and blockchain-based infrastructures.

The digital asset market has rapidly evolved from a niche segment to mainstream financial instruments, but the journey to digital currencies still presents significant challenges. At the centre of this transition are fiat on/off-ramps and liquidity providers, important bridges that connect the worlds of fiat and crypto. Understanding how these services operate, who the major players are, and what trends are shaping the landscape is crucial for anyone looking to understand the digital asset economy.

The article, part of an explanatory series based on The Paypers' Infographic included in the Web Payment Acceptance Report 2025, examines notorious names in fiat on- and off-ramps and liquidity providers. Each article in the series will consist of an explanation of the main category and relevant subcategories, examples, brief descriptions of key players in the space, recent news, and concluding insights into current trends.

What are fiat on/off ramps?

Fiat currency is government-issued money, such as the US dollar (USD), the euro (EUR), or the British pound (GBP), that is not backed by a physical commodity like gold. Its value is established by government decree and maintained by the trust people place in the issuing authority. These national currencies serve as a foundation for the global economy, used every day for purchases, savings, and income. Additionally, their flexibility allows central banks to manage economic factors such as the money supply, interest rates, and inflation, but it carries the risk of inflation or hyperinflation if overprinted.

Fiat On/Off-Ramps are essential infrastructure in the crypto ecosystem, allowing users to convert fiat currency (USD, EUR) into cryptocurrencies and vice versa. By serving as the primary gateway between traditional finance and cryptocurrencies, these ramps enable new users to enter the digital asset space and allow seasoned participants to access or exit the market with ease.

How fiat on/off ramps connect TradFi and crypto

They act as entry and exit points in the crypto ecosystem by:

• Facilitating transactions—they simplify the exchange process between fiat and crypto, making digital assets more accessible to a broader audience.  
• Improving accessibility—by offering user-friendly platforms and convenient payment options, fiat on/off ramps help new users engage with digital assets and foster broader adoption.
• Supporting market stability—the presence of off-ramps allows users to cash out their assets, which optimises market liquidity and enables investors to manage risk and realise gains.  
• Driving financial inclusion - fiat on/off-ramps provide a vital link for the unbanked and underbanked, allowing individuals in regions with unstable local currencies or limited banking infrastructure to access the global digital economy, stable savings, and low-cost cross-border remittances.

Types of fiat on/off ramps in the crypto ecosystem

Key types of fiat on/off ramps include:

1.Crypto exchanges with built-in on/off-ramps 

These exchanges enable users to buy and sell cryptocurrencies without leaving the app. They also allow optimal conversion between fiat and cryptocurrencies, making it easier for users to access digital assets using familiar payment methods. On-ramps enable users to convert fiat currencies into cryptocurrencies, while off-ramps allow users to convert their available cryptocurrencies into fiat currencies.

Centralised exchanges (CEXs) such as Binance, Kraken, Bitstamp, and Gemini dominate this space, serving millions of users worldwide. Their robust infrastructures provide a range of payment methods, including bank transfers and credit cards, and they are constantly expanding their services globally.

Examples of recent developments:

• Binance is expanding its fiat capabilities through multiple partnerships across different regions (expanding services in 30 African countries). Additionally, the firm has refocused on institutional growth, following the industry-wide surge in digital asset interest led by major fund managers like Franklin Templeton.
• Kraken has bolstered its global presence by acquiring several European VASP licenses and is actively preparing for a public listing (IPO) expected by late 2025 or early 2026. Simultaneously, it continues to innovate in user experience by expanding its Kraken Pro suite to cater to advanced traders and institutional clients.

2. Payment processors & fiat gateways 

Payment processors and fiat gateways serve as essential enablers of crypto adoption, acting as intermediaries between traditional finance and the digital asset world. These companies help businesses, wallets, and DeFi applications integrate optimal fiat-to-crypto and crypto-to-fiat conversions.

Notable examples include Alchemy Pay, Mercuryo, NOW Payments, Paychant, and Transak. These providers offer a range of solutions, from direct payment processing and API integrations to plug-and-play widgets that can be embedded in merchant websites and crypto wallets.

Recent moves from the industry underscore the pace of expansion and optimisation. Examples include Alchemy Pay, which rolled out its fiat payment rails solution in October 2025 and partnered with Fiat24 for Web 3 Digital Banking service. Additionally, Transak expanded its regulatory presence in the US and Canada, and, along with Robinhood and MoonPay, partnered with Uniswap to allow customers to sell supported crypto assets. 

3. Banking & fintech services supporting crypto

Traditional finance platforms and fintech companies are increasingly integrating digital asset features, making crypto more accessible to mainstream users. Providers like Cash App, Neteller, PayPal, Revolut, and Sardine offer direct fiat-to-crypto conversions, allowing customers to buy, hold, and sell cryptocurrencies alongside their everyday banking services. Additionally, there are banking & fintech services supporting crypto that offer stablecoin-focused solutions – Dakota and Kast.

When it comes to market updates, Sardine AI announced a USD 70 million Series C funding round to further use AI technology and AI agents to optimise human risk teams’ performance. Moreover, Dakota secured USD 12.5 million in a Series A funding round to accelerate its goal of developing a globally accessible business bank account. 

4. Institutional & business-focused fiat ramps

These specialised providers offer large-scale fiat-to-crypto services for enterprises and institutions. Companies like B2C2, Circle, Fireblocks, and Tether are some of the players in this space, offering robust infrastructure for corporate treasury management, cross-border settlements, and the integration of digital assets into business operations. Some notable developments from these players are Fireblocks and Circle, which partnered to accelerate stablecoin adoption for FIs.

Other stablecoin-powered financial infrastructure providers include BlindPay, Paygrid, and Rail. 

Crypto ramp aggregators and alternative access models

Crypto ramp aggregators refer to platforms that aggregate multiple on/off-ramp services to provide users with the best rates and liquidity options. Examples include BitPay, MoonPay, Onramper, and StrikeX.

P2P trading platforms are marketplaces that connect buyers and sellers for direct cryptocurrency trading, often used in regions with restricted access to banking services. The most well-known is Binance. Unlike traditional exchanges, these platforms do not act as intermediaries for custody or settlement; instead, they facilitate peer-to-peer transactions.

Stablecoin issuers play a key role in optimising fiat-to-crypto conversions and providing liquidity. They can be classified into three main categories:

1. Major stablecoin issuers – these are the companies behind the most widely used and trusted stablecoins, fully backed by major fiat currencies such as USD, EUR, or others.

 

Issuer	Stablecoin
Archblock	TrueUSD (TUSD)
Celo	CELO
Circle	USD Coin (USDC)
First Digital	FDUSD
Monerium	EURe
Paxos	USDG, USDL, USDP, PYUSD, PAXG
Sky
Stasis	EURS
Tether	USDT, Tether Gold (XAUT)

 

These stablecoins play an essential role in providing deep liquidity, enabling optimal trading, and facilitating cross-border payments within the digital asset ecosystem.

 

2. Regional & emerging stablecoin issuers – these issuers specialise in creating stablecoins pegged to local or emerging market currencies or tailored for unique regional use cases.

 

Issuer	Stablecoin
ASC	eNGN
GMO-Z.com	GYEN, ZUSD
Novatti	AUDD
Num	nPairs
StraitsX	XSGD, XUSD
Transfero	BRZ token

 

3. Algorithmic & crypto-collateralised stablecoin issuers – these issuers provide non-fiat-backed stablecoins that rely on algorithms or crypto reserves. Their stablecoins offer greater decentralisation and censorship resistance, but they can be more vulnerable to market volatility and require improved risk management systems.

 

Issuer	Stablecoin
Frax Finance	FRAX
Ethena	USDe
Liquidity	LUSD

 

Key trends shaping fiat on/off ramps and liquidity providers

The rapid transformation of the digital asset ecosystem has transformed the role and complexity of fiat on/off-ramp and liquidity providers. No longer just simple entry and exit points, these services are now more dynamic, interconnected pillars that support adoption, regulatory compliance, and financial optimisation.

Key trends include:

-            Institutionalisation, regulation, and trust

Institutional players are entering the sector, driving a new standard in compliance, security, and operational transparency. Companies such as Circle, Fireblocks, and Paxos are securing regulatory licences across multiple jurisdictions, establishing AML and KYC processes, and prioritising consumer protection.

-            Interoperability, open finance, and cross-chain innovations

The demand for optimal, frictionless conversion between fiat and crypto is fuelling a surge in interoperability. Providers are developing advanced APIs, cross-chain bridges, and native integrations with wallets, exchanges, and DeFi platforms. Universal settlement layers are emerging, breaking down silos between blockchains, enabling users to transfer value across networks instantly. This trend is accelerating embedded finance, where ramps and liquidity solutions are built directly into customer apps, payment platforms, and even sales.

-            Real-Time Payment (RTP) rails

The integration with systems like FedNow (US) and SEPA Instant (EU) has made ‘instant settlement’ (under 10 seconds) the industry standard for 2026, replacing the 1–3 day wait times of the past.

-            User experience, accessibility, and customisation

With competition increasing, providers are investing in intuitive interfaces, multilingual support, and local payment options. Instant and near-instant settlement, 24/7 customer support, and optimal onboarding are becoming a demand. For business clients, custom integrations, compliance automation, and enterprise-grade settlement solutions are facilitating the embedding of fiat ramps across a wide range of offerings, further blurring the boundaries between crypto and traditional finance.

-            Global expansion and financial inclusion

Fiat on/off ramps are extending into emerging markets and underserved regions, often through partnerships with local banks, fintechs, and payment processors. This opens new avenues for remittances, cross-border trade, and alternative savings for populations without traditional financial systems. Local currency stablecoins, mobile-first platforms, and region-specific compliance frameworks are fostering greater financial inclusion and user empowerment.

-            Stablecoin optimisation, liquidity, and DeFi integration

Stablecoins are increasingly central to cross-border payments, DeFi, and institutional finance. Ramp providers collaborate with both major and regional stablecoin issuers to offer instant conversion, deep liquidity, and programmable payment solutions. Algorithmic and crypto-collateralised stablecoins are driving new forms of decentralised finance, risk management, and liquidity provision, further linking fiat ramps to the evolution of the broader ecosystem.

-            AI Agents

Ramps are now integrating with ‘AI Agents’ that can execute fiat-to-crypto trades autonomously based on a user’s predefined financial goals.

Looking forward – the future of fiat ramps and liquidity providers

The next decade will see fiat on/off ramps and liquidity providers become even more complex, resilient, and integral to the global financial system. Anticipated developments include greater regulatory harmonisation, more precise compliance requirements, real-time payments and instant cross-border transfers, and optimal privacy, security, and transparency for institutional and retail users.

In conclusion, fiat on/off ramps and liquidity providers have evolved from very specific utilities into the foundation of the digital asset economy. Their ongoing transformation and commitment to compliance, user experience, and interoperability are critical to unlocking the next wave of crypto adoption among individuals, businesses, and institutions.

As the lines between traditional and digital finance continue to blur, these services will play an important role in creating a more inclusive, efficient, and optimised financial future.

 

This article is part of The Paypers’ Explainers section. To access other educational materials, click here. If you have suggestions about other topics that could be included in this section, we invite you to write to us at editor@thepaypers.com